Latest India Business News 13th December 2019 – Tentaran

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Read Latest India Business News 13th December 2019:

  • National Financial Reporting Authority has indicted Deloitte Haskins for significant failures in the statutory audit of IL&FS during 2017-18. It is also consiering whether disciplinary proceedings against it also need to be initiated.
  • Schall Law Firm, a Los Angeles-based firm,  has filed a class-action lawsuit against Infosys to recover losses suffered by investors due to allegations of “unethical practices” at Infosys.

latest india business news 13th december

  • Audible, an Amazon-owned audiobooks platform, has launched a new service in India called Audible Suno. The company has tied up with celebrities like Amitabh Bachchan, Nawazuddin Siddiqui, Diljit Dosanjh, Karan Johar, Vir Das and many more to create content that people can listen to using the app.
  • One 97 Communications, the parent company of Paytm, has raised Rs.4,724 crores from Alipay, SVF Panther, T Rowe Price Growth Stock Fund Inc., and others. It had raised $1 billion in November.
  • ITC is expanding its portfolio and distribution network for its frozen foods brand ITC Master Chef and has launched many products with distribution networks across 60 cities in the last two months.

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Latest India Business News 13th December 2019

  • Ecozen, an Agritech startup, has completed its $6 million Series A fundraise from Sathguru Catalyser.
  • Tech Mahindra will provide Information and Communication Technology solutions for the Rs.500 crore smart city project in Pimpri Chinchwad, Pune. The project will be budgeted under the Prime Minister’s Smart Cities Mission.
  • L&T has bagged an order worth Rs.1000-2500 crores from Rail Vikas Nigam for the construction of Rishikesh-Karnaprayag Tunnel.
  • ED has arrested Shivinder Singh, former Ranbaxy promoter, from Tihar jail. He was arrested two months back by the Delhi police.
  • Future Retail is looking to raise up to $400 million by selling dollar bonds to buy retail assets from Future Enterprises. The move is part of a planned group restructuring exercise.
  • The board of Cholamandalam Investment and Finance has approved the issuance of equity shares worth Rs.1,000 crore in tranches through QIP.
  • To strengthen its reach and distribution, Samsung has set up a separate division to sell air conditioners. Samsung holds a 5% share in India’s room AC market, while Voltas is the biggest market share holder.

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Latest India Business News 13th December 2019

  • Ashok Leyland has appointed Vipin Sondhi as CEO & MD for 5 years. Its previous CEO, Vinod Dasari, had resigned in November 2018.
  • IKEA India chief executive Peter Betzel has said that the firm will open much more than 25 stores in India.
  • Directorate of Foreign Trade has amended the trade policy and prohibited import clearance of goods as ‘gifts’ except for life-saving drugs/medicines and rakhi. Many e-comm firms like AliExpress, Shein and Club Factory were reportedly sending products to India marked as gifts to save on import duty.
  • Rishi Vasudev, group head of fashion at Myntra and Flipkart, has resigned to persue opportunities outside the group. He is the third top executive to quit Flipkart in the last one year after Dipanjan Basu (CFO) and Ananth Narayanan (CEO).
  • Bombay Shirt Company has raised $8 million from Lighbox in a fresh round of funding. The firm has raised $1 billion to date in equity financing.
  • Union Minister Hardeep Singh Puri has said that the government has decided to sell its entire 100% stake in Air India.
  • Piramal Realty has entered into an agreement with Omkar Realtors to develop a residential project in Mumbai’s Mahim area with a total investment of approx. Rs.3000 crores.

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