SuperNight pack: Vodafone counters Jio with unlimited internet at Rs 6/hour

SuperNight packs will enable users to download unlimited data for five hours at a fixed price

 

Vodafone India on Monday announced a new product -- Vodafone SuperNight -- with immediate effect for prepaid customers.

According to the company, the new product at Rs 29 will enable unlimited 3G/4G data usage and download for five hours.

"The pack can be activated any time of the day but will be applicable only during the subsequent five hours between 1 a.m. to 6 a.m.," it said in a statement.

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Vodafone is offering Internet access between 1am and 6am at Rs 29 a day. This comes out to less than Rs. 6 per hour.In contrast, Reliance Jio’s services cost about Rs. 10 per day for 1GB of 4G data.

The recharge pack can be purchased anytime during the day, but will kick in at 1 am only. The new SuperNight pack is available to purchase from digital channels, offline outlets, and via the *444*4# USSD code.....More Plans

Did Reliance Industries get away lightly in the unlawful gains case?

More punitive action was needed against the company and the management, say experts

 

 

Latest News -  Securities and Exchange Board of India (Sebi) on Friday delivered its verdict in the decade-old unlawful gains case involving the country’s second-biggest company, Reliance Industries. The capital market   regulator has directed the Mukesh Ambani-led company to disgorge (give up) Rs 447 crore, with interest of 12 per cent per annum since November 2007, it made “illegally”.

Besides the high interest levied, the only punitive action is a one-year ban from dealing in the futures and options (F&O) segment by the company. So has the company gotten away lightly? 

Reliance Industries Unlawful Gains Case And What The Fraud Is All About

Governance firm In Govern’s Managing Director Shriram Subramanian says that the punitive action should have been stricter.

“Sebi needs to be more tough and proactive in such cases. It has taken almost 10 years to come out with this order, which doesn’t contain any penalty. This could set a wrong precedent for companies and market participants who brazenly violate regulations. Banning the company from the F&O segment will not have any impact on the company. Apart from the disgorgement amount, there has to be a penalty to serve as a deterrent to all market participants,” he said.

JN Gupta, former executive director, Sebi, and founder of proxy advisory firm SES, says that besides the company, those running the show should also be held responsible.(read more...)

It's official: Idea, Vodafone are merging to create India's biggest telco

In a BSE filing, Idea Celluar announced its approval of amalgamation of Vodafone India Ltd (VIL)

 

 

Breaking News -  In a BSE filing, Idea Celluar announced its approval of amalgamation of Vodafone India Ltd (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, SEBI, RBI and other governmental authorities.Idea Vodafone Merger.

Idea Cellular gained nearly 15% in first 5 minutes of the trade but later pared some gains to trade 6% higher after media reports that the company has approved merger with Vodafone India. According to reports, Idea Cellular will hold 25% stake in the merged company. 

Idea-Vodafone merger: What it means for telecom stocks and who gains most

According to the release, the Idea Board believes the proposed amalgamation will result in:

 

A. Creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint

B. Sufficient spectrum to complete with major operators in the market while offering innovative priced mobile services to customers;

C. Acceleration of expansion of wireless broadband networks  (read more...)

Profitable companies, no taxes: Here's how they did it

Companies took advantage of array of tax loopholes and aggressive strategies

 

 

BREAKING NEWS - Complaining that the US has one of the world’s highest corporate tax levels, President Donald Trump and congressional Republicans have repeatedly vowed to shrink it. Yet if the level is so high, why have so many companies’ income tax bills added up to zero?

That’s what a new analysis of 258 profitable Fortune 500 companies that earned more than $3.8 trillion in profits showed. Tax reformers have long argued that the nominal 35 per cent federal rate on corporate profits more often than not functions like a strike-through price - an artificially inflated number that sounds high but rarely applies.

Thanks to a variety of loopholes and tax-dodging methods, those 258 corporations paid an average rate of 21.2 per cent, according to a report by Institute on Taxation and Economic Policy.

Here is a snapshot:

(READ MORE...)

Paytm crosses 200 million wallet user base

Since demonetisation the company claims to have made rapid strides in the online wallet sector

 

Latest News - Mobile wallet major, Paytm announced today that its user base has crossed 200 million users. The company said that within three years of launching the Paytm Wallet, it has become most widely used and accepted payment method in the country.

