Here are the India Business News Headlines 26th September 2017:
- Tata group has decided to sell its foreign exchange and travel services companies to Thomas Cook India for about Rs.15 Crore. The move is part of reorganisation of Tata group businesses.The sale would allow Tata Capital to exit non-core business segments and would help Thomas Cook to grow its corporate travel business.
- Shoppers Stop tie-up with Amazon would help the company to cut debt, fund expansion and boost sales. Amazon has bought 5% stake in Shoppers Stop for about Rs 180 crore. Shopper Stop will list its entire portfolio of 400 brands via a flagship store on Amazon.in.
- According to data from market analyst RedSeer Consulting, online shopping market during the five day sale period topped Rs.9,000 crore (approx $1.5 billion) in sales. Flipkart Group dominated sale with Rs 5,200 crore amounting to around 58 per cent of the total sales during festive sale. Amazon’s share reached to about 26 per cent. Compared to festive sale in 2016, there’s an increase of over 40 per cent.
- As per the data released by Interbrand, Apple is at number one position with Google and Microsoft taking the second and third spots in the list of the world’s most valuable brands. Half of the 10 brands at the top of the Best Global Brands 2017 list are in the technology sector — Apple, Google, Microsoft, Samsung, and Facebook. The total brand value over the past 10 years has grown by 54%.
- Venture capital firm Sixth Sense Ventures is planning to launch a second fund of Rs250 crore by next month, where it’s also planning to tap overseas investors. Sixth Sense raised Rs125 crore for its first, seven-year rupee fund and invested in Ethos watches, Grab, JHS, weddingz.in, Soothe healthcare and Cross roads with an average investment size of about Rs5-10 crore. Sixth Sense is also setting up India’s first third party distribution network to help upcoming consumer companies reach their products to consumers efficiently.
- Zomato has made an investment into Hyderabad based home-cooked meal delivery app Tinmen, which provides easy access to home-cooked meals at affordable prices in Hyderabad. Tinmen is already delivering over 30,000 orders a month.
- Shareholders of Jaypee group’s flagship company Jaiprakash Associates have approved the proposal to raise up to Rs2,000 crore through sale of securities. The amount would be used for capital expenditure, reduction of debt, general corporate purposes and for raising working capital requirement for real estate and other businesses.
- Tata Sons, the Tata group’s hoding company, has appointed Eruch N. Kapadia as its new CFO. Kapadia is currently VP at Tata Sons and a member of the audit committee at Tata Business Support Services. He will report to Tata Group CFO Saurabh Agrawal.
- Omnicom Media Group-owned integrated communications agency OMD India has appointed Priti Murthy as CEO effective October. She will lead OMD across all business functions and report to Torie Henderson, chief executive, Omnicom Media Group, South East Asia and India. Priti is currently working with Maxus, a GroupM media agency.
*News as published in Business Standard, Live Mint and Economic Times.