Business News

[Vikesh]

Tesla Stock Reaches Elon Musk’s Magic $420, And Then Some

After a two-month surge, the electric-car maker is now above the share price offered last year in an abortive bid to take the company private.
Back in August 2018, Elon Musk casually announced on Twitter that he planned to take Tesla private at a price of $420 a share, a 20 percent premium at the time. He added that he had “funding secured.”

The announcement turned out to be much less secure than Mr. Musk had suggested, and it landed him in hot water with securities regulators, who asserted that he had misled investors. For more than a year after that, troubles seemed to mount for Mr. Musk and his electric-car company — including distribution challenges, a sales slump, quarterly losses, a liquidity scare and more legal problems for Mr. Musk.

All of that weighed heavily on Tesla’s share price, which fell as low as $177 in June.

But in recent months the company has seemed to turn a corner. Rising sales lifted Tesla to a profit in the third quarter, it unveiled a fourth car for its model line, and it completed a factory in China, a market of vast potential growth.

On Monday, its stock briefly reached a milestone, exceeding the $420 price that Mr. Musk once appeared to offer, before falling back. Mr. Musk’s Twitter feed featured a screen shot of a chart showing the intraday share price at $420.69 and two words: “stock art.”

[Lalitsharma]

6 Major Benefits of Pre-Fabricated Buildings




Pre-fabricated buildings seem to be part of the greater future of the construction industry. The idea is to have the components of a structure assembled off-site, and the sub-assemblies transported to the job site. While some people view pre-fabricated construction as a low-end, mass-produced mode of construction, steel pre-fabrication is slowly becoming mainstream. Companies such as SteelMaster are serving more customers today than they used to thanks to the evident benefits of pre-fabricated buildings.

1. Friendly to the Environment
2. Cost-effectiveness
3. Cost-effectiveness
4. Guaranteed Quality
5. Reduced Site Disruption with Shorter Building Time
6. Safety

For more update stay connected with Megri Business Blog, that provides the latest business update.
Mobile: 07466 440 362
Email: info@megrisoft.com

[harpreetkaur]

Tiffany & Co, estimated sales growth of 1-3 per cent during the holidays, with the biggest contribution coming from China and a recovery in the Americas.

[Nitin Kumar]

Oil Prices Jump 4 Per Cent After US Airstrike Kills Iranian Commander Qassem Soleimani

While Brent Crude Oil surged 4.4 percent to $69.16, WTI jumped 4.3 percent to 63.84. It could rise further during the day as a fallout of the airstrike.
Global oil prices jumped four percent on Friday after a US airstrike killed several Iranian military leaders including General Qassem Soleimani, who was the head of Iran's Quds Force.

While Brent Crude Oil surged 4.4 percent to $69.16, WTI jumped 4.3 percent to 63.84. It could rise further during the day as a fallout of the airstrike.

Experts believe oil prices could rise further following claims that the US had killed the top Iranian general and seven other military leaders in an airstrike at Baghdad's international airport.

[Vikesh]

How AI and IoT will continue to transform business landscapes in 2020

The Internet of Things (IoT), is creating a global network of smart connected devices that can enhance our lives, economies and businesses.

The mass amount of information they are generating, has the power to radically transform everything- from consumer preferences to business landscapes to design and functioning of entire cities, allowing them to work more effectively and profitably than ever before.

As per available industry statistics, IoT in India will proliferate to touch 2 billion connections and yield revenues worth $11.1 billion over the next two years.

IoT especially, is viewed as a key enabler, driving digital transformation to unlock operational efficiencies. Artificial Intelligence (AI), coupled with ubiquitous connectivity, is enabling exponential value being generated by IoT.

Today, enterprises are realizing the need for an early adoption of IoT and AI into their operations to gain competitive edge through increased productivity and process efficiencies, thereby ensuing significant cost reductions and sustainable long-term growth.

At the turn of the New Year, IoT and AI, being scalable solutions, will continue to thrive and enable large and small enterprises to develop new intelligent and digitally agile business models – be it with regard to augmented real-time interaction with customers, precise insights, improved inventory management, enhanced employee productivity, better resource allocation, effective forecasting resulting in more efficient business decisions.

Till now, people are mostly aware of IoTs applications in the consumer space.

In the coming year, the technology will see widespread adoption and innovative use case scenarios across verticals such as manufacturing, healthcare, IT/ITeS, BFSI, transport & logistics, energy, among others.

