Read Latest India business news headlines 24th January 2019:
- Sajjan Mittal’s JSW Steel will support Ruia family to win back control of Essar Steel provided NCLT approves Ruia family’s offer to repay all outstanding debt. The Ruias have offered to repay almost all of Essar Steel’s debt of Rs.54,550 crore, much more than Rs.42,000 crores bid by ArcelorMittal.
- The central bank of Nepal has banned the use of Indian currency notes of 2000, 500 and 200 denominations. However, Indian notes of 100 or below are allowed for conversion and trading.
- Sequoia Capital is launching a startup accelerator with an investment folio of around $100 million. It will pick up 10-20 early stage startups twice every year and shall invest around $1.5 million in each firm.
- The government is soon revising rules whereby shareholders and companies with over 10% stake in a company will have to disclose the ultimate beneficiaries of shares.
- Railways Minister Piyush Goyal has been given additional charge of finance ministry as Arun Jaitley is in the US for medical treatment. Goyal may also present the budget.
- RCom has posted a loss of Rs341 Crores for Oct-Dec 2018 quarter. In the same quarter in 2017, the loss was Rs.206 Crores.
- Finance Ministry is considering the suggestion to increase the upper age limit for availing Atal Pension Yojana to 50 years from the existing 40.
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- As per a UN report, India will continue to remain the world’s largest fastest-growing economy in 2019 and 2020.
- BSNL has tied up with Be-Bound, a French company, to offer data connectivity through SMS. The service is aimed for areas having no internet connectivity or facing frequent signal breaks.
- The government will set up a committee to work as a recommending body for affordable medicines and health products.
- InterGlobe Aviation, the parent company of IndiGo Airlines, has reported around 73% lower net profit in the third quarter of 2018. As against the profit of Rs.171 Crores in the Oct-Dec 2018 quarter, the profit was Rs.762 Crores in the same quarter last year.
- As per a report published by YouGov, Google was the top brand to generate positive buzz in India in 2018. Google buzz score is 55.7, followed by WhatsApp with 55.7 and YouTube with 52.9 points.
- REHAU, the Swiss-based firm, has said that it will set up 56 retail centres in India by 2020, out of which 18 will be set up within 2019. REHAU, having 3 plants in India, offers polymer-based solutions and systems in construction, industry and automotive segments.
- The government is considering giving relaxation in mandatory 30 percent local sourcing norm in FDI.
- ANA airlines will be starting a direct flight from Japan to Chennai this year. Currently, it has direct flights from Japan to only Mumbai and Delhi.
- Vodafone and Idea will infuse around Rs.18,000 Crores through a rights issue.
- Sebi has slapped a fine of Rs.15 Lakhs on UB Ventures, Pumarth Credit and Pumarth Commodities for fraudulent trades.
- RCom has said that it will not pay the fourth installment of Rs.375 Crores to NCD holders till the completion of the restructuring process.
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News credit: Livemint, Economic Times, Business Standard