Read Latest India Business News 11th November 2019:
- With the VRS plan already put in place, DoT has instructed BSNL to ensure business continuity and smooth transition. BSNL is expected to cut its staff by almost 50 percent through the VRS scheme. Over 60000 BSNL employees have so far opted for the scheme.
- Great Wall Motors and SAIC Motor Corp., two of China’s biggest automakers, are reportedly in talks with General Motors to acquire its last remaining factory in India, located in Maharashtra. The plant has a capacity to produce 165,000 vehicles a year.
- DLF’s sales bookings rose by 16 percent to Rs.1,425 crores during April-Sept. 2019, majorly due to demand for its ready-to-move-in residential units.
- Qatar Airways has said that IndiGo codeshare would be operationalized from December 2019.
- Norwegian development financier Nordic Microfinance Initiative is looking to grow its India exposure to 35 percent from its fourth fund targeted to raise $150 Million. NMI is a partnership between IFU and Norfund, the Danish and Norwegian governmental investment funds for developing countries.
- Japan’s SoftBank Group’s large investments in India could reportedly face problems as the group is struggling with setbacks in its investments in Uber and WeWork. The group is said to be in discussions on $200 million investment in Dailyhunt, and $300 million in Lenskart for over six months. Reportedly questions are also being raised on the completion of its second Vision Fund of $100 billion.
- Svasti Microfinance, an NBFC-MFI, has raised $10 million from its existing investors, including the Patni family, Adar Poonawalla, and Nordic Microfinance Initiative.
Latest India Business News 11th November 2019
- Hero Corp is set to buy a minority stake of 10-15 percent in Max Financial Services.
- Great Wall Motors, China’s largest SUV maker, is planning to invest around Rs.7000 crores in India and has registered an Indian subsidiary for the same.
- The Indian unit of Netflix has reportedly grown by 700 percent during 2018-19 with a turnover of over Rs.58 crores, majorly due to local content and marketing.
- Twitter India has said that 50 percent of its tweets are non-English.
- Nykaa is looking to expand aggressively its offline retail in Tier-II cities. It has opened its 55th offline store in Raipur.
- NCLT has admitted a plea to initiate proceedings against AVP Buildtech, a real estate firm.
- Alibaba Group Holding, the Chinese e-comm major, has said that sales for its annual Singles’ Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up by 32 percent from its last year’s early hour sale of 69 billion yuan.
- The cabinet approval for creation of Rs 25000 crore AIF to revive scores of stalled realty projects aims to bring back confidence in the housing market and the need of the hour is to accord the top priority status to last-mile funds as their risk taken is higher than others.
Must Read: Today News Headlines 11th November 2019
Latest India Business News 11th November 2019
- Minority shareholders of Fortis Healthcare Ltd are demanding the company and its parent IHH Healthcare Bhd to make efforts in vacating the SC stay on the open offer worth Rs 3400 crore for buying additional shares of the Indian hospital operator as CJI Ranjan Gogoi would be retiring on 17th November.
- The managing director and head of investment banking at UBS India, Anuj Kapoor said: “Technology startups from India may tap the US stock markets through IPOs over the next 12-18 months but must be ready to face greater investor scrutiny.”
- Recently Al Baker was in Delhi to sign up the one-way codeshare agreement between IndiGo and Qatar Airways. Now the deal will enable Qatar Airways to place its code on IndiGo flights between Doha and Delhi, Mumbai & Hyderabad from December onwards.
- Lakshmi Vilas Bank in its second-quarter reported a wider net loss worth Rs 357.17 crores as compared to its past year.
- LambdaTest raised a funding of $2 million in its Pre-Series A funding led by Blume Ventures.
- Tencent bought 10% of Policybazaar worth somewhat around $150 million and entered into the Indian Insurance market with the same.
- Nestle India’s which follows the Jan-Dec FY in its third-quarter witnessed a net rise of 33% to almost Rs 595 crores in its domestic sales growth as opposite Rs 446 crores a year ago.
- M&M in its second-quarter witnessed a net decline of 24% in sales of automobiles to nearly 119570 units. Their quarter slipped to nearly Rs 10935.1 crore which makes approximately 14.5%.
- Aurobindo Pharma’s buyout of Sandoz assets is making progress with the deal after working with the Federal Trade Commission as part of the customary merger clearance process.
- PVR has opened up its first international multiplex in Sri Lanka at the One Galle Face Mall in collaboration with the Shangri La Group.
- Google India on 8th November said that they appointed Sanjay Gupta (the former MD of the Star and Disney India) as their new country manager as also their vice-president of sales and operations for India.
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