Today, many workplaces are equipped with sensors and employees are given wearable devices that can be used to transmit data on a real time basis when they are stationed in the field.

Several safety systems such as, CCTV cameras and smart locks are controlled and managed through sensors to ensure a safe working environment.

There are smart sensors installed in buildings’ lighting and HVAC systems, which help in energy savings. Therefore, IoT is already in use and with time its applicability will only surge.

Similarly, AI is also witnessing large scale proliferation across myriad business environments and ecosystems, thanks to its capabilities when it comes to aiding automation, high speed and astute decision-making, etc.

Intelligent data analytics not only help businesses better understand consumer behaviour and preferences but also assist them in designing products that are customised to suit user’s specific needs, demands, wants and aspirations.

Such insights facilitate businesses to remain one step ahead of the competition.

Key trends that will continue to be dominant in year 2020:

Appliances and utility companies will increasingly leverage IoT to supplement their customer service and redressal processes and mechanisms. IoT’s role in operations such as Helpdesk and CRM is poised to gather much steam in the years ahead.

In the healthcare segment as well, IoT will drive significant transformation. Hospital drug and waste management, robotic surgery, real time health monitoring and diagnostics via IoT will stand to witness increased adoption.

For enterprises, intelligent edge computing will take precedence over intelligent cloud. Businesses will be able to run data analytics directly on IoT devices instead of the central cloud storage - allowing quicker processing and ace decision making.

IoT and AI will also alter conventional retail formats, making them smarter and better. These technologies will pave the way for better insights in terms of understanding and dissecting consumer’s shopping behavioural patterns.

Well-designed algorithms can analyse and tell how long a customer spends time on a particular aisle or in inspecting products on the shelves. There are retail outlets today which have automated checkout points.

Similarly, autonomous or self-learning AI powered cars are no more just Hollywood sci-fi. In the near future, vehicles would come to the fore, which can be controlled via commands from smartphone or any other smart device, connected to the internet.

AI and IoT are also digitizing manufacturing processes in many industries; be it performing quality control, cutting back cost and time, allocating materials and capital input or catalysing overall productivity.

With host of benefits they offer, IoT and AI technologies are getting more sophisticated and growing at a rapid pace. However, there are certain associated challenges that need to be addressed head-on if we are to reap the possibilities that the future holds.

Cost, interoperability, fragmentation of IoT systems, security and privacy are some of the key concerns that should be mitigated on priority. Given this, we expect IoT and AI to draw more investments and conquer more grounds in 2020.

[Nitin Kumar]

India close to concluding a trade package with US

India and the US are close to concluding a trade package that would provide enhanced market access to both countries, India's outgoing Ambassador to the US Harsh Vardhan Shringla has said.

Shringla made the comments while addressing a group of Indian-American entrepreneurs during a farewell lunch on Friday organized for him by TiE DC, a regional chapter of the global non-profit membership and mentoring organization for entrepreneurs.

"We are close to concluding a trade package that would provide enhanced market access to both countries," Shringla said during the event.

The outgoing Ambassador, who would take up his new assignment as India's next foreign secretary later this month, however, did not give an exact date for the inking of the much-anticipated trade deal.

The trade deal was first announced by US President Donald Trump when he met Prime Minister Narendra Modi in New York in September on the sidelines of the UN General Assembly.

Trump on September 24 said his country will soon have a trade deal with India to boost economic ties between the two nations.

[Lalitsharma]

Ratan Tata Too In SC Against Mistry Order



Tata Sons chairman emeritus Ratan Tata on Friday moved the Supreme Court seeking “complete setting aside” of the judgment of National Company Law Appellate Tribunal (NCLAT), which had directed Cyrus Mistry’s reinstatement as executive chairman and termed his removal “illegal”. On December 18, a two-judge NCLAT restored 51-year-old Mistry to the position he had held for nearly four years, and said that the appointment of N Chandrasekaran as chairman was consequently illegal. Tata, who holds 65.89% equity in Tata Sons, said NCLAT completely misread and misconstrued documents to illogically and uncharitably conclude that he had scripted a coup to unceremoniously oust Mistry. This is Tata’s second personal petition in the top court, the first one filed almost a decade ago for protection of right to privacy when the contents of the Niira Radia tapes were published. Tata Sons had moved a separate petition on Thursday challenging the NCLAT judgment. Tata said Mistry declined the offer to step down honourably on October 24, 2016, leading to his removal as the board of directors was convinced that Mistry had besmirched Tata Sons’ business reputation by showing obstinacy in wrongfully pursuing the DoCoMo litigation. “A glaring example of Mistry’s lack of leadership skills which brought disrepute to the Tata Group was the way he handled the DoCoMo litigation. It was during his tenure that Tata Sons reneged on its word with DoCoMo under the agreement citing purely legal and technical arguments. Even after an adverse verdict was delivered in the arbitration, Mistry attempted to resist complying with the legal obligations further,” Tata said, revealing for the first time that Tata Group had wronged DoCoMo, which had invested in Tata Teleservices.

