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India replaces China as top retail destination in 2017: Study

India has replaced China as the numero uno retail destination in 2017 as part of the global retail development index, according to industry experts. “India has replaced China this year as the top retail destination as part of the study on global retail development index,” AT Kearney partner Subhendu Roy said on the concluding day of the two-day India Retail Forum 2017. The change in ranking was an outcome of four factors including increased consumer spending, beyond essentials, rising mobile and internet penetration, favourable foreign investment climate and bold action…

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SBI Life IPO subscribed 9% on Day 1

The initial share sale offer of SBI Life Insurance Company was subscribed 9% on the first day of the three-day bidding on Wednesday, stock exchanges data showed. The Rs 8,400 crore initial public offer (IPO) received bids for 83,67,555 shares against the total issue size of 8,82,00,000 shares, data available with the NSE showed. The category reserved for qualified institutional buyers (QIBs) was subscribed 6%, non-institutional investors 1% and retail investors 16%. The IPO received over 1.6 lakh applications on the first day, investment banking sources said. SBI Life Insurance…

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Will support startups with passionate founders: Ratan Tata

Tata group chairman emeritus Ratan Tata, a serial start-up investor, said on Wednesday that he will support startups that have founders who have passion to build sustainable company rather than scaling it up just to sell it. Tata has been investing in startups in India and abroad. Some of these firms include Snapdeal, Urban Ladder, CarDekho, Xiaomi, Ola, DogSpot.in, CashKaro, FirstCry and Teabox. “A founder who has a passion to stay with something and build it into a sustainable company is somebody I tend to support,” he said in an…

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Govt to disqualify over 1 lakh directors for link with shell companies

More than 1.06 lakh directors will be disqualified for their association with shell companies, according to the government, as it steps up the fight against black money. The latest move comes close on the heels of the corporate affairs ministry cancelling the registration of 2.09 lakh companies that have not been carrying out business activities for a long period. Besides, banks have been asked to restrict operations of these companies’ bank accounts by their directors or their authorised representatives. The ministry has “identified 1,06,578 directors for disqualification under Section 164(2)(a) of the…

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Raghuram Rajan: Demonetisation put new interest burden on RBI as people found ways to convert black money

The failure to stop dodgy cash coming back into the banking system after demonetisation has likely burdened the Reserve Bank of India with additional interest payments running into tens of thousands of crores, former governor of the central bank Raghuram Rajan said Thursday. Latest Reserve Bank of India data shows that all but 1% of the high-value bank notes demonetised on November 8 last year have returned to the banking system, meaning black money hoarders found ways to legitimise their cash that now earns interest. Rajan estimates this burden could be as…

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Amazon opens largest fulfilment centre near Hyderabad

E-commerce giant Amazon on Thursday opened its largest fulfilment centre near Hyderabad with the view to enhance customer experience ahead of the festive season. The four lakh square feet facility with a massive storage capacity of 2.1 million cubic feet has come up at the Rajiv Gandhi International Airport in Shamshabad, about 20 km south of Hyderabad. This is Amazon’s fifth fulfilment centre in Telangana and the largest in India. Amazon has ramped up the storage capacity to 3.3 million cubic feet in Telangana to enable faster deliveries to customers…

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