Latest India Business News headlines 22 May 2019
- Reliance Industries has toppled IOCL to become the country’s biggest company by revenue. It reported a turnover of Rs.6.23 lakh crore in fy 18-19 compared to Rs.6.17 Lakh Crore by IOCL.
- Instagram is investigating the massive data leak by Chtrbox, a Mumbai based social media marketing firm. Reportedly data of over 49 Million people have been leaked. The leaked data is reported to include personal data like email id and phone numbers. The company has, however, denied leak of any sensitive personal data.
- TPG Growth has signed a definitive agreement with Varian Medical Systems of the US to sell its chain of cancer treatment hospitals, Cancer Treatment Services International, for $283 million.
- Spinny, a used car online retailing platform, has raised $13.2 million in a Series A round of funding led by Accel Partners and SAIF Partners.
- Ola has suspended the food delivery business being delivered through Foodpanda. It has reportedly laid off around 40 mid- to entry-level employees as also terminated contracts of most of its 1,500 food delivery executives. Ola had acquired Foodpanda around 18 months back.
- Snapdeal has reportedly started due diligence process to acquire ShopClues. Snapdeal is also looking to raise fresh funding at a valuation of around $2 billion.
- ByteDance, the parent company of TikTok app, has announced the appointment of Sameer Singh as VP-monetisation (India). Singh was recently CEO South Asia Operations of GroupM.
- Bimal Dayal and Hemant Ruia, currently CEO and CFO of Indus Towers respectively will be appointed as CEO and CFO of the merged entity of Indus Towers and Bharti Infratel.
- Dewan Housing Finance stopped accepting fresh public deposits and renewals of existing deposits with immediate effect. It also halted pre-mature withdrawals of existing deposits. The move is said to be the impact of a recent revision of the credit rating of its FD program.
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- Tech Mahindra has signed a defence contract to implement Radio Frequency Identification-based access control system across all naval bases and ships worth Rs.300 crores. This is firm’s biggest defence contract till date.
- NCLAT has admitted a plea filed by the online vendors association challenging clean chit given to Flipkart by Competition Commission of India over unfair trade practices allegations.