[Vikesh]

Has India emerged to become a hot MICE destination?

Tourism industry has always contributed in shaping the economy of any nation, and MICE tourism is the prolonging element to drive the tourism industry at a greater pace. Talking about India, MICE tourism is continuously growing and increasing with an estimate of 15-20% annual growth in the inbound MICE segment. Also, the Union Government aims at achieving 2% of the global MICE market share by 2025.

With such rapid growth in the Indian MICE Tourism, India is now seen as a ‘hot’ MICE destination by several companies and marketers eye on Indian locations for hosting their events. Here are a few factors contribute to the growing scope of MICE industry in India:

Evolution of Concept

The concept of MICE industry has entered its growing phase in India with the advent of luxurious accommodations, hosting of large-scale events such as Commonwealth Games; with the focus of MICE industry’s focus shifting from Europe to Asia Pacific region, and India has a chance for a major breakthrough.

Amazing Infrastructural Amenities

India’s infrastructural façade is unique in its own as compared to several other countries. The metro cities of the nation are at par with their hospitality. With more than 300 hotels in the 5-star category in different cities, they prove to be the best MICE destinations with excellent amenities and services of international standards. Not only this, several convention centres at prime locations prove to be a perfect place for conducting big conferences, meetings, and other events. Educational institutes with spacious seminar halls help in catering a larger audience at one go.

Better Connectivity

There are tremendous changes in the domains of air and road connectivity in India. With more than 20 international and several domestic airports, it becomes easy for attendees to travel to any location with much a hustle. Alongside air travel, the expressways and highways have been reconstructed properly, sufficing to a fast, safe, affordable travel.

Places of Historical Importance

MICE travellers need a source of attraction and zeal to attend any event at a said location, but what really helps? To answer this question, India is a nation of diverse cultures, traditions, and variety of food. Most importantly, it construes several aesthetic spots of historical importance like Qutub Minar, India Gate, Taj Mahal, and many other, which act as a catalyst in attracting attendees.

MICE industry is not just a business venture in today’s times, but more than that. It is growing exponentially and the companies believe in ensuring a personalized experienced for their employees and other attendees. A good event and comfortable stay are always remembered and cherished by the people, and this is what MICE opts for these days!

[Nitin Kumar]

Cyrus Mistry Says No To Chairmanship Of Tata Sons

Cyrus Mistry on Sunday said he is not interested in getting back to the Tata Group in any capacity at all, ahead of the Supreme Court's hearing on an urgent petition seeking to set aside the NCLAT order reinstalling him as the group chairman and also in the board of group companies.

Mistry, the ousted Tata Sons chairman, in a public statement on late Sunday evening, said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual.

"To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favor, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder including a seat on the board," he said.

[harpreetkaur]

Gold prices hit lifetime high of Rs 41,730 per 10 gm, zoom Rs 720

Petrol price up 10 paise, diesel by 15 paise in Delhi

CBDT extends till January 31 deadline for compounding of I-T offences

[Nitin Kumar]

Samsung India's Two Top Executives Resign


Samsung's two honchos, chief marketing officer (CMO) Ranjivjit Singh and enterprise business head Sukesh Jain, have resigned from the company with sources attributing the departure to the tough conditions and competitive heat that the consumer electronics giant faces in India. It's also learned that the company has let go of nearly 150 people by merging some functions, and not hiring in some areas where vacancies had come up after certain people made their way out. The company did not answer questions specifically on the top departures, but said it "continuously realigns resources as per business priorities to make our business more robust and efficient for long term success."

