Latest India Business News 29th April 2019
- Tiger Global is likely to invest in around five SaaS companies in India in May including Locus, a logistics management software company.
- JM Financial is reportedly set to close its second PE fund for around Rs.600 crore raised mainly from HNIs and family offices.
- A91 Partners is in final negotiations to lead a $30 million funding round in Hector Beverages, manufacturer of Paper Boat products. Hector is seeking a valuation of around $200 million.
- Pawan Hans, also facing a financial crisis, has told its employees that the company is not in a position to disburse their salaries for April due to “uncomfortable financial position in Pawan Hans.”
- The Govt is reportedly likely to ban Deloitte for alleged malpractice in IL&FS accounts. If this happens, it will be the second such instance after Price Waterhouse was nailed in the Satyam scam.
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- J&J has strongly rejected findings of Rajasthan govt lab showing the presence of harmful chemicals in its baby shampoo. Based on this test, the National Commission for Protection of Child Rights has asked Chief Secretaries of all States and UTs to stop the sale of J&J shampoos.
- GST officers are reportedly working on a system where businesses over a certain turnover will have to generate e-invoice on GST portal for every sale. The move is aimed to reduce room for tax evasion.
- BigBasket is investing around $100 million in its supply chain system by setting up small distribution centres and vending machines.
- Amazon has launched P2P payments facility on Amazon Pay. It is an important move in the run up to launch its B2B services for Kirana stores for expanding its offline business.
- Samsung has reclaimed its top position from OnePlus in India’s premium smartphone market in the quarter ending March 2019.
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- Etihad Airways will offer wirelessly stream movies and TV shows to passengers, mainly on short-haul flights, and will remove entertainment screens from its Airbus A320 fleet.
- NBCC wants the lenders of Jaypee Infratech to consider its bid to acquire the firm on merit. It has also said that it entered into the insolvency proceedings to provide relief to over 20,000 homebuyers of Jaypee Infratech.
- 15,000 sub-domains promoting weight-loss products and other goods promising miraculous results were taken down by Palo Alto Networks and GoDaddy, after a 2-year investigation. The websites were not only using fake endorsements from celebrities for selling their products but were also charging recurring payments from the customers.
- Sanjeev Khanna, MD of Mother Dairy Fruit & Veg., has resigned. He is the second MD to leave the firm in two years. Khanna was roped in after S Nagarajan resigned abruptly in June 2017.
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