Latest India Business News headlines 14th May 2019 – Tentaran

Latest India Business News headlines 14th May 2019

  • Jet Airways lenders shall now begin reaching out to unsolicited bidders after Etihad Airways declined to raise its stake beyond the current 24%. Etihad offered to infuse around ₹1,400 crore only.
  • HUDCO has approached NCLAT to recover its ₹60 crore loan from Vikram Bakshi.
  • Locus, a Logistics management software startup, has raised $22 million in a Series B round of funding led by Tiger Global and Falcon Edge.

Latest India Business News headlines 14th May 2019

  • Quikr has partnered with Rocking Deals for offering offline services to its customers by selling products at Rocking Deals store.
  • Debashis Chatterjee, Ex VP and Global Delivery President of Cognizant has resigned from the firm. He was with the firm for about 23 years.
  • Sanjiv Puri has been elevated as the CMD of ITC.

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  • Xiaomi is planning to set up vending machines to sell its mobile phones and mobile accessories in India. Consumers will be able to purchase the products and pay through debit/credit card, cash or UPI.
  • Sebi has reportedly issued show-cause notices to HDFC and Kotak Mahindra Mutual Funds asking for details about their investments in Essel Group.
  • To simplify its corporate structure, Tata Group will bring all its FMCG businesses under one firm.
  • TikTok overtook Facebook as the most downloaded social networking application globally in the first quarter of 2019. There were reportedly 188 million downloads of TikTok as against 176 million of Facebook.
  • IBM is said to have sacked 300 employees from its Services division, majorly from software services roles. The firm says it is looking to reinvent itself to meet changing user demands.
  • Cars24 is in the final stages of a fresh funding round of around $70-80 million.

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  • JP Morgan has made an undisclosed investment in Global PayEx, a provider of electronic invoice presentment and payment and B2B payments space.
  • Lenders of ‘Kwality’ will now be voting to decide on whether to extend the May 15 deadline for submitting a resolution plan for the firm. The firm is said to be under a debt of Rs.1900 Crores. Haldiram, Kotak fund, LVP Foods, Aion, and TPG Capital have said to have shown interest to acquire Kwality.
  • Crisil has downgraded the rating of Dewan Housing Finance Corporation’s commercial papers worth Rs.850 crore to “A4 ” for a more-than-expected reduction in the firm’s liquidity.

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