[Lalitsharma]

ICT Spending In India Will Reach $144 Billion In 2023

The overall information and communications technology (ICT) spending in India is estimated to rise to $144 billion by 2023 from $101 billion in 2018 at a compound annual growth rate (CAGR) of 7.2%, according to GlobalData, a data and analytics company. The services segment is estimated to account for nearly 52% of the overall ICT spending in India by 2023. The Indian IT industry continues to be one of the fastest-growing markets globally, according to GlobalData, as it transitions from enterprise servicing to becoming an enterprise solutions provider. Sunil Kumar Verma, the Lead ICT Analyst at GlobalData, said “Strong adoption of emerging technologies such as social media, mobility, analytics and cloud (SMAC), artificial intelligence (AI) along with favourable government policies, which envision ‘Digital India’ are the key driving factors fostering this growth.” Enterprises across sectors are focusing on digital transformation work like cloud-workload migrations, business process automation and the up-gradation of their legacy IT infrastructure.

[Nitin Kumar]

Sensex Down Over 100 Points, Nifty Near 12,000 As Markets Trim Losses

Domestic stock markets pared most of the intraday losses in afternoon deals on Wednesday as oil prices surged after Iran fired missiles at American forces based in Iraq. The S&P BSE Sensex index dropped as much as 378.09 points to hit 40,491.38 on the downside in the first half of the session, and the broader NSE Nifty benchmark declined to as low as 11,929.60, down 123.35 points from the previous close. A selloff across sectors barring IT - led by energy, auto, metal, and financial stocks - dragged the markets lower. Analysts say some volatility in the near term on account of fluctuations in the international oil market cannot be ruled out.

[Lalitsharma]

IIT Madras Alumni Donates Rs 1 Crore For Robotics Research Laboratory



An alumnus of Indian Institute of Technology (IIT) Madras has donated Rs 1 crore to establish a ‘Robotics Research and Teaching Laboratory’ in the department of engineering design, the institute said in a press release on Wednesday. The laboratory will provide a hands-on learning experience for students and will enable teaching and research in the robotics field. The alumnus awardee has requested anonymity, according to the press statement. “Alumni have made a big difference to several of our research and teaching initiatives at IIT Madras. This interdisciplinary lab on robotics will help train several generations of students for our emerging high tech workforce,” said Mahesh Panchagnula, Dean (International and Alumni Relations) at IIT Madras.

The facility is expected a fill a gap in robotics education in India and promote learning and increase research output in this field, the release said. Considering the growth in robotic technology and applications, this facility is expected to attract highly motivated students and enhance the overall standing of IIT Madras in the field of robotics teaching and research, the release said. Speaking about the importance of this upcoming facility, T Asokan, head, department of engineering design, IIT Madras, said: “We are confident that the research and teaching facility in robotics will make a large impact in the long run and the students and the faculty will be hugely benefitted.”

[Lalitsharma]

Maruti Suzuki Production Up 7.88 Per Cent In December At 1,15,949 Units




The country's largest carmaker Maruti SuzukiNSE -0.54 % India (MSI) on Wednesday reported a 7.88 per cent increase in production in December at 1,15,949 units, the second successive month of hike after reducing it for nine months in a row due to demand slump. The company had produced 1,07,478 units in December 2018, Maruti Suzuki India said in a regulatory filing. The biggest hike in production was in the compact segment comprising new WagonR, Celerio, Ignis, Swift, Baleno, OEM Model and Dzire, at 62,448 units as against 44,329 units in the year-ago month, an increase of 40.87 per cent. The mini segment consisting of Alto, S-Presso, old WagonR saw a 9.54 per cent decline at 25,613 units as compared to 28,314 units in the same month in 2018, it added. Utility vehicles, including Gypsy, Vitara Brezza, Ertiga, XL-6, S-Cross production stood at 19,825 units in Decmber 2019 as against 16,436 units in the same month a year ago, up 20.62 per cent, the company said.

MSI said mid-sized sedan Ciaz production stood at 894 units as compared to 1,516 units in the corresponding month in 2018, while those of vans Eeco and Omni saw 62.16 percent cut at 6,182 units as compared to 16,338 units in the same month a year ago. Production of light commercial vehicle Super Carry increased to 987 units in December 2019 from 545 units in the year-ago month, the company added. In November last year also the company had increased its production 4.33 per cent, after having reduced output for nine straight months due to lower demand. The company produced a total of 1,41,834 units in November 2019 as against 1,35,946 units in the year-ago month.