Latest India Business News Headlines 16th August 2018

Read latest India business news headlines 16th August 2018:

16-08-2018-India-business-news-headlines

  • Flipkart is set to reduce fee charged from the sellers for listing their products on its platform which may result in a price drop for consumers. It may also reduce its commission on a few categories like fashion and accessories.

 

  • The government has initiated action against Himalaya Drug Co. for alleged evasion of GST on wet baby wipes. A few of its offices were also searched by the authorities.

 

  • Oyo Rooms is in advance talks to raise around $1 billion from SoftBank, WeWork among others. The deal, if goes through, is likely to put Oyo’s valuation at over $4 billion, which will be much higher compared to other luxury brands like Indian Hotels and EIH owned by the Oberoi group.

 

  • Vodafone and Idea Cellular are said to have more than doubled incentives for retailers for getting new customers on board. They are also working on the aggressively priced plans.

 

  • As part of its effort to contain rising NPAs, RBI has started scrutiny of 200 large accounts to assess the level of stress and provisioning done against them by the respective banks. The accounts include that of Videocon, Jindal Steel and Power.

 

  • Cosmos Bank’s server was hacked and ₹ 94 crores siphoned off over a period of 2 days with cloned debit cards from 25 ATMs located in India, Canada and HongKong.

 

  • Jet Airways has denied reports of running out of money and said that it is confident of cutting costs and keeping its planes flying. The firm also said that it has not yet approached SBI for any funds.

 

  • Telecom Commission is likely to discuss Trai’s proposal on spectrum allocation on 31st August but the spectrum auction plan worth ₹4.9 trillion may not be taken up for discussion during this meeting.

 

  • Reliance Jio has started registration for optical fibre based fixed-line broadband services and claims to offer download speed of one gigabit per second. Currently, major rivals of Jio offer download speed of up to 100 megabits per second for around ₹1,000 per month for home users.

 

  • Mandala Capital, the Private equity firm, is working on to raise $300 million for its third fund. The new fund will invest in businesses across India and South-East Asia. The previous two funds of the firm were focused only on India.

 

  • Shareholders of Fortis Healthcare have approved the company’s acquisition by Malaysia’s IHH Healthcare. 99.7% voted in favour of the issuance of 235.29 mn shares on preferential allotment basis.

 

  • Mobile gaming company Nazara Technologies has picked up a minority stake in InstaSportz Consultancy Pvt. Ltd, a virtual reality gaming company for an undisclosed amount. With the acquisition, Nazara enters the offline gaming space in Tier-1 and Tier-2 cities.

 

  • Observe.AI, a voice platform for call centres, has raised $8M in Series A funding led by Nexus Venture Partners. The firm provides call center agents with real-time customer sentiment feedback allowing them to take relevant action.

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