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Mercedes-Benz launches AMG C63S in India

German carmaker Mercedes-Benz has launched the new AMG C63S in India at prices starting from Rs.1.3 crore (ex-showroom price Delhi). The car is a powerful high-end rear-wheel drive sports car powered by a 4 litre V8 bi-turbo engine, developing an output of 375 kW (510 hp) making the V8 model the most powerful car in its segment. "In terms of output, torque and fuel consumption, the C63S takes the peak position in its segment. It once again demonstrates Mercedes-Benz's technological leadership in the high-performance segment," managing director and CEO of Mercedes-Benz India Eberhard Kern said in a statement. Source: IANS

Twitter launches self-service ad platform in India

Micro-blogging site Twitter has launched a self-service advertising platform for small and medium-sized businesses (SMBs) in India, the social networking service announced. Twitter has expanded the platform reach of Twitter ads globally from 33 countries to over 200 countries and territories. "Now, SMBs from India to Iceland can more effectively reach their target audiences on Twitter in 15 languages. In addition, Twitter also announced the total active advertisers, including SMBs to be approximately 100,000," the company said in a statement. Source: IANS

Sensex trades 28 points up in afternoon session

A benchmark index of Indian equities markets, the 30-scrip BSE Sensitive Index (Sensex), on Wednesday was trading 28.07 points or 0.11 percent up during the afternoon session. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 7.75 points or 0.10 percent up at 7,793.60 points. Source: IANS

Sun Pharma starts integrating opiates business in Australia

India's Sun Pharmaceutical Industries Ltd. has said it has started the process of integrating its opiates business in Australia. The company had completed the acquisition of the opiates business from GlaxoSmithKline (GSK). Sun Pharma announced the acquisition in March 2015. Source: IANS

Sensex tanks 346 points in afternoon session

A benchmark index of Indian equities markets, the 30-scrip BSE Sensitive Index (Sensex), tanked further by 346.09 points or 1.32 percent during the afternoon session. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 112.50 points or 1.41 percent down at 7,858.80 points. The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 26,127.04 points, was trading at 25,937 points (at 01.09 p.m.) in the afternoon session, down 346.09 points or 1.32 percent from the previous day's close at 26,283.09 points. Source: IANS

Petrol cut by Rs.2 a litre, diesel by 50 paise

With global crude oil in free fall, Indian Oil Corp (IOC) has cut the prices of petrol by Rs.2 a litre and of diesel by 50 paise, both prices inclusive of levies in Delhi, with corresponding decrease in other states, effective from midnight. Petrol and diesel, prices of which were last reduced on August 15, will from 1 September 2015 cost Rs.61.20 a litre and Rs.44.45 respectively, in Delhi, IOC said.  Source: IANS

Web-based system launched for DBT projects

Union Science and Technology Minister Harsh Vardhan has launched a web-enabled information management system for the department of biotechnology (DBT) projects. It is expected to avoid delay in processing project proposals and allow access to information for applicants on their proposals from anywhere, an official release said. Inaugurating the DBT Strategy Meet at the NCR Biotech Science Cluster in Faridabad, the minister also unveiled a mobile app for the purpose. It will be available at dbtepromis.nic.in. Source: IANS

Black money: Swiss banks ask Indians to use compliance window

Swiss and other European banks have asked Indian customers to avail the ongoing one-time compliance window granted by the tax department for disclosure of foreign assets. The call has been made in the wake of the final month's deadline to declare and pay tax on assets abroad. A source said that Swiss and Britain-based banks are asking Indian customers to provide fresh undertakings that all taxes have been paid on funds deposited by them in respective bank accounts. Source: IANS

RBI Governor Raghuram Rajan hints at yet another Rate Cut Ahead

RBI Governor Raghuram Rajan has raised hopes of India Inc as he hinted on another round of rate cut this year by saying India’s apex bank is still under “accommodative mode”. However, he also added that the final decision of any rate cut will be undertaken only after inflation data and other macroeconomic economic factors. While speaking at Jackson Hole economic symposium of the Kansas City Federal Reserve, Rajan said that government of India and RBI have reached a consensus of setting up Monetary Policy Committee, a highly empowered panel for setting rates. However, he also cautioned US Federal Reserves against increasing rates right now because of the slowing global growth rate.

India's Forex Reserve Swells by $920.6 Million

On account of higher foreign currency assets, foreign exchange reserves of India increased to US$355.353 billion, swelling by US$920.6 million, in the week to August 21. This figure is important as it neared $355.46 billion, the all time high achieved in the week to June 19. In the previous week too, India witnessed a healthy increase of its foreign exchange reserve (by US$1.086 billion) to a whooping US$354.433 billion. Latest RBI data show that Foreign Currency Assets also witnessed a healthy increase. RBI has said that special drawing rights of India with IMF have increased by $19.9 million in the week under review to $4.075 billion.

