Business

Rupee up 13 paise against dollar in early trade

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The rupee appreciated 13 paise to 61.94 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency by exporters and higher capital inflows.

Forex dealers said besides selling of the American currency by exporters, gains in other currencies against the dollar and a higher opening in the domestic stock market also buoyed the sentiment.

The rupee had ended flat at 62.07 against dollar yesterday.

Meanwhile, the BSE benchmark Sensex today rose 67.68 points, or 0.32 per cent, to trade at 20,781.05 in early trade.

Sensex up 68 points in early trade; Infosys surges 2.28 pc

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The benchmark BSE Sensex recovered by nearly 68 points in early trade today, mainly led by gains in IT stocks after Infosys revised guidance upwards for the ongoing fiscal.

Besides, a mixed trend in the global markets also influenced the trading sentiment.

The 30-share index, which had lost 16.01 points in the previous session, rose by 67.68 points, or 0.32 per cent, to 20,781.05, with stocks of IT, tech and healthcare sector leading the rise.

Similarly, the National Stock Exchange index Nifty rose by 17.55 points, or 0.28 per cent, to 6,185.90.

Twitter CEO has ‘no idea’ how many users opt out of tailored ads on site

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In a rare incidence of a company head caught off guard, Twitter CEO Dick Costolo said that he had no idea about how many users opted out of tailored ads presented on the microblogging site.

Costolo said that though it is easy for users to say no to those ads, he does not know how many actually go through the process of doing so.

Government planning higher dose of diesel prices

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The government is planning a higher dose of diesel prices to cut the fuel subsidy bill, Petroleum Secretary Vivek Rae said in New Delhi on Thursday.

“We are circulating the Kirit Parikh report for inter-ministerial consultation. The suggestions for higher dose of diesel price would be part of it,” Rae told reporters on the sidelines of a business partners meet organised by the Confederation of Indian Industry (CII), in the run-up to Petrotech 2014.

Economic growth slowdown challenge will be overcome: President

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India’s economic growth slowdown is temporary and the country has the ability to overcome the challenge, President Pranab Mukherjee said Thursday.

“We have the ability to overcome the temporary downtrend,” Mukherjee said in his valedictory speech at the 12th edition of the annual meeting here of the Indian diaspora, Pravasi Bharatiya Divas.

The president pointed out that India has registered a sustained high growth in the past decade — lower only than China among the world’s major economies.

Audi’s self-driving car system sets off ‘panic buzzer’ if driver falls asleep

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Carmaker Audi has reportedly incorporated what can be called as a ‘ panic buzzer ‘ if the driver of the self-driving car dozes off.

At the ongoing CES 2014 in Las Vegas, Audi demonstrated several high-tech car demos including a tested system that feeds upcoming traffic light data directly into the cockpit.

According to The Verge, the traffic data system indicates when the next light on the road is indicated in green with a suggested speed next to it prompts if the driver can make the light with the current speed.

Tata Sons sets up Asean office in Singapore

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Tata Sons, the holding company of the country’s largest corporate conglomerate Tata Group, Thursday said it has set up an office in Singapore to drive business in the Asean region and appointed KV Rao as its resident director.

Rao will help enhance and strengthen the group’s engagement with the Asean region, a statement from the company said.

Inflation to moderate in coming months: Arvind Mayaram

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Inflation will moderate in the coming months but the country would need to bridge the demand- supply gap of essential food items to keep prices under check in the long run, said Economic Affairs Secretary Arvind Mayaram.

“Inflation will be a problem. We believe inflation in immediate future will come down marginally, but in the long run if we need to go down to the low single digit inflation numbers, we will have to continue to work towards increasing production and improving the logistics for movement of vegetables,” he said.

Coal scam: Something went wrong in blocks allocation, Centre tells SC

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The Centre Wednesday admitted before the Supreme Court that something went wrong with the coal blocks allocation and that it could have been done in a more refined manner.

“We took decision in good faith but something turned out to be wrong,” Attorney General Goolam E Vahanvati told a three-judge bench headed by Justice R M Lodha.

“In hindsight, we can say something has gone wrong and some correction is required to be done,” he said, virtually accepting that mistakes were committed by the government in coal blocks allocation.

Oil ministry considering partial rollback of price hike in bulk diesel

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The oil ministry is considering a partial rollback of bulk diesel prices as sales have dropped significantly, oil secretary Vivek Rae said on Thursday.

India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.

“We are circulating the Kirit Parikh report for inter-ministerial consultation,” Rae told reporters on the sidelines of an industry event.

Annual auto sales witness first decline in 11 years

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Annual car sales in India declined for the first time in 11 years in 2013, posting a 9.59 percent dip, as the auto industry reeled under a prolonged demand slump due to the economic slowdown.

According to the Society of Indian Automobile Industry (SIAM), domestic car sales last year fell to 18,07,011 units from 19,98,703 units in the previous year.

“The decline in annual car sales that we witnessed in 2013 was the first time after 2002. The negative sentiments have deepened due to the current state of the economy,” SIAM Director General Vishnu Mathur told reporters here.

SC warns Sahara Group companies to fall in line

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Frowning at Sahara Group’s real estate and finance companies for taking advantage of its “politeness and generosity”, the Supreme Court Thursday told them to provide all information sought by SEBI about their claim to have returned 90 percent of Rs.24,000 crore collected from investors.

Now, your car can order pizza for you

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In an innovative move, Dominos and Ford have jointly come up with a new in-car pizza ordering technology, which ensures that the pizza is delivered at your home by the time you reach.

Recently, Ford announced a new set of apps at CES and the Dominos app is one of its conventional innovations.

Ford’s Sync TM technology is basically a voice-activated system that includes features like hands-free music, audio text messages and medical assistance.

