Latest India Business News 12th March 2020

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Quote of the day: “You can choose to be very profitable very quickly if you don’t want to grow.” – Sunil Mittal

  • As a precautionary measure to tackle coronavirus, Flipkart has offered its employees the ‘work from home’ option for 3 days, starting Wednesday, 11th March.
  • CPPIB is planning to buy a 35% stake in JM Baxi unit for nearly Rs 1400 crores.

latest india business news 12th march 2020

  • In a statement on Wednesday, IndiGo officials said that the coronavirus outbreak is likely to affect its Jan-March earnings.
  • The Institute of Chartered Accountants of India on Monday said that it will be reviewing financial statements of Yes Bank for FY18 and FY19 in view of ‘systemic issues’.

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Latest India Business News 12th March 2020

  • Amfi, on Wednesday, said that in case of Yes Bank’s restructuring, equity investors would be the first to take on the brunt, followed by preference shareholders and additional tier-I bondholders.
  • The ED informed the special court that Yes Bank founder, Rana Kapoor sanctioned loans worth Rs 30000 crores during his tenure as its chief. Out of these loans, Rs 20000 crores turned out to be bad debts.
  • Disney has now entered the Indian market. Their arrival in India was made through Hotstar which will now start playing Disney Plus content on its platform.
  • NHPC raised Rs 500 crores via issuance of bonds on a private placement basis.
  • In view of the coronavirus, BYJU’s on Wednesday said that it will provide free access to its complete app to school students until April.
  • Biocon and its partner, Mylan won litigation in a US court which invalidated a Sanofi patent on a device to deliver insulin glargine.

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Latest India Business News 12th March 2020

  • PepsiCo Inc has agreed on buying Rockstar, an energy-drink maker for $3.85 billion to expand its beverage range.
  • Oyo Hotels & Homes are expanding its vacation home-rental business to the US.
  • Bajaj Auto launched a new version of the Dominar Sports Tourer with a smaller 250cc engine.
  • Paytm expects to turn profitable after two years as it is planning to monetize its existing customer base. Its founder CEO, Vijay Shekhar Sharma said that the company was eying financial services as its next major frontier for growth.
  • The government set up a high-level committee under the NITI Aayog vice-chairman, Rajiv Kumar to draw a road map for opening up of the country’s mining sector to private players.
  • Mahindra Agri Solutions is planning to introduce its own brand of organic food.
  • Hindalco’s Novelis is close to acquiring Aleris after attaining a nod from the antitrust division of the US justice department to divest Lewisport operations.
  • According to the Ministry of Corporate Affairs, the CCI approved Greenko Mauritius’ acquisition of a 35% equity stake in Teesta Urja.
  • Tata Power has given time until 20 March to power distribution companies in 5 states that buy electricity from its 4000 MW Mundra plant to decide on accepting higher tariffs.
  • PNC Infratech said that it bagged orders worth Rs 3582 crores from NHAI for widening of road projects in UP.
  • Besides taking safety and sanitation measures, several hotel chains in India including Oberoi, Indian Hotels Co, and Marriot, have started checking temperatures of incoming guests and staff to stay protected from the coronavirus outbreak.
  • Bharti Airtel chairman, Sunil Mittal said that the SC had asked the carriers to pay their AGR dues without specifying the quantum. He also assured that the company has already paid its entire Rs 13000 crores as AGR dues.

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