Here are the India Business News Headlines 23rd October 2017:
- Before the disinvestment in Air India, Government is working to reduce costs and improve airline’s on time performance. It’s also likely to relook into some existing key contracts with its suppliers including aircraft lessors and engine makers.
- Sebi is likely to tighten listing norms to prevent fly-by-night operators from getting listed on stock exchanges. It plans to increase minimum net worth requirement, number of years of profitability, proportion of assets held in tangible form and minimum number of public investors to whom shares are allotted before a company is listed with Sebi.
- Avendus Absolute Return Fund, a hedge fund launched by Avendus Capital, has raised a corpus of Rs2,300 crore in just over six months since its launch and is now contemplating to pause receiving more funds. Avendus invests in Indian-listed equities and equity derivatives.
- Air Odisha is likely to launch flights under UDAN scheme from November 2017. The first phase would see flight services from Ahmedabad to Bhavanagar, Jamnagar, Diu and Mundra.
- HCL Infosystems will raise Rs499.09 crore from its existing shareholders by way of rights issue.
- Oxigen Services, the e-wallet company, has decided to move on to providing financial services via micro-ATMs. The company will concentrate on adding customers in tier-II and tier-III cities.
- During the festive season, Paytm Mall does sales worth $4 bn, claims 20% of market share. Paytm Mall had planned to achieve this target by the end of this year.
- After Sebi’s order making Vijay Mallaya ineligible to be Director of any listed company, he has been asked to step down from the Board of UBL. He is likely to announce his successor as per shareholder agreement with Heineken.
- CASHe, an app-based loan app has raised Rs.20 Crore from IFMR Capital. The company had earlier raised Rs.25Crore in April this year.
- Two senior executives of Kalaari Capital, Bala Srinivasa and Prashanth Aluru have resigned from their roles as Partners. No reason has been informed by the company, but it’s confirmed that they did not come under the ‘key-man’ clause for the fund.
*News as published in Business Standard, Live Mint and Economic Times.