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Godrej Group Looking to Become $10 Billion Entity By 2020: Adi Godrej

22May By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Godrej Group Looking to Become $10 Billion Entity By 2020: Adi Godrej

Diversified Godrej Group is looking to accelerate growth and multiply its size 2.5 times in the next four years to touch USD 10 billion mark by 2020 with acquisitions in emerging markets slated to play a key role in achieving the target. The group with interests in various sectors such as consumer goods, real estate, appliances and agriculture had announced its 2020 vision aiming to be 10 times the size of what it was in 2010. "Our objective is 10 by 10, which is ten times growth in 10 years at a compounded annual growth rate of 26 per cent. That is our objective. In next four years, if we grow with CAGR of 26 per cent then in four year we are about 2.5 times of our present size," Godrej Group Chairman Adi Godrej told PTI. He said the growth will be driven by both organic and inorgani...

Chinas Tiens Group to Enter Indian E-commerce Market

22May By Press Trust of IndiaNo Comments

News

Chinas Tiens Group to Enter Indian E-commerce Market

China Tiens Group plans to foray into the fast growing Indian e-commerce market to take on the likes of Flipkart and Amazon as the firm plans to set up its marketplace by the second half of the year. The group also plans to expand direct selling business in the country and expand user base to one crore over the next five years. "We plan to sell 3,000 products from the online shopping platform, which would be ready in the second half of the year. Indian customers will be able to buy products from different countries on the platform," Tiens South Asia Region President Kevin Hou told PTI. The Indian e-commerce market is estimated to touch USD 119 billion (Rs 8 lakh crore) by 2020. In March, the government allowed 100 per cent foreign direct investment (FDI) in online retail of goods an...

Myshake – A New Smartphone App That Can Detect Earthquakes

22May By Press Trust of IndiaNo Comments

Tech

Myshake – A New Smartphone App That Can Detect Earthquakes

Scientists have developed an app that crowdsources ground-shaking information from smartphones to detect earthquakes and eventually warns users of impending jolts from nearby quakes. The app called MyShake, developed by researchers at University of California, Berkeley, runs in the background and draws little power, so that a phones onboard accelerometers can record local shaking any time of the day or night. For now, the app only collects information from the accelerometers, analyses it and, if it fits the vibrational profile of a quake, relays it and the phones Global Positioning System (GPS) coordinates to the Berkeley Seismological Laboratory in California for analysis. Since it was first released in English in February this year, more than 170,000 people have downloaded the app f...

Funding Squeeze Causing Stricter Evaluation of E-commerce Models

21May By Press Trust of IndiaNo Comments

ANALYSIS

Funding Squeeze Causing Stricter Evaluation of E-commerce Models

A tightening funding environment has prompted Indian e-commerce ecosystem to adopt stricter evaluation norms for business models, with focus on profitability and consolidation, a report said. "We believe this (e-commerce) shake-up may intensify further, leading to the emergence of one or two strong companies within each sub-sector," said the research report by Kotak Institutional Equities. A lack of fresh funding as well as stricter focus on profitability by investors is leading to swift business model changes by companies, it said. Further, the current wave of consolidation among e-commerce players may intensify, leading to fewer, stronger players emerging within each category. "Low valuations may prompt brick-and-mortar companies to take over some e-commerce rivals, in a bid to mak...

17May By Press Trust of IndiaNo Comments

INDIA

Delhi Govt Launches App For Traders

In order to ensure ease of doing business in the national capital, Delhi government today launched a mobile app for traders to register under the Trade and Taxes Department under which there will be no need for verification of their business premises. The Trade and Taxes Department of the government today issued a circular introducing a new facility for the city traders in the capital. Traders can register themselves with the department through the mobile app DVATMsewa -- giving basic information like name, Aadhaar number, date of birth, mobile number and residential address. The app can be downloaded from Google Play Store. "Traders, whose annual turnover is more than Rs 20 lakh, can register themselves with trade and taxes department through the mobile app without any verifi...

Prasar Bharati to Auction Prime Time Slots on DD

17May By Press Trust of IndiaNo Comments

INDIA

Prasar Bharati to Auction Prime Time Slots on DD

Public Broadcaster Prasar Bharati has decided to auction prime time slots, between 7-11 pm, on its national channel as per a new policy under which the producers will provide content in return for a share in the advertising revenue. The modalities of the new 'slot sale' policy were discussed in a meeting of Prasar Bharati Board, which was also attended by Bollywood actor Kajol, who was nominated earlier this year. Sources said in the meeting chaired by Prasar Bharati chairperson A Surya Prakash, it was felt that e-auctions could be held for the 7-11 pm slots for all the seven days of the week barring Saturdays. The new policy is expected to be rolled out by October 1. "We have decided that on Saturdays, Prasar Bharati Board would reserve the 7-8 pm slot for its own content and the...

