Here are the India Business News Headlines as on 14th August 2017:
- Further to its announcement to shut its Lucknow centre to consolidate UP operations in Noida, TCS CEO Rajesh Gopinathan has said that there won’t be any retrenchment and the staff would be given the option to relocate to its Noida office. TCS is expanding its Noida office to accommodate between 25-40,000 people from existing 15,000 and until then Lucknow centre will keep operating.
- Paytm Mall is gearing up for its first festive sales war. Paytm Mall is giving the same discounts and deals to its customers in partner stores as it’s offering online.
- Syntel Telecom Ltd, a unit of Arvind Ltd, has signed a deal to buy two divisions of Enkay Technologies (India) Pvt. Ltd. Both companies operate in the so-called unified communications market. While Syntel distributes audio and videoconferencing products, among others, Enkay is a technology provider.
- DLF’s promoters are likely to enter into an agreement this month with Singapore’s sovereign wealth fund GIC to sell their 40% stake in the rental arm. The deal is estimated to be around Rs.13,000 crore.
- Bajaj Finance has hired three investment banks and started work on a qualified institutional placement (QIP) to raise around $700 million (Rs.4,500 crore). Fund-raising is likely to be launched before the end of this quarter.
- DLF debt is set to spike due to higher construction spending, weak sales. In the last one year, DLF’s net debt has risen by almost Rs.3,778 crore.
- Madhya Pradesh Tiger Strike Force has served notice to e-commerce firms Snapdeal, IndiaMART, Wish and Buy and Craft Comparison for allegedly selling wildlife products on their websites. The notices were served to the e-commerce companies last week after their names surfaced during an investigation of seizure of wildlife-related items in Indore.
- Panasonic will pump in about Rs.200 Crore this year in marketing and promotion of its smartphones. It also has plans to launch 28 new devices.
- Domino Pizza’s president Dev Amritesh has quit to join Compass Group as MD.
- Last date for linking of Aadhar to Pan Card has been set as 31st August 2017. The Tax Department has also made it clear that ITRs would not be processed “until the linkage of Aadhaar with PAN is done”.
*News as published in Business Standard, Live Mint and Economic Times.