Read latest India business news headlines 24th May 2018 :
– State-run Hindustan Copper has entered a JV with Chhattisgarh Mineral Development Corporation for exploration and mining of copper and associated minerals in Chhattisgarh. Chhattisgarh Copper has become a subsidiary of Hindustan Copper with a shareholding pattern in the ratio of 26% and 74% respectively.
– The Government has waived off Rs 1,077 crore penal interest on loans to Paradip Port Trust, which is one of the 12 major ports of India. PPT had availed loan of Rs642.69 crore under various heads at different points of time between 1967 to 2002 to finance its various infrastructure projects.
– Hyatt Hotels has introduced Hyatt Centric, its seventh brand in India by rebranding its Bengaluru MG Road property. Hyatt Centric brand target millennial travellers looking for new experiences and are located in prime cities like New York, Miami and Tokyo.
– ABB India and Niti Aayog have signed a contract to work together in preparing key sectors of the economy for digitalisation, AI, robotics and industrial automation. They will work with government ministries for this.
– More than 430 employees have joined TCS at Florida as part of its deal with Transamerica, signed in January 2018.
– Fortis case – The investors of Fortis Hospital have voted out the fourth director from the hospital’s Board expressing their displeasure over handling company’s investment offers.
– Air India divestment – The government will shortlist qualified bidders by 15th June and also set a reserve price by June end.
– Bhushan Steel update – Pursuant to the sale of Bhushan Steel to Tata Steel, Yes bank claims to have been able to recover Rs 184 crore against the original claim of Rs 325 crore.
– One of the oldest tea producers Warrer Tea is likely to expand its hospitality business with substantial capital expenditure over the next 3 years. Maple Hotels and Resorts, a company in which Warren Tea owns 46.92% stake, will be spending at least Rs60 crore to expand operations.
– Drugs Technical Advisory Board may constrain the use of fluoride to 1,000 ppm (parts-per-million) in toothpaste. Companies will now have to mention the fluoride content for each tube and the expiry date.
– Bombay high court granted an extension on the stay of Singapore Exchange’s launch of Nifty based products till Saturday after the NSE challenged the move.
– Aditya Birla Group firm Grasim Industries will invest over Rs13,000 crore in its textile and cement businesses over the next 24-36 months. According to the officials, the company likes to increase capacity and modernize production.
*News as published in Business Standard, Live Mint and Economic Times.