Here are the India Business News Headlines 27th November 2017:
- As per the latest RedSeer E-tailing Leadership Index, Flipkart and Amazon India continue to be the most popular online shopping destinations with consumers. Flipkart has a clear advantage in tier-II and tier-III cities and towns while Amazon has a big edge in metro cities. Both the firms have seen a slight decline in their overall score with both tied at 92 for the July-September period compared to 95 in the previous quarter. There’s also a sharp decline in the overall score of other top retailers like Snapdeal, ShopClues, Paytm and eBay India.
- Dalmia Bharat group has submitted a binding offer to acquire Nagpur-based Murli Industries Ltd, currently facing bankruptcy proceedings in the NCLT. The total haircut sought by Dalmia is close to 80% of the outstanding loans.
- Air Deccan is set to fly Udan flights in the northeast from 15 December. It will use Shillong as a hub and connect to other destinations in the northeast such as Agartala, Aizawl and Imphal.
- Sephora, French beauty and cosmetics retailer, is planning to introduce 14 additional exclusive brands in India over the next year while also increasing its average store size. Sephora currently has 14 stores in India.
- Century Real Estate, a Bengaluru-based developer and one of the largest landholders in south India, is building a commercial office portfolio and planning to bring in an equity investor partner to raise around Rs.1,000 crore. The company plans to develop around 7-8 million sq. ft of office projects in Bengaluru.
- Over one-third of India’s 1.7 million registered companies have been shut down till October 2017. Ministry of Corporate Affairs has so far struck off names of around 224,000 entities that had not carried out business activities for a long time.
- Active.ai, a tech startup which recently raised $8.25 mn in A funding, is offering personalised chat bot services to banking customers who are comfortable with technology and possibly does not use e-wallets or online banking.
- GST refunds of exporters of around Rs 50,000 crore are stuck for four months thereby impacting working capital and outbound shipments. As against Rs 750 crore claimed by exporters, only about Rs 350 crore of refunds have been released by the government for July. This will reflect in the November export numbers.
- Philip Van Heusen is planning to consolidate its two Indian joint ventures – Tommy Hilfiger and Calvin Klein. The merger will help company to expand both offline and online. The new company will have Arvind as an equal partner.