Apple and Samsung to try mediation over patent battle before next trial

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Tech giants Apple and Samsung have reportedly agreed to attend a mediation session to resolve their disputes over smartphone patents.

The two companies would attend the session by February 19 before going for trial in March if they are unable to settle the issues out of court .

According to The Verge, in the first trial, Apple had accused Samsung of blatantly infringing on a list of patents related to its products and after a series of trials, the South-Korean manufacturer was found to have violated some of the said patents and Apple was awarded damages.

Honda launches new City in diesel, petrol variants

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Honda Cars India today launched its fourth generation sedan ‘City’, in both petrol and diesel variants.

The City diesel is priced between Rs 8.62 and Rs 11.10 lakh, while the petrol version is priced in the range of Rs 7.42-10.90 lakh, ex-Navi Mumbai.

The carmaker, a subsidiary of Japanese auto giant Honda Motor Co Ltd, has received 9,400 bookings so far, a company official said.

Lactalis acquires Hyderabad-based Tirumala Milk

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World’s largest dairy player Groupe Lactalis SA has acquired Tirumala Milk Products Private Limited.

According to a statement by Tirumala, the transaction marks France-based Lactalis’ entry into India.

The deal to buy out 100 per cent stake in Tirumala was reportedly closed at USD 275 million (Rs 1,750 crore)

Lactalis Group Communication Director Michel Nalet said the deal was officially finalised yesterday, but no amount regarding the deal was disclosed either in India or France.

Mahindra & Mahindra sells 75,000 units of XUV500 in 2 years

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Home grown auto major Mahindra & Mahindra today said it has sold over 75,000 units of its global sports utility vehicle XUV500 in just over two years since its launch.

Mahindra & Mahindra is the top most player in the SUV segment in the country.

“We are overwhelmed by the enthusiastic response from customers to the XUV500 that has led to impressive sales of more than 75,000 vehicles in just over two years since its launch. This is a benchmark for sales among high-end SUVs,” Mahindra & Mahindra Ltd’s automotive division chief executive Pravin Shah said in a release.

Used car market size expected to double: Mahindra First Choice

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Despite the current slowdown, the used car market is expected to be almost double the size of the new car market in the next 5 years with Mahindra First Choice Wheels Ltd aiming to sell 60,000 units this fiscal and growth of 30 per cent over last year, a top official today said.

Total size of used car market is 3 million units, with oraganised sector share at 15 per cent.

The used car market is already bigger than the new car market and is growing at a much faster pace compared to the new car market, Dr Nagendra Palle, CEO Mahindra First Choice Wheels Ltd, told reporters here.

High duty, lack of infra hurdles to growth of super car market: Gautam Singhania

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High duty structure and lack of infrastructure and after-sales service remain roadblocks in the growth of super car market in the country, industrialist Gautam Singhania said here today.

“The government has levied a 170 per cent import duty on super car. It is ridiculous. Moreover, absence of good infrastructure like quality roads are also hampering the growth of the segment,” textile major Raymond’s chairman and managing director and founding chairman of Super Car Club Gautam Singhania told reporters here.

Tata Housing launches Rs 2,000-crore luxury project in Mumbai

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Tata Group real estate arm Tata Housing Development today launched a luxury residential project in the northeastern suburb of Mulund.

The project, named Gateway Towers, is spread across 8.5 acres and is a part of the 19-acre redevelopment project.

“We have invested around Rs 2,000 crore for the entire redevelopment project across 19 acres, out of which the saleable component would be around 8.5 acres, where we will be developing six luxury residential towers,” a company source said.

Sebi disposes case against Real estate firm Hubtown after settlement

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Real estate firm Hubtown Ltd, formerly known as Ackruti City, has paid Rs 2 lakh to settle a Sebi probe into alleged irregularities with regard to correct disclosure of promoter shareholing in the company.

Investigations conducted by Sebi had found that the company had publicly disclosed a total promoter shareholding of 82.83 per cent as per the details received from the company’s Registrar and Share Transfer Agent (RTA).

Mercedes-Benz launches latest version of S-Class luxury sedan

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German carmaker Mercedes-Benz today introduced the latest version of its S-Class luxury sedan in the country, priced at Rs 1.57 crore (ex-showroom Delhi).

“We are launching the all new S-Class in India just three months after its global launch in October last year, following up on eight new products we launched in 2013 here,” Mercedes-Benz India Managing Director and CEO Eberhard Kern told reporters here.

RBI panel recommends sweeping changes in banking structure

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The Reserve Bank of India (RBI) has recommended sweeping changes in the banking structure.

According to media reports, an RBI panel has suggested the setting up of specialised banks to cater to low income households to ensure that all citizens have bank accounts by 2016. The panel has also suggested that the facility for withdrawal, payment and deposit should be set up within a 15-minutes walking distance anywhere in the country.

Apple reports $10bln App Store sales in 2013

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Apple has reportedly earned 10 billion dollars in 2013 from its App Store sales.

The customers spent more than one billion dollars on digital goodies for iOS devices in December alone.

The consumer electronics show-off month also saw App Store customers downloaded almost three billion iOS apps.

According to TechCrunch, cumulative payouts from Apple to iOS app developers are now 15 billion dollars.

Apple added that its App Store now has more than one million apps for iPhone, iPad and iPod touch, and are available in 155 countries globally. (ANI)

Indian-startup ‘Little Eye Labs’ confirms acquisition by Facebook

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Indian startup “Little Eye Labs” has confirmed its acquisition by Facebook with a deal of around 10-15 million dollars for building apps for the social media giant.

The Bangalore-based company has confirmed its acquisition by the social media giant includes VenturEast and GSF, TechCrunch reports.

Little Eye Labs has made a software tool for analyzing the performance of Android apps and will now join forces with Facebook to take its mobile development to the next level.