Ratan Tata invests in Kyazoonga | WeForNews | Latest News, Blogs Ratan Tata invests in Kyazoonga – WeForNews | Latest News, Blogs
Connect with us

Business

Ratan Tata invests in Kyazoonga

Published

on

Ratan Tata

New Delhi, June 10 : Tata Sons Chairman emeritus Ratan Tata invested in e-ticketing company Kyazoonga in his personal capacity, the company said on Friday.

“As we scale the company into a global enterprise, glad to know he shares in the excitement of our mission of Tickets made simple for everyone, everywhere’,” said company’s CEO and co-founder Neetu Bhatia.

The company will focus its efforts on the large potential for paid access that India represents and push the envelope on significant global opportunities, she said.

The company did not disclose the details of the funding. Tata made investments in over 25 startups in the last two years.

The company ticketed major international events including the ICC Cricket World Cup in three countries, the FIFA World Cup qualifiers, SAFF Cup.

Among domestic tournaments it ticketed Indian Premier League and the Pro Kabaddi League, Nehru Cup.

Business

Samsung launches new Galaxy A51 variant at Rs 27,999

The Galaxy A51 is powered by a 10nm Exynos 9611 chipset that comes with AI powered Game Booster for improved frame rate and stability as well as reduced power consumption.

Published

on

By

Samsung Galaxy S20

New Delhi, May 27 : Samsung on Wednesday launched a new 8GB RAM/128GB internal storage variant of its best-selling smartphone Galaxy A51 in India for Rs 27,999.

The new variant of Galaxy A51 comes in three colours – prism crush black, prism crush white and prism crush blue – and will be available across retail channels, offline retail stores, leading e-commerce portals and Samsung.com.

“Galaxy A51’s cool and intelligent ‘Make for India’ innovations have seen widespread adoption. These features, based on extensive consumer research in India, have been designed to help Gen Z consumers live a fast and organized life,” the company said in a statement.

The device features an advanced 48MP main camera, 12MP Ultra Wide lens with “Night Mode” capability and a 5MP Macro lens that allows users to take close up shots and a 5MP depth camera for clicking shots in “Live Focus” mode.

The Galaxy A51 is powered by a 10nm Exynos 9611 chipset that comes with AI powered Game Booster for improved frame rate and stability as well as reduced power consumption.

The Galaxy A51 also comes with a long-lasting battery that lasts for up to 19 hours of video play back time, according to the company, thanks to the 4000mAh battery with 15W fast charging.

Continue Reading

Business

SC seeks Centre, RBI reply on levying interest charges during moratorium

Published

on

By

Rupee currency

New Delhi, May 26 : The Supreme Court on Tuesday issued notice to the Centre and Reserve Bank of India on a plea challenging the levy of interest on loan during the stipulated moratorium period.

A bench comprising Justices Ashok Bhushan, S.K. Kaul and M.R. Shah asked the Centre and RBI to file their response within a week.

The plea has been filed by a borrower, who is aggrieved by the March 27 RBI notification. This notification allows interest on the loan to be levied during the moratorium period, which has been extended up to August 31.

Senior advocate Rajiv Dutta, representing the petitioner, contended before the bench that the moratorium has been extended to 6 months, from the initial 3 months. Dutta argued that the final accounting for his client, regarding the interest should be done after the decision of the top court on the matter.

The plea argues the interest on loan during moratorium is unconstitutional, as during lockdown, people’s income has already shrunk and people are under financial crisis.

Dutta, seeking relief, insisted that his client should not be penalized, and interest should not be added to the loan amount during this period,” argued Dutta.

He also informed the apex court that replies were being filed without any formal notice being issued. The bench took this argument into consideration and issued formal notice.

On March 27, the RBI had ordered a 3-month moratorium on the payment of all kinds of installments — EMIs or credit cards or outstanding term loans — for the period between March 1, 2020 and May 31, 2020.

