Latest India Business News 23rd October 2019 – Tentaran

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Read Latest India Business News 23rd October 2019:

  • SEBI challenged SAT’s decision to quash a 2-year ban imposed on Price Waterhouse in connection to the Rs 7800 crore Satyam fraud whereas the tribunal said that SEBI had no authority in the matter and only the ICAI could take action against the auditors.
  • The Competition Commission of India has ordered a detailed investigation against the GMR-run GHAIL that operates the Rajiv Gandhi International Airport for allegedly abusing their dominant position and for denying market access to MRO departments.

latest india business news 23rd october

  • The IRDAI fined Cholamandalam MS GIC for Rs 1 crores for their violation relating to payments of commission to brokers on sale of health insurance in 2015-16.
  • Kia, the South Korean company that set up their plant in Andhra Pradesh with $2 billion worth cumulative investments is now ramping up fast outputs to deliver their bookings of 50000 units. Their sales started in August and they have delivered nearly 14000 units as of now.
  • Google that shifted its revenue recognition for its AdWords business from India to Singapore-based Google Asia Pacific has resulted in a fall in revenues by nearly 56% in the local units to Rs 4147 crores for the fy ending March 2019 with majority shifting from the IT to the ITeS segment.
  • Apeejay Tea has admitted to NCLT following the OC petition for ‘payment default’.

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Latest India Business News 23rd October 2019

  • Hyderabad-based startup incubator, T-Hub launched its new program, ‘Trestle’ that provides growth-stage startups in finding opportunities to assess product fitment & readiness in new markets to finally foray into international markets.
  • Dream Valley group has set their plans aside to invest nearly Rs 500 crores in setting up 4 golf courses in Hyderabad with an exotic resort in Vizag by 2025.
  • JK Tyre & Industries won the SAP ACE Awards 2019 for their ‘Fleet Connect & Total Mobility Solution’ project under the ‘Breakthrough Innovation – Business Re-model, Disruption & Step Growth’.
  • Japanese automaker Toyota is set to introduce electric vehicles (BEV) in India in association with Suzuki Motor Corporations soon.
  • The AAI has requested airlines to inform them about any changes in their acquisition plans for the authority to correspondingly alter its airport infrastructure development projects.
  • MG Motor India manufactured 10000 units of Hector in its debut offering in India from its Halol manufacturing plant. They have achieved this milestone in just 4 months of Hector’s launch in India.
  • Big Boy Toyz that sells pre-owned luxury & super luxury cars like Rolls Royce, Ferrari, etc is now entering new segments to expand its sales network post the slowdown in the auto sales industry.

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Latest India Business News 23rd October 2019

  • The government has set plans to introduce an online proficiency test with the help of the IICA for Independent directors to score an aggregate of 60% to pass.
  • In a funding round led by Blume Ventures, Stage 3, a fashion rental styling platform raised nearly $2 million.
  • Brookfield with its Rs 3950 crore deal entered the Indian hospitality market with the sale of Leelaventure’s hotel assets located in Agra, New Delhi, Bengaluru, Chennai, and Udaipur.
  • E-commerce startups in India have raised nearly $157 million from venture investors in this current year which is nearly double the amount raised in 2018.
  • Credenc, a student loan platform raised nearly $2.5 million in a fundraiser led by Omidyar and is now opting to support over 1000 colleges in over 50 cities in the next 2 years. They also intend to build up a loan book of $500000 in the next 5 years.
  • The Fintech startup Crediwatch raised around $3.2 million in Series A funding led by ARTIS Labs.

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