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SoftBank’s Profit Drops, But India Investments Show Traction

11May By Press Trust of IndiaNo Comments

BUSINESS

SoftBank’s Profit Drops, But India Investments Show Traction

Japanese telecom giant SoftBank today said its investee companies in India - Snapdeal, Oyo Rooms, Ola and Hike - saw good traction even though its own profits dropped 27 percent for the fiscal ended March. SoftBank's sales for 2015-16 totalled 9.15 trillion yen ($84 billion), up nearly 8 percent from the previous financial year. Chief Executive Masayoshi Son said the Indian companies in which SoftBank has invested are growing, which include games, online messenger, and retail businesses. According to the investor presentation, e-commerce major Snapdeal saw the value of merchandise (GMV) sold through its platform rise 90 per cent in 2015-16 over the previous fiscal. "Repeat purchase rates increasing...Investing in supply chain technology... (Freecharge is) the fastest-growing di...

Apple Suffers Worst Slowdown in iPhone Sales Since 2013

2May By AnkitaNo Comments

BUSINESS

Apple Suffers Worst Slowdown in iPhone Sales Since 2013

Tech giant Apple Inc has reported its worst week on the stock market since 2013 with a slowdown in iPhone sales. The shares of Apple have dropped 11 percent in the past five sessions, Reuters reported. The Revenue from China plunged further to 26 percent during the March quarter after Apple's iBooks Stores and iTunes Movie service were shut down in the country last week. "If you are going to buy Apple, you have to buy it for the long term, because the next year or two are going to be very tough," said Michael Yoshikami, chief executive of Destination Wealth Management.

Nasscom Partnered With Netherlands Government to Promote “Serious Gaming”

22Apr By AnkitaNo Comments

BUSINESS

Nasscom Partnered With Netherlands Government to Promote “Serious Gaming”

IT industry body Nasscom has partnered the Netherlands government to promote "serious gaming" in India. As part of the partnership, the two partners organised roadshows across Delhi, Mumbai, Pune and Bengaluru this month, focusing on showcasing the potential of gaming for various sectors. Demos of solutions that have been developed and deployed by reputed Dutch games companies were showcased at these roadshows. Nasccom Gaming Forum also launched Special Interest Group (SIG) on Applied Gaming with Manisha Mohan (Executive Vice President at Tata Interactive Systems) as the Chairperson. The group will also include members from companies like Robosoft, Indusgeeks, Skilldom and Madrat Games. "India has just begun taking gaming seriously as a career and as an avenue to larger growth...

ICICI Banks Now Ready To Invest In Startups

19Apr By RishabhNo Comments

BUSINESS

ICICI Banks Now Ready To Invest In Startups

Country’s largest private sector lender ICICI Bank announced today about its interest in investing in startups in the financial technology space, even though it has not earmarked a dedicated corpus for the investments. (more…)

Biz2Credit Partners With TaxSpanner,to Boost Financing Success

19Apr By AdityaNo Comments

BUSINESS

Biz2Credit Partners With TaxSpanner,to Boost Financing Success

Biz2Credit, a leading online resource in personal and small business finance, today announced a marketing partnership with TaxSpanner, one of Indias largest and most trusted company that offers online preparation and filing of Income Tax Returns (ITR) for individuals and businesses. "Our agreement will ultimately enable individuals and entrepreneurs to access personal and business finance more efficiently," suggests Biz2Credit CEO Rohit Arora. "Were always seeking opportunities to enhance the experience of our clients and we are pleased to be able to provide them with a valuable resource on our platform." Through this partnership, Biz2Credit and TaxSpanner will leverage their client channels to offer customized services that will holistically grow their companies. Individuals who are see...

Expanding India’s Connectivity to the World, Reliance Jio Stretched 8,100 km Cable System in Bay of Bengal

18Apr By AdityaNo Comments

BUSINESS

Expanding India’s Connectivity to the World, Reliance Jio Stretched 8,100 km Cable System in Bay of Bengal

Mumbai, 18 April 2016: Reliance Jio announces the launch of a new, state of the art 8,100 km cable system, the Bay of Bengal Gateway (BBG). BBG provides direct connectivity to South East Asia and the Middle East, then onward to Europe, Africa and Far East Asia through seamless interconnection with existing cable systems. Reliance Jio owns and operates the strategically important undersea cable landing facility in Chennai, providing a high-speed, high-capacity, low latency route connecting India to the rest of the world.“ “We are excited about the launch of BBG as it offers not just direct connectivity in and out of India through Chennai and Mumbai but also acts as a state-of-the-art 100 Gbps extension of Jio’s 100 Gbps core network,” said Mathew Oommen, President Reliance Jio. “This globa...

Data Centre Company Netmagic To Invest Rs. 2,000Cr To Set Up Two Data Centres!

