Words: FWD Media Images: NDTV Gadgets
Mukesh Amabani launches free JioPhone
Reliance Industries Ltd (RIL), Chairman and Managing Director Mukesh Ambani announced the launch of 4G-capable Jio Phone that is free of cost. This phone will be available with unlimited data and optional TV streaming facility, according to reports. Those willing to buy the Jio Phone will have to pay a security deposit of Rs 1,500, which will be refunded, to the buyers in 36 months. The pre-booking for the phone will start from August 24 and will hit the markets in September. The Jio Phone will offer free voice calls and SMS to customers and for those using 4G data, will need to pay Rs 153 per month.
4 Bengaluru start-ups make it to second season of accelerator AirbusBizlab
Four Bengaluru start-ups got selected to the “acceleration programme” run by accelerator Airbus Bizlab. The six-month programme will give the start-ups to work and speed up the transformation of their innovative ideas into valuable businesses, reported the Hindu Business line. The start-ups who will get proper guidance through the programme are Stelae Technologies, SYmbosim, EFLIGHT and Qualitas Technologies. The second season that was launched in January received 137 applications from nine countries.
IFC invests Rs 130cr in Aavas Financiers; avails housing loans to low-income borrowers
International Finance Corp (IFC), a member of the World Bank Group has invested Rs 130 crore in Jaipur based Aavas Financiers Ltd. This move was taken with an aim to extend home loans to low-income consumers in rural and semi-urban areas who have hardly any access to mortgage finance as reported in the Livemint. IFC’s investment will help Aavas expand its reach low-income borrowers in Rajasthan, Madhya Pradesh, Maharashtra, Gujarat and Delhi/National Capital Region.
Ashok Leyland reports Rs 111 cr net profit
Hinduja group flagship firm Ashok Leyland has reported a net profit of Rs 111.23 crore for the first quarter ended June 30, 2017. In a BSE filing, Ashok Leyland said that the commercial vehicles maker had reported a net profit at Rs 290.78 cr in the April-June quarter of the previous fiscal.The company said that the next three quarters look promising due to positive impact of GST and the demand is expected to increase on the back of government spending on infrastructure.
Maxus successfully retains media mandate for L’Oreal India
A marketing communications agency from Group M, Maxus will be managing the media responsibilities for the cosmetic giant L’Oreal India. Competing with many other leading agencies, Maxus has retained the position. Maxus has been working for L’Oreal since 2010.Maxus will be handling the complete media services comprising strategy, communications planning, integrated media approach, investment and buying, tools and processes and team capabilities.
Govt will keep a track on invisible money: Arun Jaitley
Inaugurating the Delhi Economic Conclave 2017, Union Finance Minister Arun Jaitley said that Demonetisation helped in curbing corruption and black money in the country. He added that the government is striving hard towards tracking on invisible money and will keep a track on flow of money and leakages.
Right to education funds of Rs 87,000 cr unused by states: CAG
Over Rs 87,000 cr funds allocated to state government for implementing the Right to Education (RTE) Act has be not been utilized effectively. In a performance audit tabled by The Comptroller and Auditor General (CAG) it was reported that the government/state implementing societies under-utilized funds from 21-41% between 2010-11 and 2015-16.
Fortune Global 500 list out; 40% companies listed in Asia
The latest edition of the Fortune Global 500 list, which ranks companies by their revenues in 2016 saw more companies in Asia. Global giants are now more in Asia when compared to any other continent. There are about 197 companies in Asia, North America (145) and Europe (143).
Post Note Ban, Income Tax Department unearths undisclosed income of over Rs 5,400
The Tax Department has found out undisclosed income of more than Rs 5,400 crore in over a thousand search operations carried out since the November 8 demonetisation of high-value currency. Mister of State for Finance Arjun Ram Meghwal told the LokSabha that during the period from November 9,2016 to January 10, 2017 more than 1,100 searches and surveys were conducted by the Tax department.