India business news headlines 19th February 2019

India business news headlines 19th February 2019

  • If Sebi denies an exemption to Etihad Airways from making an open offer in lieu of raising its stake, Jet Airways may consider raising Rs.4,000 crores through a rights issue.
  • Reliance Power has moved a division bench of Bombay high court to stop Edelweiss Group from selling its pledged shares. A single-judge bench had dismissed its petition last week.

India business news headlines 19th February 2019

  • Grasim Industries has entered into an agreement with KPR Industries to acquire chlor-alkali business for a cash consideration of Rs.253 crores.
  • Monte Carlo Fashions has entered into an agreement with Skoda Auto India allowing them to use its trademark ‘Monte Carlo’. Monte Carlo had submitted a trademark violation plea around a year back.
  • The board of Varun Beverages has approved plans to acquire franchise rights of the Pepsico in the South and West regions.
  • RBI has decided to transfer an interim dividend of Rs.28,000 crores to the government in the current fy. 2018-19.
  • To reduce debt, Emami Group promoters have divested 10% stake in Emami Ltd. for Rs.1600 Crores. PremjiInvest has picked up 3% while SBI MF bought 5%.
  • The government has reappointed A K Sharma as Director Finance of IOC. This is the first time that a PSU director has been reemployed in the same position after retirement during the NDA government.
  • Noida police have lodged an FIR against Uber for negligence for not getting proper verification of its drivers as also not having a real-time monitoring system.

Also read: Upcoming events in India in March 2019

More India business news headlines 19th February 2019

  • Tata Sons have bought 1.2 Crore shares of Tata Motors from the open market for around Rs.183 crores. The move is to show support to Tata Motors after they declared a loss of around $4 billion in the last quarter.
  • KKR India Asset Finance has extended $102 million to Embassy group for a commercial office project in Bengaluru.
  • Jindal Stainless has set up a dedicated facility for Railways in Chennai. The facility will supply components to the Integral Coach Factory.
  • Fortis case – Going by the trail of funds uncovered by the Serious Fraud Investigation Office, the alleged funds diversion at Fortis Healthcare could be more than Rs.2,000 crores.
  • Air India Express has launched international operations from Surat with Sharjah-Surat flight to be operated four times per week.

Recommended reading: Uttarakhand News

Do read: Biker Themed café in Delhi NCR

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