According to reports, online shopping giant Flipkart is acquiring eBay India in a deal that is part of a $2 billion fundraising. However, Flipkart has not confirmed the reports yet. Reports earlier claimed that Flipkart has closed its $1 billion funding from Microsoft, Tencent and eBay, and plans to raise $1 billion more. Notably, eBay is a small investor in Flipkart's rival Snapdeal.
South Korean multinational company Samsung has reportedly announced its new Galaxy J7 V smartphone on Friday. The smartphone comes with a 5.5-inch HD display, 2.2GHz Snapdragon 625 octa-core processor, 2GB RAM and 16GB inbuilt storage, Android 7.0 Nougat OS, 8MP rear and 5MP front cameras and 3,300 mAh battery.
Chinese smartphone maker Xiaomi’s Redmi 3S and Redmi 3S Prime smartphones will reportedly be sold on Amazon India at 12 pm on Friday. According to reports, Redmi 3S is priced at Rs 6,999, while Xiaomi Redmi 3S Prime costs Rs 8,999. Notably, the smartphone will go on sale every Friday on Amazon India website and app.
Amazon India, on Thursday, reportedly claimed that more than 2.5 lakh units Xiaomi Redmi 4A smartphone have been sold in just 4 minutes. According to reports, the numbers include the smartphones sold on the company’s online shopping site and Xiaomi's online store. Notably, Amazon has also said that they had received 1 million 'notify me' alerts after the launch date was announced.
According to reports, price of 875 essential medicines are set to increase by 2 percent from April 1. The hike is said to be based on the order from National Pharmaceutical Pricing Authority. Some of the drugs that will get a price hike include antiretrovirals used for diabetes treatment, cancer drugs, hepatitis, hypertension, kidney disorder etc.
Reliance Jio’s recharge app Jio money will reportedly offer Rs 50 cashback on every recharge done by the Prime members. According to reports, the offer can be availed even for the Prime membership enrollment, which costs Rs 99 and should be done before March 31. Notably, the users will also get Rs 50 cashback when they recharge for Rs 303 or more.
Chinese multinational company Gionee has reportedly announced that it would manufacture all its smartphones in India. According to reports, Gionee India’s MD Arvind Vohra has said all the smartphones of Gionee are being made in India from March and the company is looking to make Rs 10,000 crore in next financial year.
Online marketplace Paytm would provide insurance cover for the money stored in its e-wallets. Money lost due to fraudulent transactions as a result of theft, burglary, loss of the device or unauthorized access to the user's Paytm wallet will be refunded. Notably, the Ministry of Electronics and Information Technology recommended to e-wallet and insurance entities to work in tandem in this regard.
According to reports, e-commerce major Snapdeal is reportedly in talks with rivals Paytm and Flipkart over a potential sale. SoftBank, Snapdeal’s investor, is reportedly leading the negotiations, with the company being offered at a price between $1.5 billion and $1.8 billion. However, a Snapdeal spokesperson has denied that the homegrown e-commerce major is up for sale.
Flipkart on Wednesday started hosting its annual electronic sale. Flipkart offers discounts on all the electronic products. This includes a 20 percent discount on all the variants of iPhone 7. The State Bank of India users can also avail a 10% instant discount during the sale. The sale is happening until this Friday.
The Supreme Court on Tuesday asked Sahara to deposit Rs 5,000 crore by April. The apex court also threatened that it will auction off Sahara’s crown jewel, Aamby Valley if the Indian conglomerate fails to deposit the requisite amount. So far, Sahara has managed to repay a little over Rs 11,000 crores of its total outstanding amount of 25,779 crores.
The Union Cabinet has approved four GST related bills on Tuesday. The four supporting legislations are Compensation Law, Central-GST, Integrated-GST, and Union Territory-GST. The Central GST would replace Central Excise Duty, Service Tax, Additional Duties of Excise & Customs etc. Notably, the IGST relates to the taxation of interstate transfer of goods.
Amazon India has come out with a new program for sellers to get insights and help related to the GST, which is set to be rolled out from July 1. A-Z GST guide, the program in its pilot phase has already helped train over 5,000 sellers on the Amazon platform to get ready for GST. Notably, the portal provides resources in the form of tutorials, blogs and free online training sessions.
Following the merger with five of its associate banks, State Bank of India is reportedly planning to shut down almost half of them. The merger is scheduled to happen on April 1 and the shut down is expected to start from April 24. The move is done to avoid overlapping offices in the same area. Post-merger, SBI is expected to be at No. 45 in the global ranking of banks.
Chinese smartphone maker Coolpad’s Note 5 Lite smartphone will reportedly be available on Amazon India from Tuesday. According to reports, the smartphone will be sold in Gold and Grey colour variants and feature a 5-inch HD display, MediaTek MT 6735CP processor, 3GB RAM, 16GB inbuilt storage, Android 6.0 Marshmallow OS and 2500mAh battery. Notably, Note 5 Lite is priced at Rs 8,199.
According to Forbes’s 2017 billionaires list, Microsoft Co-founder Bill Gates with a wealth of over $86 billion has been ranked first for the eighteenth time in twenty-three years. American businessman and investor Warren Buffett reclaimed the second slot after two years, while Amazon's Jeff Bezos was ranked third. Further, Mark Zuckerberg has been ranked fifth for the first time. Notably, Reliance Industries chairman Mukesh Ambani retained the spot of India's richest person, with a net worth of $23.2 billion.