Here are the Business Headlines as on 12th April 2017:
- Wal-Mart to eliminate hundreds of corporate jobs gobally. Many of the cuts will affect ‘hundreds’ of positions in Wal-Mart’s international and technology businesses.
- Jio brings in new offer for Prime members. It announced a new plan of 1 GB 4G data for three months at Rs 309 for its Prime members. Rival Airtel, however, dubbed it as a case of “old wine in a new bottle.”
- Shareholders of Aditya Birla Nuvo Ltd, controlled by billionaire Kumar Mangalam Birla, approved plans for a merger with Grasim Industries that would create a firm with $9 billion in combined revenue.
- Toshiba grapples with billions of dollars in losses from its Westinghouse Electric nuclear business.
- Vedanta, Cairn India finish merger to form $15.6-bn market cap entity. Cairn Energy will have a 5% holding in Vedanta after the merger.
- VEicher CEO downplays Bajaj claims, says not easy to unseat Royal Enfield. Enfield enjoys almost the entire 250-350 cc motorcycle market in country.
- SC pulls the plug on Tata, Adani power tariff relief. Earnings downgrade likely, order paves way for stricter power agreements.
- Fundraising done, Flipkart now under pressure to boost sales and reduce costs. Flipkart has to justify fundraising and eBay India acquisition by keeping Amazon India at bay and cutting costs.
- D-Mart parent Avenue Supermarts is now world’s most expensive retail stock. D-Mart parent Avenue Supermarts shares are currently trading at 160% over the offer price, giving the retail firm a market capitalization of Rs48,500 crore.
- LIC doubles profit from sale of stocks in 2016-17. It booked Rs21,000 crore in profits in FY17, compared with Rs11,000 crore in FY16.
- Tata Steel JV poses high risk for Thyssenkrupp, warns German union. Germany’s biggest union , IG Metall, is opposing the joint venture saying JV will lead to job losses, closing of steel factories.
- ITC, the makers of Sunfeast biscuits and Bingo Chips is wanting to grow in the Bridge snack product.
- SsangYong, South Korean SUV maker, is fast tracking its Joint venture development work with M&M to bring out new products at lower costs in Indian market.
- Nocil is a hot favourite for Investors; Ashish Kacholia picks up 2.8% stake.
- To support agri landing target, Nabard plans to raise Rs.50,000 crore in this fiscal year.
- Stayzilla co-founder, Vasupal granted conditional bail on bond of Rs.40 Lacs from Chennai High Court.Judge proposed path of mediation to settle the dispute and considered that this was a business dispute.
- Sebi may ease AIF regulations for start-up investments.
- HackerEarth, technical talent management platform, raises approx. 30 crores in Series A funding led by DHI group.
- Kiji Foods raises Rs.3 Crore in Angel funding from Shekhar Sahu and Kunal Sinha.
- SaaS Squad, earlier known as SquadRun raises approx. Rs.13 Crore from a clutch of investors.
- TinMen, meal delivery startup from Hyderabad, gets funding from MAPE Advisory Group and Corvus Ventures.
- Fintech Companies like Rubique, CoinTribe, Paisabazaar and BankBazaar continue to grow their business supported by 12% y-o-y growth in Banks’ personal loans.