Since demonetisation the company claims to have made rapid strides in the online wallet sector by laying stake to the top position. In the last 12 months, the company has managed to launch a variety of offline services, which have increased the usage of phones at various points.

Paytm wallet has moved from just mobile phone and DTH recharges, electricity, gas and water bill payments, to using it at milk booths, grocery stores, pharmacies and parking among other places.

"Reaching 200 Mn registered users and more than half a million users on a daily basis is a great showcase of the country's trust in our payment solution and reaffirms our belief in the need for a quick and easy cashless payment method. Going forward, we would continue to drive strong consumer-focused innovation in the category to reach the widest set of merchants and consumers in India," said Deepak Abbot, senior vice-president.(read more...)

Paytm launches online marketplace app - Paytm Mall

Paytm Mall aims to offer a combination of the Mall and Bazaar concepts to Indian consumers

 

 

Breaking News : Paytm E-commerce on Monday announced the launch of its new Paytm Mall application on Android.

Paytm Mall aims to offer a combination of the Mall and Bazaar concepts to Indian consumers.

"Only trusted sellers passing strict quality guidelines and qualification criteria will be allowed on the 'Mall'," Paytm said in a statement here.

All products listed on the mall will also go through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust, it said.

"We have defined quality criteria for sellers and are building strict controls over warehousing and shipping for products sold on Paytm Mall. Consumers would continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app," said Saurabh Vashishtha, Vice President - Paytm.

The Bazaar is an unstructured shopping channel on Paytm that will also be featured on a new application, it added.

Paytm Mall has over 17 fulfilment centres across the country to offer consumers an efficient online shopping experience.

The platform would also offer sellers the widest reach through its vast network of over 40 courier partners, it said.

The Paytm Mall would also launch an ungraded version of the Paytm Seller app, available in 7 regional languages allowing anyone with a smartphone to set up an online shop on Paytm Mall.

Paytm Mall is available on Android, and lists over 68 million products sold by 1.4 lakh sellers spread over 1000 cities and towns across the country. The iOS app is expected soon. (read more...)

Step-by-step guide: How to sell your old/new goods on Amazon

Amazon India has started a programme that allows people to sell their old products

Today Latest News - Are you tired of stacking old gadgets, books, magazines, et al? E-commerce giant Amazon India has started a pilot programme in Bangalore that allows people to sell their old products. 

 

In an attempt to mobilise its user base and to encourage peer-to-peer (P2P) sales, Amazon has launched a programme called 'pick-pack-and-pay. 

 

 

So how does Amazon India's pick-pack-and-pay programme work?

Step 1 - List your product/products. Select what you want to sell on Amazon. (Post your new or used products online across different categories – mobiles, books, fashion jewellery, tablets, watches, laptops and video games). Upload your photo. Select the essentials of your product (For example:- brand name, model, publishers). Mention the item condition (new/used). Mention your price, address and other details

Step 2 - Post your ad

Step 3 - Buyers order your product online

Step 4 - You schedule a doorstep pick-up

Step 5 - Amazon picks, packs and ships for you

Step 6 - You receive your money in 3-5 days

Amazon has not yet specified how quickly orders will be processed, but mentioned that buyers will have the option to return products within seven days if defective or not as described.

 

Read Article Source>>>

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Be Updated on Stock Market News  &  Latest Business News | Business Standard

Flipkart lists 'Amazon exclusive' OnePlus 3 at Rs 18,999

The company has put up a sale of OnePlus 3 device at Rs 18,999, which will start at 4 pm on December 18

Of late, Flipkart hits the controversy by putting up a banner listing the sale of OnePlus 3 smartphone, which is exclusive to Amazon India, for under Rs 20,000 during the big billion sale, which started today i.e. on December 18.

While the listing brought a lot of attention from prospective buyers, it came as a shock to OnePlus CEO, Carl Pei who took to Twitter asking Flipkart’s co-founder Sachin Bansal to clear the ambiguity around the sale of OnePlus 3 on Flipkart.

The tweet saw no reply from Flipkart or from Sachin Bansal and soon Amazon India took to Twitter to warn customers to buy OnePlus 3 from Flipkart ‘on their own risk’.

