Category: BUSINESS

New York, Aug 6 (DIN NEWS) Chennai-born Indra Nooyi not only broke the glass ceiling in corporate America when she was named CEO of global beverage giant PepsiCo in 2006 but, through her journey, inspired millions of young Indians who dreamed of and aspired to emulate the success the India-born woman achieved in America. PepsiCo today announced that Nooyi will step down on October 3 after 24 years with the company, the last 12 as CEO. PepsiCo’s Board of Directors unanimously elected Ramon Laguarta, 54, to succeed 62-year-old Nooyi. Nooyi,…

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Mumbai, Aug 5 (DIN NEWS) Indian carriers, which have placed large aircraft purchase orders, will require a whopping USD 50 billion of financing to take the expected scheduled delivery of these planes over the next nearly 10 years, a report said. With a total of 1,055 aircraft on order, as many as 100 planes consisting of wide-body, narrow-body and regional ones are to be delivered to Indian carriers each year for the next five years, said the report by Sydney-based aviation think-tank Centre for Asia Pacific Aviation (CAPA). Against this…

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London, Aug 5 (DIN NEWS) Britain’s international trade minister says it’s likely the UK will fail to agree upon a divorce deal with the European Union before it leaves the bloc next March. Trade Secretary Liam Fox told the Sunday Times newspaper that “intransigence” by EU officials “is pushing us towards no deal.” He put the chance of Britain crashing out without a deal at 60 per cent. Divorce talks have stalled, and the British government is trying to heap pressure on the other 27 EU nations to compromise by…

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In the long-term, Goods and Services Tax (GST) slabs may come down to three, in addition to the exempted category, Sanjeev Sanyal, Principal Economic Adviser to the Finance Ministry, today said. The three slabs could be a low of 5 per cent, a central 15 per cent (merging 12 per cent and 18 per cent slabs that exist now) and a top rate of 25 per cent, he said here at an interactive session organised by the Bharat Chamber of Commerce. “In the long-term, the GST rates might be squeezed…

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Mumbai, Aug 3 (DIN NEWS) The beaten-down rupee today staged a good show by recuperating 10 paise to end at 68.60 against the US dollar in line with a stellar rally in domestic equities despite ongoing global trade war jitters. The domestic unit yesterday plunged by 27 paise to hit a one-week low of 68.70. Today, however, steady unwinding of dollars by banks and corporates ahead of the key US labour data too supported the late upmove in the Indian currency. The forex market sentiment got revived towards the fag-end…

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Mumbai, Aug 3 (DIN NEWS) After two consecutive sessions of falls, the NSE benchmark Nifty today rebounded by 116 points to 11,360.80 to hit a new closing high on hectic buying in sectors such as banking, metal, media, FMCG and pharma. Shares got a boost after the India Meteorological Department in its latest forecast said that monsoon in August and September will be normal, that is 96 plus/minus 9 per cent Long Period Average. Overseas, European equities were trading higher helped by a rally in banking shares after Royal Bank…

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Justice B N Srikrishna has said the committee headed by him on data protection took a ‘fairly balanced’ call after hearing all stakeholders, including the industry. Some industry stakeholders have sought clarity on the issue of sharing data with third parties claiming that the committee’s report did not include their inputs and a lot of grey areas had gone unaddressed. Srikrishna said an industry representative and an academician had expressed their reservations during the deliberations. “No industry ever wants any restrictions on any of its operations and no country ever…

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The rupee retreated from a one-month high and was trading 5 paise higher at 68.38 against the greenback in late morning deals on bouts of dollar demand from importers and banks amid lower local equities. The rupee resumed higher at 68.37 from yesterday’s closing level of Rs 68.43 at the interbank foreign exchange market here. It gained sharply to 68.26 before being struck by volatility as local stocks fell nearly 300 points. The rupee was still trading higher at 68.38 at 1030 hrs. The Indian unit moved between 68.26 and…

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The country’s largest car maker Maruti Suzuki India today reported a marginal decline in sales at 1,64,369 units in July. The company had sold 1,65,346 units in July last year, Maruti Suzuki India (MSI) said in a statement. Domestic sales were up marginally at 1,54,150 units last month as against 1,54,001 units in the year ago month, it added. Sales of mini cars comprising Alto and WagonR were at 37,710 units as compared to 42,310 units in July last year, down 10.9 per cent. However, sales of compact segment, including…

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Benchmark indices pared early gains to retreat from life-time highs scaled in morning trade amid buying in oil and gas, energy, telecom, healthcare, capital goods, IT and teck sectors ahead of the key RBI bi-monthly policy decision due later today. Caution crept as investors eagerly await the central bank’s policy decision on repo rate on the backdrop of volatility in crude oil and food prices as well as inflationary concerns. Auto, realty, power, banks and financial stocks saw profit-booking. The 30-share index was trading higher at 37,623.54, showing a gain…

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