17Apr By RishabhNo Comments

BUSINESS

Data Centre Company Netmagic To Invest Rs. 2,000Cr To Set Up Two Data Centres!

Netmagic plans to invest about Rs 2,000 crore to set up two new facilities, one each in Mumbai and Bengaluru, by April 2018, apart from increasing its headcount to meet growing business. The Mumbai-based company operates eight data centres in the country across Mumbai, Chennai, Delhi-NCR and Bengaluru. "When we launched our last projects in Bengaluru and Mumbai, we thought it would take 5-6 years to fill their capacity but within six months of the launch of Mumbai data centre, we have started to build two new facilities. We are seeing demand beyond our expectation," Netmagic Executive Director and President Sunil Gupta said to the source. He said there is huge demand from the e-commerce sector and the launch of 4G services will fuel demand for videos and high-definition content. ...

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

15Apr By Press Trust of IndiaNo Comments

BUSINESS

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

Online lifestyle retailer Jabong has narrowed down its gross loss to Rs 46.7 crore for 2015 on the back of lower level of discounts. The gross loss of the company stood at Rs 159.5 crore in 2014, the company's parent Rocket Internet said in an investor presentation today. The company's net revenue rose 7.1 per cent to Rs 869.1 crore for the reported year compared with Rs 811.4 crore in 2014. "Gross profit margin improved by 14 pp (percentage point) driven by lower level of discounts," the company said. For the fourth quarter of 2015, the companys gross loss declined to Rs 1.9 crore as against Rs 45.9 crore in the same quarter last year. "The increased focus on gross profit margin, unit economics and overall profitability resulted in net revenue and GMV decline in Q4 ...

Micromax May Invest Rs 2,000 cr in Next 5-yr

15Apr By NitishNo Comments

BUSINESS

Micromax May Invest Rs 2,000 cr in Next 5-yr

Micromax, country's second-largest handset maker is likely to invest around Rs 2,000 crore in the next five years in manufacturing and new product lines, its co-founder Rajesh Agarwal said today. He said the company is expected to clock Rs 15,000 crore revenues during the current fiscal. It recorded Rs 12,000 crore revenues last year. "We are planning to manufacture accessories such as batteries, chargers here in the country. The backward integration will happen in a period of next five to six years. I think over next five to six years we will be investing Rs 2,000 crore on complete manufacturing activities," Agarwal told reporters here. The new manufacturing facility of Micromax was today inaugurated here by Telangana IT Minister K T Rama Rao in presence of state Transport Minister...

13Apr By AnkitaNo Comments

BUSINESS

Standard Chartered Will Invest $1.6 million in India For Eyecare Projects

Standard Chartered today said it will commit USD 1.6 million in India to five eyecare projects to bring in innovation and strengthen the delivery mechanism for the needy in 2016-19 under its Seeing is Believing programme. "Standard Chartered Bank today announced the launch of five new eyecare projects to bring in innovation and strengthen the delivery of eyecare to the needy between 2016 and 2019, with a donation commitment totaling USD 1.6 million," it said in a release. These projects will be delivered through a partnership forged among the bank, International Agency for the Prevention of Blindness (IAPB) and leading eyecare NGOs across 15 states, thereby pooling in resources and expertise. "Eyecare is a critical component of healthcare. By building eyecare capacity in the country...

12Apr By Press Trust of IndiaNo Comments

BUSINESS

PureCircle to Invest $200 mn in India

Malaysia-based natural sweetener firm PureCircle will invest USD 200 million (about Rs 1,330 crore) over 5 years in India as it forays into the country. PureCircle, which sells zero-calorie natural sweetener, stevia across the world, received FSSAI nod in December 2015. "We will invest USD 200 million over the next five years in India in supply/value chain, increasing cultivation, getting insights and so on. We are already in talks with multinational food and beverage companies," PureCircle Senior Director South Asia Region Ajay Chandran told PTI. Chandran said the companys clients in markets outside India includes Nestle, Pepsi, Coca Cola and Danone. The company plans to partner with Indian farmers for 5,000 hectares Stevia cultivation in India. Stevia is called Meeth...

Qatar Based Al-Jazeera Network Shutsdown in America

12Apr By AnkitaNo Comments

BUSINESS

Qatar Based Al-Jazeera Network Shutsdown in America

Al-Jazeera America, which couldn't attract an audience to another cable news network in the United States, signs off tonight following a three-hour live farewell designed to highlight its work since a 2013 launch. The farewell begins at 6 pm (local time) and will be repeated immediately before Al-Jazeera America goes dark. Local cable and satellite operators will decide what replaces the channel in their markets. The Qatar-based Al-Jazeera network announced in January that it was shutting down the US-based offshoot, calling it an economic decision. Backed by a deep-pocketed parent company, Al-Jazeera America began with lofty goals of offering serious-minded news and won some awards for its work. But when few people watched and oil prices plummeted, there was a limit to how much t...