Read Latest India Business News 1st July 2019:
- Tata Realty is planning to ramp up its real estate portfolio as part of its strategy to create a balanced project mix of commercial and residential.
- Due to Sebi’s new rules aimed at protecting investors in liquid and debt funds from credit risks, MFs may not remain a preferred source of capital for corporates and NBFCs. New rules will make it tougher for borrowers to strike deals with fund managers to raise funds.
- Sanjiv Mehta, MD HUL has said that HUL is aiming for full gender parity by 2022 and will fill atleast 50 percent managerial positions with women.
- True North’s third fund has sold its entire stake of 9.15% in Aster DM Healthcare for Rs.550 crores.
- NBCC is reportedly no longer interested in acquiring Jaypee Infra and its stalled projects. NBCC’s bid had sought cancellation of approx. Rs.33000 crores worth of income tax liability due over a period of 30 years.
- The committee of creditors of Asian Colour Coated Ispat have approved JSW Steel’s offer of acquisiton which includes an upfront payment of Rs.1,525 crore to lenders and another Rs.25 crores to operational creditors. Asian Colour Coated Ispat has a debt of over Rs.5,000 crore.
- The board of Eveready Industries has reportedly approved a proposal to enter into an agreement with Madhu Jayanti International for its loss making packet tea business to reduce stress on the working capital.
- Grofers is working on to convert around 200 brick-and-mortar stores into its own branded outlets over the next few months. The firm is looking to expand and push its private label of products.
- The government has appointed P.K. Purwar, MTNL CMD as the CMD of BSNL for a period of three months. The government is working towards BSNL and MTNL’s survival through competition.
- The pilots of Air India have reportedly asked the airline to settle their wage dues, claimed to be over Rs.1 Crore per pilot, before proceeding with the divestment. They have threatened to move NCLT in case of failure of clerance of dues.
Latest India Business News 1st July 2019
- As part of a strategy to reduce debt, Anil Ambani may reportedly be either leasing out or selling company’s headquarters at Santacruz. The deal may fetch around Rs.3000 Crores.
- Helo app, launched by ByteDance, TikTok parent company, has reported reached 50 million users in India. The company is planning to take the numbers to 100 million by the end of 2019.
- Paytm will start passing on the Merchant Discount Rate for digital transactions charged by banks and card companies on to the users. Payment through Credit cards has a charge of 1 percent, debit cards 0.9 percent and for netbanking and UPI payments the charge is anywhere between Rs.12-15.
- Droom is looking to raise around $200 million in its latest round of funding which may value the firm at over $1 billion.
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