Latest India Business News 3rd June 2019
- The shareholders of GSK Consumers Healthcare have approved its proposed merger with HUL with 99.99 percent votes in favour of the merger.
- NCLT has approved the planned merger of Bharti Infratel with Indus Towers.
- With a reported net profit of Rs.26,716 Crores in fy 18-19, ONGC has regained its position of being the most profitable PSU. IOC reported a net profit of Rs.17,274 crores.
- Ajay Singh, Chairman, and MD of SpiceJet has been elected to the IATA board. Spicejet had joined IATA less than three months ago.
- Tata Steel has completed the acquisition of Bhushan Energy. NCLT had approved the resolution plan of Tata Steel to acquire Bhushan Energy for around ₹800 crore.
- IndiGo is close to signing a new engine deal, may drop Pratt & Whitney for CFM.
- KKR is set to acquire a controlling stake in Svakarma Finance, an NBFC. KKR has committed around $50 million for stake buy and recapitalizing the company.
- Sebi is planning to seek a mandatory deposit of 10 percent of the penalty amount before the filing of any appeal before SAT against the orders passed by Sebi. The aim is to check the frivolous appeals being made against its orders.
- As per the data released by Gems & Jewellery Export Promotion Council, the exports of Gems and Jewellery declined by 5.32 percent in 2018-19. The net value of exports in 18-19 was $30.96 billion.
- Paytm is in talks to acquire Coverfox, an insurance marketplace, in an all-cash deal for $100-200 million.
- Finance Minister Nirmala Sitharaman will push India’s proposal for taxing digital enterprises such as Google, Facebook, and Netflix in her first international engagement at the Group of Twenty (G20) ministerial on June 8-9 in Japan.
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- Vistara may launch international flights in the second half of 2019.
- The new Andhra Pradesh government’s move to cancel projects awarded before April and where work is yet to start is likely to impact orders worth Rs 30,000 crore. NCC, GMR Infrastructure and L&T are among those with exposure to projects in the state.