The plea argues the outright “capriciousness” and “arbitrariness” of the RBI notification as it acts as a burden on borrowers like the petitioner, which violates principles of natural justice.

On May 8, the apex court had allowed Solicitor General Tushar Mehta time to seek instructions from RBI and the Centre on the issue.

“While granting the relief of moratorium during the lockdown to borrowers, the action of imposition of interest during the moratorium period is completely devastating, wrong and, in a way, has taken away the benefit of imposing moratorium. This has caused hindrance in right to life guaranteed by Article 21 of the Constitution, 1950 in furtherance of right to life, including right to livelihood, which is a pre-requisite to the fundamental right guaranteed under Article 21 to people of India”, said the plea.

The petitioner said in the present scenario, when all the means of livelihood have been curtailed by the Centre by imposition of complete lockdown pan India, due to worldwide outbreak of Covid-19 pandemic and the petitioner being a citizen of India has no way to continue his work and earn livelihood, imposition of interest during the moratorium will defeat the purpose of permitting moratorium on loans.

Continue Reading

Business

India’s GDP likely to contract 5% in FY 2020-21: Crisil

“We estimate the fiscal cost of this package at 1.2 per cent of GDP, which is lower than what we had assumed in our earlier estimate (when we foresaw a growth in GDP),” it said.

Published

on

By

National debt under Modi govt surges

New Delhi, May 26 : Days after the Reserve Bank of India (RBI) said that India’s GDP growth for the financial year 2020-21 may remain in the negative territory, CRISIL has projected that the country’s economy contract by 5 per cent this fiscal, downgrade from its previous estimate of 1.8 per cent growth.

In a report, Crisil said that although non-agricultural GDP is expected to contract 6 per cent, agriculture could cushion the blow by growing at 2.5 per cent.

It said “things have only gone downhill since” its previous forecast of 1.8 per cent growth on April 28.

The report noted that as per the available data, in the past 69 years, India has seen a recession only thrice, in fiscal years 1958, 1966 and 1980. The reason was the same each time, a monsoon shock that hit agriculture, then a sizeable part of the economy.

“The recession staring at us today is different. For one, agriculture could soften the blow this time by growing near its trend rate, assuming a normal monsoon. Two, the pandemic-induced lockdowns have affected most non-agriculture sectors,” it said, adding that the global disruption also has upended whatever opportunities India had on the exports front.

Laying down the factors for the downward revision GDP outlook, Crisil said that latest studies by the Public Health Foundation of India and the World Health Organization suggest the pandemic spread could peak by mid-July, implying that even if the nationwide lockdown is lifted after May 31, states with high and rising COVID-19 cases could continue with restrictions, which will be a drag on the economy.

It, however, said that on the positive side the Indian Meteorological Department expects the southwest monsoon this year to be 96-104 per cent of the long-period average, which augurs well for agriculture and crude oil prices are expected to average $30 per barrel in fiscal 2021, cushioning the economy.

Talking of the economic package recently announced by the Centre, it said that the package has some short-term measures to cushion the economy, but sets its sights majorly on reforms, most of which will have payoffs only over the medium term (more details in the next section).

“We estimate the fiscal cost of this package at 1.2 per cent of GDP, which is lower than what we had assumed in our earlier estimate (when we foresaw a growth in GDP),” it said.

It said that successive lockdowns have a non-linear and multiplicative effect on the economy and a two-month lockdown will be more than twice as debilitating as a one-month imposition, as buffers keep eroding.

Partial relaxations continue to be a hindrance to supply chains, transportation and logistics, it said, adding that unless the entire supply chain is unlocked, the impact of improved economic activity will be subdued.

“Therefore, despite the stringency of lockdown easing a tad in the third and the fourth phases, their negative impact on GDP is expected to massively outweigh the benefits from mild fiscal support and low crude oil prices, especially in the April-June quarter. Consequently, we expect the current quarter’s GDP to shrink 25 per cent on-year,” it said.

Continue Reading
Advertisement

Most Popular