Here are the India Business News Headlines 9th October 2017:
- Amazon has filed for patent for deploying exclusive drones in India. The proposed drones can also be used to identify other such objects, along with aircraft, plying within Indian skies.
- As per the Brand Finance’s Nation Brands 2017 report, India is ranked the eighth most valuable nation brand slipping by one spot from the previous year. United States has retained its top position with China in the second spot.
- As the Tata Teleservices is going to be closed soon, the group is staring at challenges like paying debt of over Rs 28,000 crore to banks, deciding fate of over 6,000 employees and battling the realisation that even after investing over Rs 50,000 crore (based on estimates) through the years, it would be able to recover little. Tata Teleservices is likely to shut down operations in phases.
- Taking a cue from international companies, Indian beverage firms are also making a shift towards healthier options in beverages. Companies such as Parle Agro, Dabur, ITC, Manpasand Beverages, Hector Beverages (maker of Paper Boat) and Patanjali are all ramping up presence in the good-for-you beverage space.
- As per Union Minister P P Chaudhary, penal action will be initiated against 160 firms for failing to comply with CSR norms. The government does not interfere with allocation of CSR funds while compliance is monitored by way of mandatory disclosure requirements under the Companies Act, 2013.
- Punjab National Bank has put assets of around 32 bad loans with outstanding loan exposure of Rs1,176 crore on the block in an effort to bring down its NPAs.These NPAs include Hanung Toys and Textile, Harbs India, United Foods and Harman Textile.
- Jaiprakash Associates Board has approved debt restructuring. It has approved transfer of certain assets and liabilities, including debt of over Rs11,834 crore, to its subsidiary Jaypee Infrastructure Development.
- Jindal Stainless is said to have raised Rs800 crore in priority funding. The funding for working capital needs and capacity expansion.
- Jio Payments Bank is likely to be launched in December 2017.The launch got delayed as RBI had asked it to demonstrate its capabilities to ensure it is ready for a glitch-free launch.
- Tencent is scouting for more start-up deals, tracking Alibaba in India. Tencent has invested $850-900 million in Indian start-ups, including $700 million in Flipkart and is said to be in talks with Ola and Policybazaar.
- As the process of acquisition of FreeCharge is complete, Axis Bank has appointed Sangram Singh as Freecharge CEO.
*News as published in Business Standard, Live Mint and Economic Times.