.@_sachinbansal brother, what's this? We're exclusive with @amazonINpic.twitter.com/0QBoyagoXz

— Carl Pei (@getpeid) December 16, 2016

There is still a lot of ambiguity around the issue, but for Flipkart things are as normal as they ever were. The company has put up a sale of OnePlus 3 device at Rs 18,999, which will start at 4 pm (IST) on December 18. On product page, the device details ‘1 year warranty’ on smartphone and ‘6 month warranty’ on accessories.

Read Source>>>

Reliance Jio brings Pokemon GO to India

This launch is in line with Jio's plans to provide a variety of entertainment-based apps and games

Reliance Jio Infocomm Limited ("Jio") will be bringing the augmented reality game 'Pokemon GO' to India through a partnership with Niantic Inc - publisher and developer of the game in association with The Pokemon Company.

With this partnership, thousands of Reliance Digital Stores and select partner premises in India will appear as 'PokeStops' or 'Gyms' in the Pokemon GO game beginning Wednesday, December 14, 2016.

Read our full coverage on Reliance Jio

This launch is in line with Jio's plans to provide a variety of entertainment-based apps and games, such as Pokemon GO.

"We are delighted to partner with Jio launch Pokemon GO in India," said John Hanke, Chief Executive Officer and founder of Niantic. "It's exciting to see Pokemon fans in India step out and explore their neighbourhoods in search of Pokemon and Jio's disruptive high-speed 4G LTE Network will be an excellent way to experience the game."

Read Source>>>

Facebook, Twitter, YouTube and Microsoft to create shared database against terrorist content

Participating companies can add hashes of terrorist images or videos that are identified on one of our platforms to the database.

With an aim to limit online terrorist content, technology giants Facebook, Microsoft, Twitter and YouTube said together they would build a shared database that will also help them to weed out content used to recruit people into terrorism.

According to a report on Tech Crunch, the companies said they will create a shared industry database that will be used to identify this content, including what they describe as the "most extreme and egregious terrorist images and videos" that have been removed from their respective services.

The content will be hashed using unique digital fingerprints, which is how its identification and removal can be handled more easily and efficiently by the company's computer systems and algorithms.

"We commit to the creation of a shared industry database of hashes - unique digital 'fingerprints' - for violent terrorist imagery or terrorist recruitment videos or images that we have removed from our services," read a joint statement.

Read Source>>>

Full text of Cyrus Mistry's letter on the issue of transparency at Tata Trusts

The ousted Tata Sons chairman on Monday requested govt to ensure transparency at the trusts to make them more accountable. Read full text here

In a letter sent to the six Tata group companies and their shareholders that are meeting this month to remove him as a director, ousted Tata Sons chairman Cyrus Mistry on Monday said at the heart of the sustainability of the Tata group was governance reform, which was lacking throughout the institution at present. “This would mean the Government ensuring the working of the Tata Trusts, which are public charitable trusts, the property of the people of India, have a defined, transparent governance structure,” he said asking the companies to place his letter before the shareholders.

Here is the full text of the letter:

REPRESENTATION UNDER SECTION 169 OF THE COMPANIES ACT, 2013.

IN RESPECT OF SPECIAL NOTICE FOR REMOVAL OF MR. CYRUS P. MISTRY AS DIRECTOR

Foreword

My Appointment.................

Strategy..................

Structure................

Erosion of Governance...................

Governance Breakdown....................

Flagrant Widespread Breakdown................

Way Forward...................

I therefore urge all you to think beyond the here and now. I urge you to have your voice heard loud and clear. I ask you to be a part of defining the future.

Cyrus P Mistry
[December 5, 2016]

YOUR SUPPORT MATTERS. Visit www.cyrusforgovernance.com for more details.

Read Source>>>

Read our full coverage on Tata vs Mistry

Bathrooms with a view, for the super-rich

In every home she designs, Clodagh is known for her focus on sustainability and nature; above all, she’s uncompromising in her efforts to bring the outdoors inside. And the Irish-born interiors expert (yes, she goes by one name only) believes there’s one room in which such connections with nature are more impactful than anywhere else in a home.

“I always suggest designing bathrooms with a view,” she told us by phone from her office in New York. “That’s a room, remember, that used to be called a water closet, because it was so tucked away. But you spend eight or 10 hours in there a week, and it’s one of the places where you can refresh, renew and get natural light. The skin is the largest organ on your body, and taking in natural light is very propitious for health and wellness.”

