India Business News Headlines 1st February 2018- Tentaran.com

India business news headlines 1st Feburary 2018Here are the India Business News Headlines 26th January 2017:

  • H&M is planning to launch its online shopping website to increase its reach. H&M has nearly doubled annual sales in India from Rs491.48 crore to Rs.957 crore for the period between December 2016 and November 2017.
  • Delhi high court has allowed Daiichi Sankyo to enforce an award of arbitration tribunal in Singapore to recover about Rs.3,500 crore from Singh brothers, former promoters of Ranbaxy Laboratories.
  • Maharashtra government has allowed Navi Mumbai SEZ promoters to convert SEZ into an integrated industrial area. Proposed to be developed over 2,140 hectares in Dronagiri, Ulwe and Kalamboli nodes in Navi Mumbai, SEZ will be able to use up to 15% of the total leased land—1,842 hectares at present—for residential purposes and rest of the 85% for industrial use.
  • Most FMCG firms are avoiding to increase prices despite rising input costs, fearing the government may act against them under the GST anti-profiteering clause. The government had issued notices to several packaged consumer goods companies in the past month. As per the data compiled by Jefferies, compared to previous year, prices of key raw materials for FMCG firms rose 15-90% as of January 2018.
  • IndiGo has hired Rajagopalan Raghavan, Amazon’s HR executive as senior VP – HR, who will report to president Aditya Ghosh. Raghavan had joined Amazon in early 2011 as its India HR head and is currently Director-HR for Amazon’s Asia Pacific.
  • Samsung will be hiring around 1,000 engineers this year from top engineering colleges for its three R&D centres in India, of which over 300 are expected to be from IITs. Majority of the hiring is being done for new age domains such as AI, IoT, augmented reality, machine learning, natural language processing, biometrics and networks including 5G.
  • Suneet Weling, ED at investment banking division of Kotak Mahindra Bank, will be joining French banking group BNP Paribas’s Indian arm as MD and head of advisory, capital markets and financing. Suneet has advised several Indian and international companies on M&As and capital-raising during his seven-year work at Kotak Mahindra.
  • Bidders for assets of companies undergoing insolvency proceedings may not be able to sell the shares they acquire for a period of five years. Lending banks are insisting on this to stop sales of the assets by new promoter at a profit within months of the takeover.
  • Trai has slashed charges for mobile number portability by almost 79 per cent to a maximum of Rs 4, which was earlier Rs 19.The reason for reduction is due to increase in MNP traffic and fall in cost of operation of the MNPSPs.
  • Google is partnering with L&T to set up over 150 high-speed internet hotspots in Pune. The experiment is aimed to tap urban users to consume more content online and make them transact for services and utilities. So far, Google has connected over 270 Railway stations and helped 7.7 million users to access high-speed internet on the move. It does not the restrict users to use only its services through the free internet access.
  • iNurture, a higher education program provider, has raised Rs.28 Crore in series C funding from investors led by Ventureast. The funds will be used to expand elearning platform for skill centres and distance learning.

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