Latest India Business News headlines 21st May 2019.
Read Latest India Business News headlines 21st May 2019:
- ICANN has ordered to transfer ‘.Amazon’ extension to Amazon US. A case had been going on against the transfer as the Brazilian government had raised objections to transfer citing their inseparable semantic relation to the Amazon forest.
- Huawei will continue to provide security updates and after-sales services to its existing smartphones and tablets. The future of products remain uncertain after the cancellation of its Android license. Google is said to be ending the transfer of hardware, software, and technical services to Huawei due to the ongoing trade war between the US and China.
- L&T is still working on to purchase more shares of Mindtree and has so far acquired a stake of 26.53%.
- KaHa, a smart wearables startup, has raised $6.2 million in a Series B round of funding led by ICT Fund. KaHa operates an end-to-end I0T platform.
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- IRDAI is planning to raise third-party motor insurance rates by around 10-20% for bikes, cars, and taxis.
- Flash Electronic, a Pune based electrical auto component maker, has filed a lawsuit in the US against Royal Enfield for patent infringement for one of its patents. Royal Enfield has, however, denied the allegation.
- Myntra is reportedly in an advanced stage of discussions with Under Armour, top US sportswear brand, to manage its offline India stores.
- Hinduja Group has taken the approval of key stakeholders and Etihad Airways to bid for Jet Airways and the process is expected to start this week.
- Vian Systems, an AI startup set up by Vishal Sikka, former Infosys CEO, has raised a funding of $50 million from US Securities and Exchange Commission.
- Digital payment startup BharatPe has started offering small value, short duration loans to merchants in partnership with NBFCs. It is planning to apply for its own lending licence.
- Endiya Partners has put a first close of its 2nd fund at $40 Million. The fund is looking to raise up to $70 Million by the end of 2019.
- The board of Infosys has rewarded its CEO, Salil Parekh, by slashing a vesting period of shares to one year. Parekh can sell his performance-based shares every year, rather than the earlier stricture of 3 years. He drew a total pay package of Rs.24.67 Crores in fy 18-19.
- Essar Steel update- ArcelorMittal has told NCLAT that it would pay Rs.42,000 crores, including a minimum of guarantee of ₹2,500 crore as working capital, for acquiring Essar Steel.
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