Read latest India business news headlines 23rd July 2018:
– Infosys is concerned with the increasing rejection of work visa application and said that this may result in increase in project and delays in the project implementation.
– BSNL has sold 4,000 satellite phones and aims to bring up the number to 10,000 by March 2019 as there is high demand from corporates and states for the premium service. BSNL has earned ₹100 crore in revenue in one year from the satellite phone business.
– EPFO’s payroll data suggest that around 4.4 million jobs were created in the last 9 months till May. May being the highest so far with over 7 lakh enrolments.
– Shyam Prabhakar Mardikar, CTO of Bharti Airtel, has resigned. CTO of Reliance Jio, Jagbir Singh, has also resigned from his position.
– SEBI is keen on making it mandatory for the companies having more than ₹100 crore as long-term borrowings to compulsorily raise at least 25% of their funding needs by selling bonds. This will help reduce the concentration risk on bank balance sheets as also instill the credit discipline among borrowers.
– Hindalco Industries is closing in on $2.3-2.5 billion acquisition of Aleris Corp. The discussions are now being headed by Kumar Mangalam Birla, the Chairman of Aditya Birla Group.
– Flipkart is planning to triple its delivery and warehousing workforce to 100,000, apart from increasing its storage capacity before its Big Billion Day sale in October.
– The majority of IHH Board has approved its decision of buying out Fortis Healthcare but it was not a unanimous decision. The Chairman of the audit and risk management committee voted against the plan.
– DoT has told RCom that its licenses will be canceled unless it pays ₹774 crore in bank guarantees for the upcoming spectrum payment dues. This has threatened RComs deal with Reliance Jio.
– Treebo group of hotels has laid off around 70-80 employees out of its total workforce of 800. The company stated that layoff is the result of Treebo doubling down on its technology products and processes, as the company looks to rationalize costs.
– Wipro has won a $1 billion contract, the biggest order in four years, from Alight Solutions. With this contract, Wipro is expected to get around $70 million in additional revenue in the current financial year.
– The government is not likely to go ahead with the merger of trading firms MMTC and STC as proposed by the commerce ministry. The merger of these two firms would result in a synergy of operations, which somewhat overlap as of now.