Read latest India business news headlines 26th June 2018:
- SigTuple, a Bengaluru-based health technology start-up, has raised $19 million in its Series B round of funding led by Accel Partners and IDG Ventures. The company has used AI to develop hardware and software to digitise pathological tests for hospitals and clinics.
- To aid economic growth, GST Council will consider a proposal in its 19th July meeting to reduce GST rates to 18% from 28% on more items used in construction. If the GST Council approves the proposal, it could be a shot in the arm for both homebuyers and builders.
- Policybazaar, which raised more than $200 million in a funding round led by SoftBank Group’s Vision Fund yesterday, is the latest Indian start-up to achieve the unicorn status. It currently accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health insurance business.
- Now Insurance firms will be able to decide on the hereditary commissions in life insurance. Once they leave the insurer, agents or their nominees will no longer automatically be entitled to commissions for the insurance policies they sold. The company will decide whether to pay or not.
- As per a report released by Knight Frank, a global consultancy firm, capital inflow into Indian real estate market saw a jump of 31% to $2.6 billion in 2017, primarily on the back of the government’s reforms initiatives and new regulations.
- The International Solar Alliance is planning to approach multilateral development banks such as Asian Infrastructure Investment Bank to create an SPV to specifically finance solar projects. The SPV, aimed to finance $150 billion, would become a World Solar Bank.
- Within days of receiving a whistleblower’s complaints, RBI has initiated a second probe into the affairs of ICICI Bank for allegedly delaying provisioning for stressed loans, among other wrongdoings. The latest revelations have raised serious questions about corporate governance practices, transparency and Chanda Kochhar.
- With the aim of strengthening the governance in these banks, RBI has come out with draft guidelines on constituting a board of management (BoM) for urban cooperative banks, which will be responsible for credit, risk and liquidity management of the bank.
- Reliance Jio has raised a $1 billion equivalent term loan facility from Korea Trade Insurance Corp. to finance procurement of goods and services from Samsung Electronics and Ace Technologies. The facility is K-SURE’s largest deal in India as also the largest deal supported by K-SURE in the telecom sector, globally.
- United Spirits has picked up 26% equity stake for ₹27 crore in HipBar, a payment technology start-up, which caters to alcoholic beverage market through its mobile wallet and delivery app. HipBar will continue to be run as an independent enterprise.
- Sanjay Kumar, the chief commercial officer of IndiGo, has resigned, less than two months after the president and whole-time director Aditya Ghosh put in his papers. William Boulter will now take over from him.
- NCLAT has refused to direct Mumbai bench of NCLT to defer its pronouncement on SBI’s appeal seeking initiation of insolvency plea against Uttam Value Steel and Uttam Galva Metallics Ltd. NCLT is set to pronounce its order on the admission of SBI’s insolvency plea on 26 June after it was reserved earlier this month.
- Apple has started commercial production of iPhone in India since last week at the Bengaluru facility of Wistron. The move is to insulate phone from any changes in import duties as also to help the company consolidate market share.
- Tata Steel plans to buy an additional 2.5 percent stake in Bhushan Steel from lenders, taking its stake from 72.65 percent to over 75 percent. This would make the merger with Bhushan Steel easier.
*News as published in Business Standard, Live Mint and Economic Times.