Latest India Business News Headlines 11th July 2018

Read latest India business news headlines 11th July 2018:

india business news headlines 11th july 2018

  • LIC employee union has said that they are not in favor of the acquisition of a 51% stake in IDBI Bank and are being forced to participate in the bank recapitalization programme with IDBI Bank acquisition.

 

  • The Government has given a conditional approval to the idea Vodafone merger, provided they pay the arrears amounting to ₹ 7,250 crores to the Government. The CEO of Vodafone Group Plc, Vittorio Colao, said that he is being optimistic and hoping that the Vodafone-idea merger will be completed by October.

 

  • Punjab National Bank and Carlyle Group are in the process of selling around 51% stake in PNB Housing Finance, which will fetch them a little over ₹6,500 crore going by PNB Housing’s market capitalization of ₹19,957 crore.

 

  • Tata Motors Ltd bought a 26% stake in a Bengaluru-based freight start-up called TruckEasy for an undisclosed amount.

 

  • Binani update- NCLAT deferred the hearing of Binani Cement insolvency case till 20 July.

 

  • RBI is likely to extend the deadline for filing of a single master form, that seeks to consolidate all foreign investments received by an Indian firm due to technical issues in the website. The deadline for this was the 12th July.

 

  • Flipkart wants to compete with Google in online space ads and plans to double its annualized sales from digital advertising to roughly $200 million by March and generate sales of $16-17 million.

 

  • Shop101, an online marketplace, has raised $5 million in series A funding led by Stellaris Venture Partners. Shop101 enables entrepreneurs to sell online using Whatsapp, Facebook and Instagram.

 

  • Bharti Airtel is in talks with bankers as it plans to raise ₹6,900 crore through overseas loans to refinance its high-cost debt to expand its 4G network to take on Reliance Jio Infocomm and the Vodafone-Idea Cellular combine.

 

  • WhatsApp has rolled out a new feature that would clearly mark forwarded messages. The move is aimed at curbing the spread of rumors on its platform.

 

  • Amazon Prime Day sale would offer smartphone deliveries within 2 hours. Amazon exclusive smartphones, including OnePlus 6, MotoG and RealMe, will be sold at steep discounts during Amazon Prime Day on 16-17 July.

 

  • The income tax department has sent notices to Arjun Nav Nirman and VRV Investment after a probe showed they were acting as fronts for Asaram Bapu’s ashram. The two firms own at least 49 properties, spread across India.

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