In Clodagh’s own home offers a view of the outdoors from every amenity, be it tub, sauna, shower, or toilet; for clients, she finds ingenious ways to provide a view, such as a skylight so “you can lie in the tub and look at the sky.” Recently, she even insisted on blasting a large hole in the load-bearing exterior wall of a client’s house in Miami, giving the rain shower a view over the inland waterway. “I’m not nicknamed the Demolition Queen for nothing,” she laughed.

READ SOURCE>>>

Adidas launches shoes made of ocean waste, priced at Rs 21,000; All you need to know

German Sportswear company Adidas is on the cutting edge of fashion trends. Adidas is now creating state-of-the-art footgear and achieving its 'sustainability' goal by collaborating with Parley for the Oceans.

Adidas has made shoes from recycled ocean waste.

According to the company, "Last year, they 3D printed a prototype, with the goal of demonstrating how the industry could "rethink design and help stop ocean plastic pollution".

Now those shoes are available to public. 95% of the shoe's upper part is made of ocean plastic, taken from Maldives shore. The remaining part of the shoe is also made mostly out of recycled materials. These contemporary shoes have been called "UltraBOOST Uncaged Parley".

Adidas has made around 7,000 pairs that will be sold offline and online from mid-November. For Adidas fans in India, the company has set aside 60 pairs. 

READ SOURCE>>>

Full text of Cyrus Mistry's letter to Tata Sons Board

While Tata Sons followed up the sacking of its Chairman Cyrus Mistry on October 24 by inducting two new directors into the board, the now ousted former chairman has criticised the board room 'replacement' in an October 25 emailed letter and termed the move as 'shocking and unparalleled' in the annals of corporate history.

According to the letter Mistry has not only described the board proceedings as invalid and illegal but also alleged that he had not been given any free hand despite being assured of the same by Ratan Tata before he accepted the top job. Mistry alleged that after he was appointed as chairman, Tata Trusts amended the articles of association which constrained his ability to engineer a turnaround. The text of the letter follows:

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From Cyrus P. Mistry
Date: 25 October 2016 at 22.05: 41

To:
Directors of Tata Sons Ltd.

I was shocked beyond words at the happenings at the board meeting of October 24, 2016. Apart from the invalidity and illegality of the business that was conducted, I have to say that the Board of Directors has not covered itself with glory.

To "replace" your Chairman without so much as a word of explanation and without affording him an opportunity of defending himself in a summary manner must be unique in the annals of corporate history. The suddenness of the action, and the lack of explanation has led to all manner of speculation and has done my reputation and the reputation of the Tata Group immeasurable harm..............................

Sincerely,
Cyrus
(Cyrus P Mistry)
C.C. Trustees of Tata Trusts

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Read Source

Uber, Ola battle it out for railway passengers: Here's how it will work

After fighting it out on roads, cab aggregators like Uber and Ola are set to come face to face on railway tracks. Both the players are now in race to tie up with the Indian Railways to offer services to train travellers.

With the Suresh Prabhu-led railways ministry toying with the idea to offer space for cab operators at railway stations, both the market leaders have started the battle to garner the railways' market share. Through this initiative, the Railways is likely to add an additional Rs 120 crore to its non-fare revenue. 

Related Story:  Luxury On Demand: Now Book A BMW From Your Ola App

As per the plan, those users who book tickets through Indian Railway Catering and Tourism Corporation (IRCTC) app will be able to schedule a ride with a cab aggregator on a future date and time. If the Railways moves ahead with the plan, it will have to float a tender for this from the concerned parties.

The other major service providers in the sector are Baxi, Shuttl, Meru and BlaBlaCar. Though the San Francisco-based Uber is aggressively moving ahead in Indian market, Ola still holds a majority share.

Read Source

India can be the next China for Apple: Tim Cook

With iPhone sales growing at a fast clip in India, the last large untapped market globally, CEO Tim Cook is confident that he can turn the country into the next China for Apple.

As sales of the iconic iPhone continue to fall globally, India is emerging as a shining star for Apple. Sales of the flagship devices were up by 50 per cent year-on-year in the 12 months that ended September.

"Our iPhone sales in India were up over 50% in financial year 2016 compared to the prior year, and we believe we're just beginning to scratch the surface of this large and growing market opportunity," said Tim Cook, CEO of Apple, in its latest earnings call with investors on Wednesday.

