India Business News Headlines 19th March 2018

India business news headlines 19th March 2018

Here are the India Business News Headlines 19th March 2018:

 

  • In view of the recent data leak, Sebi is considering to ask companies to frame a policy on how to handle unpublished price-sensitive information within the organization.
  • Airfares may remain high by around 5% during the summer schedule in April-May due to some planes of IndiGo and GoAir staying grounded till now by DGCA.
  • The government is planning to approach WTO’s dispute management body against US move to raise import duty on aluminium and steel. No decision however has been taken yet on the issue.
  • UltraTech Cement, part of Aditya Birla group, which lost a bid to acquire Binani Cement, has challenged firm’s sale to rival Dalmia Bharat at NCLT alleging lack of transparency in the bidding process.
  • Hindustan Infralog, a JV between DP World and National Investment and Infrastructure Fund has bought 90% stake in Continental Warehousing, a logistics firm. The founders, Reddy family, will keep the remaining 10% shareholding and stay involved in the business operations after Hindustan. The acquisition will enable Continental Warehousing to enhance its end-to-end value-added services to customers.
  • To raise money through equity divestment, Engie SA, French energy firm which is one of the largest foreign investors in India’s solar space, is planning to sell part of its stake in the Solairedirect unit. The unit has been actively bidding for projects in India.
  • Allahabad Bank has moved Kolkata bench of NCLT seeking insolvency of two state-owned enterprises, West Bengal Surface Transport Corp. and West Bengal Transport Infrastructure Development Corp. Total unpaid amount of both the entities is around Rs.67.86 Crore which they had taken to buy buses under Central Government’s urban rejuvenation scheme.
  • Indian Oil and BPCL may buy 26% stake each in GAIL India by paying the government over Rs.20,000 crore each to become integrated energy firms. The government does not want to merge the oil companies but only transfer its ownership.
  • Chaayos has named Ajay Kaul as chief adviser. Ajay has earlier been chief executive of Jubiliant Foodworks. Chaayos is working on to add 25 new stores over the next 9 months.
  • Amazon is making changes in its seller policy effective April 19 to boost seller margins. Last year it had also introduced a distance based fee under its program GoLocal.
  • Sequoia is trimming size of its India fund by around 25%. After investments in companies like Oyo, Bira, Zomato, etc., Sequoia is set to raise $650-700 million to invest in sectors like internet, consumer and healthcare.
  • M&M and Ford are working to finalise a MOU to share vehicle architecture, common sourcing, electric powertrains as also leverage each other’s distribution network.
  • Saudi Aramco, world’s largest oil producer, is looking to buy majority stake in Ratnagiri Refinery. As of now, IOCL holds 50% share in the refinery while HPCK and BPCL hold 25% each.
  • Oyo has acquired Novascotia, the Chennai based service apartment operator. This is Oyo’s first major buyout. Though the deal amount has not been disclosed, it’s expected to be around $1 million.
  • Drivers of Ola and Uber have planned to go on an indefinite strike from today. One of the main demands of the drivers is that they should receive business of around Rs.1.25 Lakhs per month.

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