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Business

Fortis board opts for Munjal-Burman combine’s bid

New Delhi: Fortis Healthcare was trading 4% lower at Rs 146 on the BSE after the company said the board chooses the Hero Enterprises-Burman Family Office’s offer as the best for the hospital and diagnostic chain. The board of Fortis Healthcare has recommended the binding offer of the Munjal-Burmans combine to the shareholders after almost […]

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Business

WalMart to open 50 new stores in India in 4-5 years, having invested $16 bn in Flipkart

New Delhi: A day after announcing $16 billion investment in India’s largest online retailer Flipkart, WalMart Inc today said it will continue to grow its wholesale cash-and-carry business, adding 50 new stores in the next four-five years. “We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are […]

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Business

Commercial vehicle sales rise 75.95% in April; car sales up just 4.89%

New Delhi: Though Domestic passenger vehicle sales rose 7.5% to 2,98,504 units in April from 2,77,683 units in the same month last year, sales of commercial vehicles were up 75.95% to 72,993 units in April, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Domestic car sales were up 4.89% to 2,00,183 units […]

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Business

Govt rejects Jet Airways-Jet Lite merger plan

New Delhi:  The Central government has “not approved” the merger plan between Jet Airways and its subsidiary Jet Lite, the company said on Wednesday. “The Ministry of Civil Aviation has not approved the scheme of merger of Jet Lite (India) Ltd. with the company, the same stands revoked, cancelled…,” the company said in a BSE […]

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Business

India’s best known startup story: The journey of Flipkart

New Delhi: From selling books online to striking a jaw-dropping $20.8 billion valuation by the world’s largest retailer WalMart, all within 11 years, Flipkart has given India its big startup success story the one which is likely to be quoted by entrepreneurs for years to come. Flipkart, a company which started with a mere investment of […]

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Business

Investors repose faith in mutual funds; assets swell

Mumbai: Investors have pumped Rs 1.4 lakh crore into mutual funds in April, driving the industry asset base to a staggering Rs 23.25 lakh crore, a surge of 9% from the preceding month. In comparison, assets under management (AUM) of the MF industry, comprising 42 players, were at Rs 21.36 lakh crore in March-end, according […]

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Business

Sensex extends gains, climbs 181 pts on global cues

Mumbai: The BSE Sensex advanced about 181 points in early session today, maintaining its positive form for the second straight day on unabated buying by domestic institutional investors amid positive leads from Asian markets following overnight gains on the Wall Street. The 30 share Sensex, which had gained 292.76 points in the previous session, rose another […]

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Business

Jet, IndiGo stocks tumble up to 20% in 3 days

New Delhi: Stocks of airlines have hit some air pockets, slumping up to 20% in just three trading sessions this month amid rising fuel costs and weak quarterly earnings of InterGlobe Aviation impacting investor sentiment. Among the 3 listed airlines, Jet Airways and SpiceJet are yet to announce their fourth quarter and full year results for […]

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Business Editorial Views

Punish Crooks, Reward Honest Businessmen

The trouble that ICICI Bank CEO and MD Chanda Kochhar is getting into is a pointer to the fact that the Narendra Modi government is waking up after quite a few bank defaulters fled India before the law-enforcement agencies could get a whiff of their intentions. Before a whistleblower blew the lid off Kochhar’s façade […]

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Business Economy

Bihar turns to industry after joining NDA: Sushil Modi inaugurates startup hub in Patna

Patna: Bihar Deputy Chief Minister Sushil Kumar Modi today said the state government is committed to providing necessary assistance to youths who would come forward to set up startups in the State. Modi, who is also an IT minister, said this while inaugurating the state’s first “startup hub” here in the State capital. Exhorting youths […]