Latest India Business News 17th March 2020

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Quote of the Day: “Success is achieved twice. Once in the mind and the second time in the real world.” – Azim Premji

  • The much-awaited probe report on the suicide of CCD founder, V.G. Siddhartha is likely to reveal several related-party transactions over the past decade that have left a missing money trail of around Rs 2,593 crores.
  • RBI Governor, Shaktikanta Das on Monday assured all depositors of Yes Bank that their money was safe and there was no reason for them to withdraw cash in panic.

latest india business news 17th march 2020

  • The government on Monday sought SC’s permission to allow telecom operators to pay their license and spectrum usage fee dues in an extended 20-year period.
  • In an order of the Brihanmumbai Municipal Corporation Commissioner, Praveen Pardeshi has asked private firms to function ‘only at 50% of their staff capacity or face action under section 199 of the IPC’.
  • Fitch Ratings on Monday said that high pledged promoter shareholding at Future Retail is likely to trigger a “change of control” event for its dollar bondholders in the event of a default by the promoters.

Must Read: Impact of Coronavirus –How coronavirus has impacted economy, businesses, sports and travel & tourism sectors

Latest India Business News 17th March 2020

  • The Essel Group on Monday said that all its credit facilities availed from Yes Bank were fully secured and also mentioned that the company never made any transactions with Rana Kapoor or his family or in any private entities controlled by them.
  • Gateway Partners are planning to acquire minority stakes in TVS Supply Chain Solutions for a deal that is valued at $100 million.
  • ONGC on Monday declared a 100% interim dividend and said that it has funds to continue operations in an era of extreme volatility in oil prices.
  • Indiabulls Housing Finance Ltd on Monday filed a writ petition in the Bombay HC against the Union of India, the RBI, Yes Bank, Axis Trustee Services, and the NSDL.
  • Hyundai Motor India received a robust response to the diesel variants of its new Creta sport-utility vehicle. But with market uncertainties, customers will likely sway towards petrol vehicles after companies raise diesel vehicle prices to meet with emission norms.
  • Lifestyle International appointed Rishi Vasudev as its new CEO.

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Latest India Business News 17th March 2020

  • HDFC is planning to pick up a 7.97% stake in Yes Bank for Rs 1000 crores worth of capital infusion in the lender.
  • Yes Bank on Monday announced the reconstitution of its board of directors. Prashant Kumar, former CFO and Deputy MD of SBI, is now likely to be the new CEO and MD of the bank.
  • The ED custody of Rana Kapoor has been extended till 20 March by a special court on Monday.
  • Vodafone Idea informed the stock exchanges on Monday that the company completed the payment of the full principal amount of Rs 6854 crores in the AGR related dues as determined by the telecom operator in its self-assessment.
  • PhonePe on Monday said that it has integrated with Swiggy on its Switch platform.
  • The National Anti-profiteering Authority asked Patanjali to deposit Rs 75 crores which the company allegedly profiteered by not passing the benefit of a cut in GST rates (as announced in November 2017) to consumers.
  • The CCI imposed Rs 302 crores of penalty on Grasim for alleged abuse of dominance in the market supply of Viscose Staple Fibre (VSF).
  • Online grocery platforms Grofers and BigBasket are witnessing up to two-fold growths in purchases as authorities in multiple cities have closed malls and shopping places to contain the coronavirus pandemic.

Must Read: Today News Headlines 17th March 2020 

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