Read latest India business news headlines 25th May 2018 :
– Airtel Payments Bank appointed former ICICI Bank senior executive Anubrata Biswas as the new MD & CEO.His appointment comes five months after the exit of Shashi Arora. Anubrata is the first MD and CEO of Airtel Payments Bank.
– Fortis case: The Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to 6 June for acceptance by FHL board and for recommendation to the shareholders of FHL.
– Jet Airways’ posted a huge Rs1,036 crore net loss for the fourth quarter due to rise in oil prices and the weaker rupee. Jet Airways’ auditors said the financial statement was prepared on a “going concern basis”.
– The share of Patanjali Dant Kanti in the toothpaste market has more than doubled to 6.7% from a year ago, dropping the share of the top three brands such as Colgate, Pepsodent and Dabur—to 86.8% from 92% in 2012
– PNB Bank updates: ED files charge sheet against Nirav Modi, to approach Interpol in PNB case. The charge sheet has named 24 as accused in the case, including 18 individuals and six companies.PNB’s total exposure to the objects involved in the fraud now stands at Rs14,356 crore.
– India’s largest renewable power company ReNew Power Ltd is in discussions to obtain around 700 megawatts (MW) of renewable assets. The company will raise Rs2,600 crore in fresh capital, while its private fairness investors will sell a collective of 94.37 million shares.
– NCLAT refuses to allow the second round of bidding for Bhushan Power and Steel
– According to BSNL chairman and MD Anupam Shrivastava, “market disruption” and fall in tariffs have dashed hopes of clocking profit in 2018-19
– Banks’ credit raised by 12.64% year-on-year to Rs8,551,099 crore in the fortnight ended 11 May 2018, according to Reserve Bank of India (RBI) data.
– The government has allowed the merged entity of Vodafone India Ltd and Idea Cellular Ltd to clear dues related to range charges and licence fees. Telecom department’s earlier stand that the merger will be approved subject to the payment of all dues.
*News as published in Business Standard, Live Mint and Economic Times.