While sales of the iPhone in India are still minuscule in comparison to that of China, a fast growing economy and massive youth population could help Apple develop it into a huge market. Moreover, with 4G infrastructure only bursting onto the scene in the past few months, sales of smartphones in India are expected to accelerate even further.

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Cyrus Mistry's exit from Tata Sons: News explained in 10 points

The board of Tata Sons on Monday replaced chairman Cyrus Mistry and brought back Ratan Tata as interim chairman for four months. In a letter to employees of the group, Ratan Tata said the board had requested him to perform the role of chairman and he had agreed to do so “in the interest of stability of and reassurance to the Tata group”.

Related Article:  Trusts withdrew Rs 4,000 crore prematurely from Tata Sons in May

Ratan Tata had been Tata Sons chairman from 1991 until his retirement on December 28, 2012. Cyrus Mistry had succeeded Tata to be the sixth chairman of the Tata group. While Mistry will remain an independent director on the board of Tata Sons – a position he held before he became chairman – he will quit as chairman of all group companies.

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Business Standard explains Mistry’s sudden exit as Tata Sons chief and how the story unfolded through 10 reports:

1. Cyrus Mistry removed, Ratan Tata returns
2. The turn of events
3. Mistry’s focus during his stint
4. Experts thought Mistry was a succession experiment gone wrong
5. ‘Business as usual’ at Tata Sons
6. The agenda for Ratan Tata
7. End of a vision?
8. An exit in a hurry?
9. For Tata trusts, was it a lack of trust in Mistry?
10. Slow equity support to Tata group firms

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Read Source

Paytm payments bank to miss Diwali date

Mobile wallet company Paytm is likely to miss the Diwali target for commercial launch of its payments bank as it is still awaiting the final clearance from the Reserve Bank of India (RBI).

“We’re awaiting the final application approval from RBI. We have everything ready. As soon as the approval comes, we will do a ‘beta’ launch of the bank, which is within the company. By the end of the year, we will have a commercial launch of the payments bank,” Vijay Shekhar Sharma, founder and chief executive officer of Paytm, told Business Standard in a telephone interview.

Paytm has shifted its deadline for opening its payments bank thrice since April. Sharma, who has got the licence in his name, is expecting the launch by the year-end.

Paytm, which was among the 11 recipients of payments bank licence, plans to start the project with an initial capital of Rs 300 crore. After the initial euphoria, three out of the 11 recipients withdrew their applications. However, Paytm hopes to make it one of the biggest businesses in its portfolio and the second largest revenue earner after wallets.

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Why was Cyrus Mistry sacked? Top possible reasons for his exit

Ratan Tata, patriarch of one of India's most influential families, will take over as interim chairman of Tata Sons after the salt-to-software conglomerate's board ousted Cyrus Mistry, who had sought to shake up the firm's management.

Tata, who had stepped down as chairman and was replaced by Mistry in late 2012, will head the group for four months while the company seeks a replacement.

Related Story:  Cyrus Mistry's exit: Should you buy or sell Tata Group shares?

Tata Sons is a large shareholder in a string of listed Tata Group companies - a business empire ranging from Jaguar Land Rover cars and steel mills to aviation and salt pans.

The board said in a statement on Monday it was decided "it may be appropriate to consider a change for the long-term interest of Tata Sons and Tata group."

While the board gave no detailed reason for the change, some media reports said there has been discontent with some of Mistry's actions, including asset sales.

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Here are the possible theories behind Mistry's ouster

1. Welspun acquisition
2. Management restructure
3. Vision missing?
4. Tough decision?

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Read Source

Make in India: Ashok Leyland launches India's 1st electric bus

Commercial vehicle major Ashok Leyland on Monday launched India’s first Made-in-India electric bus. The company has invested Rs 150-200 crore to develop this.

Ashok Leyland owns an UK firm, Optare, which is a leading alternate technology player, especially in electric bus manufacturer.

“This new series is developed in India and is the next generation technology,” said Vinod K Dasari, managing director.

The vehicle would cost around Rs 1.5-3 crore, depending on the batteries and seats, says company officials. Upfront cost is high, but it can deliver payback to the customer in about four-five years, says Dasari.

Dasari is also hopeful that the government would give subsidy for the vehicle

“The Circuit series of buses is another testament to Ashok Leyland’s commitment to leverage India’s technological innovation to deliver relevant and best-in-class solutions for India and the world,” said Dasari.

Read Source