Read the latest India business news 31st December 2018:
– Qualcomm Ventures aims to back Indian startups in sectors like healthcare, financial services, mobility-tech under its recently-launched AI fund of $100 million AI fund. The firm has backed startups such as Portea, Ninjacart and YourStory.
– Some leading American industry advocacy groups have said that India’s tightening restrictions on foreign e-comm companies operating in India would have a long-term negative impact on FDI.
– M&M Financial Services has received approval from RoC to raise up to Rs.10,000 crore through NCDs.
– Jet Airways is said to be in discussions with SBI for raising a short-term loan of Rs.1,500 crore to meet its working capital requirements and payment obligations including the overdue employee salaries.
– As part of the revival plan, the government is planning to rope in professionals for top positions in Air India through a global research process.
– As per an RBI report, banks recovered Rs.40,400 crores from defaulters through various channels including Insolvency and Bankruptcy Code, Lok Adalats, debt recovery tribunals and SARFAESI Act.
– Sebi has started work to improve its market surveillance system, Business intelligence system as also the data warehousing.
– RBI has extended enhanced single borrower limit facility for NBFC sector by another three months. This will give NBFCs the much-needed liquidity support.
– As per the data compiled by Business Standard, listed capital goods, construction and infra companies reportedly won orders of more than Rs.2.67 trillion in 2018. The figure is 30% higher than the Rs.2.05 trillion reported in 2017.
– Sidbi has said that only Rs.1900 Crore, out of the total Rs.10,000 Crore set aside for Startup India initiative has been committed to VCs by the end of December 2018.
– Online Electronic brands like BPL, TCL, Vu are exploring ways to get past restrictions like exclusive sales through measures like setting up their own online stores and going offline among others.
– Bombay HC has allowed Amul to air its ice-cream ads, but only after deleting content objected by HUL. Amul’s ads asked customers to choose ice-creams over frozen desserts and claimed that frozen desserts were made with vanaspati. HUL filed a lawsuit asking for Amul to be stopped from airing the ads and seeking damage as its Kwality Walls is the largest frozen dessert brand in India.
News credit: Livemint, Economic Times, Business Standard