Here are the India Business News Headlines 22nd November 2017:
- Kishore Biyani has announced Retail 3.0, a retail strategy aimed at making Future Group the largest integrated consumer company of Asia by 2047. The group has expects to achieve a 20% compound annual growth rate for the next 30 years.
- IT services firms like Infosys, Wipro, TCS, etc. are carving out separate service lines and business units to tap into newer technologies such as artificial intelligence and automation. In view of the tough competition being faced by IT Companies, the move will help them have a differentiated offering while looking for outsourcing contracts against global competitors and also help improve productivity.
- After the govt announced bank recapitalisation plan on 24 October, PSU banks have announced plans to raise more than Rs.13,000 crore through QIPs as against a total of Rs.8,419 crore raised in the last four years. Announcement of recapitalisation plan along with Moody’s upgrade have influenced investors positively.
- Canara Bank has got approval from its Board to sell stakes in its asset management and housing finance units to augment resources and improve capital base.The board has also approved stake divestment in Canbank Computer Services Ltd, in which Canara Bank is the majority shareholder.
- Paytm has bought an undisclosed stake in Urja Money, which evaluates credit-worthiness of people seeking loans to buy two-wheelers. Alongwith its pending partners, Paytm will use Urja’s proprietary CreditMate technology to create a loan management system. Urja, which raised $500,000 from India Quotient last November, has partnerships with banks and non-banking entities on the supply side and auto-dealers on the demand side.
- Portea Medical, A Consumer healthcare solutions provider, has raised $26 million in a Series C funding round led by Sabre Partners and Manipal Group’s MEMG CDC fund, which also saw participation from its existing partners. Portea provides four broad healthcare services like physiotherapy, doctor consultations, specialty pharmacy, wellness and diabetic care through its online platform.
- Air India Ltd has roped in SBI Caps to advise on the future course of disinvestment and has constituted five teams to work on various aspects of stake sale process. SBI Caps would also help Air India in preparing business plans for subsidiaries that would be divested.
- Centre has proposed a two percentage point discount in GST for consumers who make digital payments. The incentive will include a 1 per cent concession each on CGST and SGST for B2C transactions having a GST rate of 3 per cent or more.
- As per a statement issued by Union Housing Minister, Hardeep Puri, all property transaction deals would soon be linked to Aadhaar. The move is to crack down on the benami properties and also suck out black money from real estate sector.
*News as published in Business Standard, Live Mint and Economic Times.