Here are the India Business News Headlines as on 17th August 2017:
- In a bid to strengthen and secure cyberspace and digital infrastructure in the country, government has asked 21 smartphone manufacturers, majority of them from China, to share security practices and architecture they follow while making devices.The move by the Ministry of Electronics and Information Technology comes against the backdrop of a military stand-off between India and China in Doklam.
- Overruling objections from pilots and citing public interest, DGCA has increased the notice period of commanders to one year from six months earlier. Co-pilots will continue to serve six months notice period.DGCA said pilots were quitting jobs without notice leading to last minute cancellations and inconvenience to customers.
- Sebi has approved Infosys’ share buyback. Sebi has allowed fungibility for Infosys ADRs and GDRs so that their holders can tender their shares in the buyback.
- L&T has agreed to sell its entire stake in its unlisted unit L&T Cutting Tools Ltd to IMC International Metalworking Companies BV, owned by Berkshire Hathaway Inc., for Rs174 crore. L&T Cutting Tools, incorporated in 1952, manufactures fabricated metal products.
- Narendra Modi shall meet 200 start-up entrepreneurs today to discuss issues such as job creation, income growth and innovation at a session organized by NITI Aayog.
- Healthcare start-up CureFit Healthcare is in advanced talks to raise $25-30 million in fresh funds as it seeks to expand its fitness brand ‘Cult’, enter new markets and launch health-related services. CureFit, which currently operates only in Bengaluru, plans to enter Gurgaon next quarter. The company will also introduce health-related services to complement its fitness and food offerings.
- Tiger Global-backed Roposo, a social commerce platform for fashion products, will now also target sellers and marketers of a host of products in categories such as food, travel, home décor and beauty services. The app-based social network is also phasing out affiliate selling and is replacing it with subscription plans.
- Tata Sons has ordered its group companies to scrap all business dealings with Cyrus and Shapoor Mistry’s group companies. This will affect about 50 companies of SP Group and shall put transactions worth crores of rupees at risk.
- SoftBank is now in talks with Rivigo Services to invest around $100 million in surface transport logistics.
- Aditya Birla group is working to revive its defunct unit Applause Entertainment to make “binge-worthy” entertainment content for telecom operators and digital platforms like Netflix, Amazon Prime and Hotstar. They have already hired Sameer Nair, the former group CEO of Balaji Telefilms who very recently resigned from Balaji.
- Electronics big Brands like Samsung, LG, Panasonic, Sony, Xiaomi, Lenovo etc. are entering into tie-ups with e-commerce platforms to control online pricing and discounts on their appliances and smartphones. After implementation of GST, companies are working on their pricing and discount strategy to ensure similar pricing across channels.
- High Court has quashed DGCA order limiting excess baggage charges to Rs.100 per kg till 20kg. The Airlines will now allow passengers to carry upto 15kg for free after which they may charge anything between Rs.220-350 per kg.
*News as published in Business Standard, Live Mint and Economic Times.