CEOs Think Good Talents Go For Companies With Social Values

16May By Press Trust of IndiaNo Comments

ANALYSIS

CEOs Think Good Talents Go For Companies With Social Values

CEOs increasingly believe that the best talent will only join and stay with organisations that have strong values and are focused on benefiting society, according to a survey. "About 67 per cent of CEOs think that in five years, rather than going for the biggest pay cheque, talent will prefer to work for organisations with social values that match their own and they are making changes to their talent strategy accordingly," PwCs 19th Annual Global CEO survey reveals. PwC interviewed 1,409 CEOs in 83 countries for this survey. "We have been increasingly seeing a trend among Indian workforce where the purpose behind their roles and the contribution they make to society, is becoming important. They are willing to make trade-offs against pay for this aspect," PwC India Leader - Peo...

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

16May By Press Trust of IndiaNo Comments

CHINA

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

Chinese merchants will soon be able to sell their goods in 185 countries and regions through e-commerce giant Amazon's online marketplace, state media reported today. Amazon signed a deal with a cross-border e-commerce pilot zone in Hangzhou, east China's Zhejiang Province, to let traders use its site to sell to its 285-million active paying customers worldwide. Amazon's global logistic network will deliver goods from China to 185 countries and regions, state-run Xinhua news agency reported. Cross-border sales account for nearly one fourth of total revenue from third party merchants in Amazon's global marketplaces. The number of Chinese traders there doubled in first quarter from a year ago. Zhejiang province is looking to cross-border e-commerce to shore up trade, which shed 0...

Bandhan Bank Posts Net Profit of Rs275.24 crore

15May By Press Trust of IndiaNo Comments

News

Bandhan Bank Posts Net Profit of Rs275.24 crore

Kolkata: Joining Indian banking league with 501 branches, Bandhan Bank Ltd said it had posted a net profit of Rs.275.24 crore, or Rs.3.40 per share, till 31 March, in the little over six months since it started functioning as a bank. The former microfinance lender, which launched itself as a bank on 23 August, has till now clocked revenue of Rs.1,731 crore, it said in a regulatory filing. Earlier in the day, its managing director and chief executive officer Chandra Shekhar Ghosh said at a media interaction that the bank had added around 700,000 new customers since last August and that it currently has around Rs.13,000 crore in public deposits. The loan book size is Rs.15,200 crore, he added, while refusing to discuss financial performance. State-wise, Bandhan's West Bengal unit...

AskMe Grocery Targets Rs 1,800 cr GMV By March

15May By Press Trust of IndiaNo Comments

BUSINESS

AskMe Grocery Targets Rs 1,800 cr GMV By March

Confident of the success of online sale of groceries, AskMe Grocery has said it expects the value of merchandise sold through its platform to touch Rs 1,800 crore by March next year. The growth is expected to come on the back of addition of new partners and expansion of its fresh food category, AskMe Grocery Co-founder Ankit Jain told PTI. "Grocery online has a lot of potential when the business is at a scale. We have been doing well and our average cart size is about Rs 1,900 and we are already processing 20,000 orders daily. The hyperlocal delivery model has really helped us," Jain said. He further said the company works with kirana store owners to offer convenience, comparison and more deals for the consumers. "We expect our annual GMV (by the end of March 2017) to touch Rs 1,800 c...

The Delhi Commission For Women Issues Notice To App-Based Taxi Services in Delhi

14May By Press Trust of IndiaNo Comments

INDIA

The Delhi Commission For Women Issues Notice To App-Based Taxi Services in Delhi

The Delhi Commission for Women has issued notice to five app-based taxi services including Ola and Uber seeking to know the number of taxis which operate under their banner in the national capital and number of drivers whose details have not been duly verified. The DCW, which has taken suo-motu cognisance of the threat to women's safety posed by unregulated taxi aggregators in Delhi, has also sought to know the extent of compliance by these taxi operators of the prevalent rules and regulations imposed by the Delhi government. DCW has also sought details of the drivers who possess the Public Service Vehicle Badge issued by the Transport Deptartment. "Of the drivers operating under the banner of your company, how many drivers have licenses from outside the state? Please provide st...

Vodafone Has Not Paid a Single Naya Paisa of Demand: Rajan

14May By Press Trust of IndiaNo Comments

INDIA

Vodafone Has Not Paid a Single Naya Paisa of Demand: Rajan

Wading into the Vodafone tax dispute debate, Reserve Bank Governor Raghuram Rajan today said the British telecom giant has not paid "a single naya paisa" as yet on the demands made on it, but this case always comes in when India talks about creating a predictable tax regime. In an interaction here at Chicago Booth School, Rajan said India is making serious efforts to become "a more friendly place to do business" and putting in place a predictable tax regime is part of those efforts. "One of the things that we have been working hard on is creating a predictable tax structure. But every time we talk about taxes, we get Vodafone sort of sort of flung back at us. "Remember Vodafone has yet to pay a single naya paisa on the demands that were levied on it. Thats going on. We have a structu...