Move over the best German, and British, luxury cars. Move over a Mercedes-Benz, and if I may add a Bentley, a Rolls-Royce. This week Volvo Cars, the Swedish luxury car company, introduced in India the XC90 Excellence T8 Plug-in Hybrid in Lounge Configuration—long name for a car, but it has a long list of opulent features.

Auto component makers and dealers on Friday made a strong case for reporting retail sales numbers instead of wholesale despatches, stating that the move will help suppliers align their production with the actual demand.

Automakers in India report despatches from factories to dealers and not the retail sales to customers, which many believe is a faulty method of calculating growth, given that in many months, stocks remain unsold at dealerships. In most of the developed nations, manufacturers report retail numbers.

Coal India (CIL) has reported a 10% y-o-y decline each in August production and sales volume, now down to their lowest levels in the past three years. Key highlights: (i) Larger subsidiaries MCL (Mahanadi Coalfields Ltd) and SECL (South-Eastern Coalfields Ltd) accounted for the bulk of the decline; (ii) continued low rake availability – down to 178/day in August from 205/day in July—dampened offtake; (iii) production volume was hit by fatalities at MCL and SECL and higher-than-normal rainfall.

The Reserve Bank of India (RBI) on Friday refused to extend the listing deadline for Equitas Small Finance Bank (SFB) while barring it from opening new branches till further orders.

The regulator has also frozen the pay of Managing Director and Chief Executive Officer Vasudevan P N as the bank violated listing norms.

China's proposed new digital currency would bear some similarities to Facebook's Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank officer said.

Mu Changchun, deputy director of the People's Bank of China's payments department, said the development of the coin would help protect country's foreign exchange sovereignty as commercial applications of such currencies expanded.

All hope is not lost where effort is made, for the Chandrayaan-2's Orbiter and its eight instruments still continue to operate successfully, orbiting the moon and studying it from above, even though contact has been lost with Vikram lander that was carrying the Pragyaan rover.

Five federations representing over half-a-million workers of Coal India Ltd, along with Singareni Collieries Company Ltd and state-owned coal firms, have called for a strike on September 24, seeking withdrawal of the Centre’s decision to allow 100 per cent FDI in mining.

In a fresh round of FDI reforms, the Union government has allowed 100 per cent foreign direct investment (FDI) in coal mining and contract manufacturing, as part of its efforts to boost economic growth.

Mukesh Ambani’s JioFiber is out now and the ambitious broadband network is likely to sway customers of PSU telecom firms MTNL and BSNL away. “There could be a churn, especially for customers who are paying in the range of Rs 500-600 a month,” Nitin Soni, director at Fitch Ratings, said in an interview to CNBC TV18. While Reliance Jio’s starting plan may not be disruptive, the company is focusing more on average revenue per user and consumer stickiness, he added.

New Delhi: Hours before moon lander 'Vikram' touches down on lunar south pole, Prime Minister Narendra Modi on Friday said the mission manifests the best of Indian talent and spirit of tenacity.

"Its success will benefit crores of Indians," he said in a series of tweets.

Paytm will start preparations for an initial public offering (IPO) in the next 22-24 months, its founder and CEO Vijay Shekhar Sharma said at the HT-Mint Asia Leadership Summit in Singapore on Friday.

The Indian e-commerce and digital payments giant last disclosed raising $300 million from Warren Buffet’s Berkshire Hathaway in 2018. Its valuation has skyrocketed to $15 billion, Sharma recently told Mint.

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