Read latest India business news headlines 30th May 2018 :
– ONGC, which acquired HPCL in January 2018 for Rs 36,915 crore, has now appointed Subhash Kumar as Director (finance) on the Board of HPCL, who will replace the Government appointed nominee.
– A case has been registered by the CBI against the CEO of the Air Asia Group, Tony Fernandes, for violating foreign investment norms to get licenses for international flights.
– After its settlement deal with HSBC Daisy, Reliance Infratel withdrew its petition from NCLAT to sell off its tower and fiber assets.
– Mahindra Ltd is planning to invest Rs 15,000 crore over a period of three years, out of which Rs.10,000 Crore will be classified as capital expenditure for expanding the capacity for its utility vehicles, tractors, and commercial vehicles.
– Amazon has rebranded its grocery service from Amazon Now to Prime Now and shall offer subscribers same day delivery. It will provide two-hour express deliveries to Prime subscribers at any time from 6 am to midnight.
– Titan has seen an increase in customers ever since the jewellery sector is affected by Nirav Modi and Mehul Choksi scam.
– Reliance Jio broadband, which is to be launched by the end of 2018 will offer internet access, videos and voice call for less than Rs 1,000 a month.
– Naffa Innovations, the parent company of digital payments start-up ToneTag, has raised $8-10 million from a clutch of investors led by Amazon and Mastercard. The platform enables contactless digital transactions on mobile phones, card swiping machines, automated teller machines and other payment-enabling devices.
– RCom has offered to pay Rs500 crore to Ericsson India to settle a dispute of unpaid dues of over Rs1,150 crore. Other lenders to Rcom include China Development Bank, SBI and Standard Chartered Bank.
– N/Core, a Not-for-profit startup incubator managed by Nudge Foundation and created in partnership with Cisco Systems, has announced 8 tech start-ups for its non-profit incubation program. It offers a grant of Rs10 lakh to each graduating start-up.
– The shut down of Sterlite copper plant will reduce India’s production by half, slash nationwide output of copper and stoke demand for imports.
– IndiGo will add a fuel surcharge to ticket price on domestic routes from 30 May. Rs.200 on routes less than 1,000 km distance and Rs400 on other routes will be charged. Airlines has attributed this hike due to a sharp uptick in oil prices and a depreciating rupee.
– Fortis update-
– Fortis Healthcare has reopened the bidding process and has invited the bidders to submit their bid by 31st May as an expression of their interest.
– Fortis Healthcare said that its subsidiary Escort Heart Institute has been directed to pay Rs 503.36 crore to Director General of Health Services and the same shall be done within a month.
*News as published in Business Standard, Live Mint and Economic Times.