Here are the India Business News Headlines 9th November 2017:
- Due to lack of space in the currency chests of the central bank and commercial banks, RBI has reduced printing currency notes in the current fiscal year to the lowest in five years.
- Avendus Capital, a financial services provider, has acquired technology-focused PE company Zodius Capital Advisors, an early investor in start-ups like Pepperfry and BigBasket for an undisclosed amount.
- Open Appliances, a smart lock systems manufacturer, has raised $550,000 from Axilor Ventures and Kumar Vembu. The funds are planned to be used to strengthen its products and enter new verticals. The company also plans to file patents for close to half a dozen hardware designs.
- Arvind Ltd is going to demerge and publicly list its branded apparel and engineering businesses. The move is to focus better on its core textiles business. Once restructuring is complete, Arvind Ltd will hold the textiles business, Arvind Fashions Ltd the branded apparels business and Anup Engineering Ltd the engineering business. Arvind’s branded apparels business include licensed international brands like Calvin Klein, Tommy Hilfiger and US Polo Association.
- HCL Infosystems has received a Rs 312-crore tax demand notice from GST Commissionerate. An additional interest and equivalent amount of penalty has also been imposed separately under the CENVAT Credit Rules.
- GST Council is likely to further slash indirect tax rates on many items. Around 165 more items are likely to be moved to 18 per cent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, and marble and granite.
- PayPal has announced launch of its domestic operations in India. PayPal is a leading service provider in India for millions of technology and management freelancers to receive payments from overseas clients.
- Star India, which acquired global media rights of the IPL for Rs.16,347.5 crore, is looking at generate around Rs1,500 crore from television ad sales and about Rs.200-300 crore from advertising on Hotstar.
- Morepen Laboratories has enterted into an exclusive agreement to market and distribute Belgian probiotics player Vesale Pharma International’s major brands in the gastroenterology segment. The gastroenterology segment of India’s probiotic market is currently valued at Rs 1,000 crore and is expected to grow to Rs 8,000 crore in the next five years.
- Vistara airlines is soon entering into the holiday package segment. They are expected to offer the packages in about 35 cities.
- Walt Disney Company in India has elevated Abhishek Maheshwari to the position of country head for India. Maheshwari joined the company in 2012 as VP and head of corporate strategy & Bus Dev.
*News as published in Business Standard, Live Mint and Economic Times.