Global cues buoys markets, Sensex provisionally up

Healthy growth in Chinese exchanges and US economy, coupled with attractive valuations, buoyed investor sentiment in Indian equity markets propelling a barometer index to gain 139 points.The positive sentiments propelled the barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) to gain the 139 points or 0.53 percent. Source: IANS

Reliance Comm partners Jasper to deliver Internet of Things across India

Reliance Communications (RCom), part of the Anil Ambani-led group, has partnered with global Internet of Things (IoT) platform leader Jasper to enable enterprises throughout India to launch, manage and monetise next-generation IoT businesses, the company said in a filing in the Bombay Stock Exchange. RCom is Jasper's sole telecom partner in India. Source: IANS

Genpact founder Bhasin invests in finance firm

Leading back office IT firm Genpact founder Pramod Bhasin and former banker Vikram Gandhi jointly invested Rs.4 crore in Thirumeni Finance Ltd (Varthana), a social enterprise, funding private schools, the non-banking finance firm announced. The combined investment of Bhasin and Gandhi is part of Rs.4.7-crore equity the company has raised to complete its Rs.32-crore venture fund raising (A series). Source: IANS

Indian crude oil basket at sub-$43 falls to lowest in 2015

Continuing its free fall, the Indian basket of crude oils fell over $2.50 over the weekend to $42.97 a barrel on the previous trading day before, as per official data released, even as global crude oil prices plumetted to fresh six-year lows. The Indian basket -- comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent -- fell to its lowest since December 2008 when the prices averaged $40.61 for the month, as per data with the government-run Petroleum Planning and Analysis Cell. Source: IANS

Net neutrality: Industry body opposes zero-rated plans

In response to the Department of Telecom's (DoT) paper on net neutrality, the Internet and Mobile Association of India (IAMAI) on Monday said it is "clearly and unambiguously opposed to zero-rated plans of any type".

In its submission last week, industry body IAMAI held that "these plans will ultimately harm Internet content and service providers by limiting competition among them and, by extension, limit consumer choice".

Such plans will also "allow the operators, if given the control of what apps/services to push to the consumers, to discriminate and privilege certain web services over others, and throttle innovation", it added. (Source: IANS)

Sensex tanks 1,000 points

The BSE and Nifty crashed on Monday. According to media reports, they fell to over 3.5 percent in opening trade. The rupee also came under sharp selloff. It was down 1 percent to hit a fresh two year low of 66.49 per dollar. For the first time in two years, the sensex fell to as much as 1,000 points.

Government Prepares Selling 10 Per Cent Stake of Indian Oil Corporation, Sets Floor Price at Rs. 387 per Share

Union Government is all set to sell 10 per cent stake in Indian Oil Corporation through OFS (Offer for Sale) tomorrow. With this offloading of stake, central government is aiming to raise funds to the tune of Rs. 9,000 to 9,500 crore (US$1.4 billion). Reports say that the top state run refiner’s floor price for sale of shares has been set at Rs. 387 per share. Government wants to raise $11 billion through sell of stakes in multiple government run companies during ongoing fiscal for restricting planned fiscal deficit to 3.9 per cent of GDP in 2015-16.

Global Factors make Sensex dip 242 Points, Nifty touch 2 Month Low, and Rupee near 66 Mark Per Dollar

Worries about China’s financial instability and weaknesses of growth prospects on global front has not only made Sensex shed 241.75 points (0.88 per cent downturn) on the last trading day of the ongoing week but also dragged down Nifty to a 2-month low level to 8299.95, an intra-day fall of 72.80 points or 0.87 per cent. The worst performing sectors were infrastructure, automobile, realty, and banks. It was the FMCG segment that helped the market recover some of its losses during last hour of trade. While BSE Midcap dipped 0.9 per cent, BSE Smallcap was down by 0.6 per cent. In BSE, 1806 stocks declined and 1001 stocks advanced.  

SBI to increase number of customer service points

Anticipating tougher competition after RBI granted payments banking licences to 11 entities, State Bank of India (SBI) has said it will increase the number of its Customer Service Points (CSP) to assert its position in the rural unbanked segment."We are seeing a lot of competition," SBI chairperson Arundhati Bhattacharya said at a FICCI Banking Conclave. Source: IANS

Sensex trades 310 points down in afternoon session

A benchmark index of Indian equities markets, the 30-scrip BSE Sensitive Index (Sensex), plunged 310.20 points or 1.12 percent during the afternoon session on 21 August 2015.The wider 50-scrip Nifty of the National Stock Exchange (NSE) also plummeted 102.45 points or 1.22 percent and was trading at 8,270.30 points. The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 27,440.10 points, was trading at 27,297.62 points (at 1.18 p.m.) in the afternoon session, down 310.20 points or 1.12 percent from the previous day's close at 27,607.82 points. Source: IANS