Read latest India business news headlines 22nd August 2018:
– Pallonji Mistry, one of the largest shareholders of Tata Sons Ltd., holding 18.4% equity in Tata Sons, cannot sell their holdings without the approval of the board. Pallonji Mistry and his family have filed numerous lawsuits alleging suppression of minority interests and governance lapses by the company’s board.
– Flipkart has acquired the Artificial Intelligence startup, Liv.ai, which can translate speech to text in 10 different languages. Kalyan Krishnamurthy, the chief executive of Flipkart said that the company will continue to invest in new technologies, including Artificial Intelligence and machine learning.
– The Sunil Mehta committee is working on guidelines to quicken the bad loan for the banks who participate in the inter-creditor agreement. Most of the banks that are involved in ICA are likely to accept the norms.
– The online fashion retailer Myntra, hit the annual run rate of $2 billion in gross merchandise value making it the market leader in online fashion over the past six months. Myntra generated ₹1,000 crore monthly sale in the month of July, making it the first time the company touched the ₹1,000-crore number in a non-sale month.
– In order to provide, relief to the FPI’s, SEBI extended the time for providing a list of beneficial owners by two months and assured that the issues raised shall be looked upon by an expert panel.
– UltraTech received an approval from CCI for the acquisition of Century Textiles and Industries. The acquisition is supposed to take place by a share swap deal, which will consolidate the position of UltraTech as a market leader.
– The CEO of Novartis, Vasant Narasimhan, said in an interview that it is supportive of Donald Trump’s campaign of lowering the drug prices and it shall not increase the prices for the rest of the year.
– The Government of India has directed WhatsApp to comply with the local laws and establish a local entity in India. It has also sought for an appointment of a grievance officer in India to control the spread of violent or fake messages on the platform.
– Infosys has roped in the global consulting firm McKinsey, to participate in the sales review of the company, in order to win major deals and achieve faster cost take-outs. McKinsey had earlier worked with Infosys in its Bangalore Headquarters and had helped infy expand some of its work.
– Sriraman Jagannathan, one of the few vice presidents of Amazon India has resigned from his position for personal/family reasons. The financial services portfolio which was earlier under the purview of Jagannathan will be managed by the Amazon Pay head Mahendra Nerurkar.