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Soon, private vehicles to provide carpooling service
Posted on 17th September 2019
Just like ride-hailing apps Ola and Uber, private car owners can soon provide carpooling service.

In an effort to promote shared mobility in the country, the Union road transport ministry has prepared the guidelines for the carpooling service by private car owners. Sources close to the development said that the transport ministry intends to make ride-sharing by private car owners a no-profit, no-loss service.

Sources said that the draft guidelines prepared by the road transport ministry ensure the Know Your Customer, or KYC, norms would be done by the users.

The draft guidelines propose to limit the maximum number of rides taken per day to four. The government doesn't want commercial activities and has therefore restricted only four carpool rides per day by private car owners.

The carpooling concept would be based on no profit, no loss model and a service provider will only be able to recover the input cost.

Carpooling by private vehicle owners will be allowed only through mobile apps. Aggregators will need to ensure that KYC – or, the process of verifying the identity of a client – for both the vehicle owner and the riders is complete. The vehicle owner will have to declare trip details before the start of a trip.

To make the model a successful one, new guidelines will also ensure that the states get some revenue from carpooling.

Existing carpooling apps such as Quick Ride and BlaBlaCar will need to tweak their applications to meet the new requirements.

Cab aggregators such as Uber and Ola will need to develop a separate platform to allow pooling by private vehicle owners, as they cannot continue with the existing set-up.

With a massive push to Shared Mobility, the government aims to decongest roads by bringing down the huge numbers of cars plying on road. The move would also reduce pollution levels. The government hopes that the move will also help to make e-vehicles more acceptable, affordable and successful in the coming days.

As part of a wider plan to incentivise electric vehicles, the Centre in a letter on July 17 had asked the state governments to promote shared mobility to reduce congestion on roads and tackle pollution.


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Bajaj Auto net profit surges to ₹1,402 crore, shares rise
Posted on 23rd October 2019
Bajaj Auto today reported better-than-expected earnings for the quarter ended September 30, pushing its shares 2% higher in afternoon trade. Bajaj Auto shares were up 2% at ₹3,186 as compared to a 0.44% rise in Sensex. The automaker's profit rose 22% to ₹1,402 crore, aided by a tax expense reversal of ₹182 crore due to the recent lowering of corporate tax rate.

Amazon’s new move to boost customer connect: Publishes success of small business sellers on boxes
Posted on 23rd October 2019
In a first-of-its-kind move by an e-commerce company, Amazon optimising its delivery boxes to increase customer engagement has announced Storyboxes — a packaging initiative where Amazon shares the growth journey of its sellers on the boxes. The company started the initiative during its annual Great Indian Festival sale (September 29 – October 4) to print the stories of its six sellers as of now. The company is looking to increase the number of such sellers’ stories ahead.

American firm readies class action suit against Infosys on whistleblower allegations
Posted on 23rd October 2019
Even as Infosys battles whistleblower allegations of using aggressive accounting methods to boost its revenues and margin, a US-based law firm, Rosen Law Firm, which specialises in securities class actions, said it was preparing such a suit to recover losses suffered by the investors. “Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Infosys investors,” it said in a statement.

DoT seeks relief for BSNL, MTNL once again, but with fewer demands
Posted on 23rd October 2019
Department of Telecommunications has again sought relief for the beleaguered Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd with fewer demands, essentially translating into lesser cash outgo by the Centre.

It is learnt that DoT has sought funds for the voluntary retirement schemes of the two sick units and allotment of 4G spectrum, besides proposing to raise finances by monetising assets.


SBI Life Insurance joins Rs 1-trillion m- cap club, stock hits record high
Posted on 23rd October 2019
SBI Life Insurance Company today entered the coveted Rs 1 trillion market capitalisation (market-cap) club after its share price hit a fresh all-time high on the National Stock Exchange (NSE). The stock of the life insurance company hit a new high of Rs 1,012 on Wednesday in the intra-day deal.

Following the uptick in the counter, SBI Life’s market cap crossed Rs 1-trillion mark or Rs 1,01,200 crore in intra-day trade today.


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