India Business News Headlines 18th December 2017 – Tentaran.com

Here are the India Business News Headlines 18th December 2017:

 

  • After raising cash from SoftBank Vision Fund, Flipkart has tweaked its strategy. The firm is now set to focus on boosting market share rather than reducing its losses. SoftBank is pushing Flipkart to make more sales and increase its e-commerce market share upto 60-70% over the next few years, for which it is willing to invest more funds. As per estimates, as of now, Flipkart, alongwith its brands like Myntra and Jabong and payments app PhonePe, controls 40-45% of the e-commerce market.

 

  • As per the latest figures released by the US National Travel and Tourism Office, there was a drop of 12.9% in the number of people travelling from India to the US during the first six months of 2017.

 

  • Real estate firms may be facing probe by GST anti-profiteering body. A panel under National Anti-profiteering Authority has received complaints of real estate firms not passing on the benefit of lower taxes under GST regime to their customers.

 

  • Indian markets got $30 billion foreign inflows in 2017 with equities alone getting over $8 billion. As per experts, the flow may not see much hike in 2018 compared to previous years due to withdrawal of liquidity and rate hikes picking up in the developed countries.

 

  • Mahindra and Mahindra Financial Services is considering strategic acquisitions across its various verticals. The company had raised over Rs.1,000 crore by selling shares to financial institutions earlier this month.

 

  • Existing Dealership rules are hurting expansion plans of oil companies. While Essar Oil and Reliance are rapidly expanding their number of dealerships, Indian Oil, BPCL and HPCL may not have any more petrol pumps to set up in the next 6-9 months. OMCs have not issued any advertisements inviting potential dealership aspirants in the last three years.

 

  • Brand Factory , discount chain of Future Lifestyle Fashions, is looking at aggressively expanding in smaller towns and cities. It is set to open 40 new stores over the next 8-10 months to reach the 100 mark and plans to add 40-50 outlets per year until it gets to 200.

 

  • Indian Hotels Company Ltd ’s re-entry into its crown property, Taj Mansingh, may not be smooth. The company is all set to bid aggressively for the property in NDMC auction to be held next month. Many established hotel companies like ITC, Oberoi and Marriott are also set to bid for the hotel. Although as per NDMC norms, only luxury chains can bid, SoftBank-backed Oyo, is also in touch with NDMC to see if it can also bid.

 

  • Tata Teleservices is in talks with its Indian lenders to repay its debt before maturity to cut its finance cost and shut down the loss-making wireless telephony business. Reportedly, Tata Teleservices will receive a capital infusion of about Rs.30,000 crore from Tata Sons, its holding company.

 

  • Food companies have expressed their inability to implement food recall norms laid out by FSSAI last month in the event a product is found defective. The norms put the entire onus of food recalls on companies, mandating the firms to take the primary responsibility of developing and implementing such plans. The Food Safety & Standards Association of India has said that it would only monitor the process and conduct periodic checks as per the guidelines.

 

  • Paytm is planning to invest about Rs.500 Crore to train its offline merchants in QR payments over the next one year through its 10,000 agents. With this, these merchants would be able to transfer the payments received by them directly to their bank accounts without incurring any charge.

 

*News as published in Business Standard, Live Mint and Economic Times.
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