Latest India Business News Headlines 31st July 2018

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Read latest India business news headlines 31st July 2018:

india business news headlines 31st july 2018

  • SBI has raised the rates on FD or bank deposits with a maturity of more than a year, effective today. This could prompt other banks to increase their rates as well.


  • Harley-Davidson is planning to launch small and mid-sized segment of motorcycles as its strategy to target young buyers and expand its customer base and growth in India and China.


  • Around 99% of chemicals have been cleared from Vedanta’s Sterlite plant in Thoothukudi during the last 27 days. NGT has refused to grant an interim stay to Vedanta on Tamil Nadu government’s order on the unit closure. The final date of hearing has been fixed on 9th August.


  • CureFit Healthcare, an Indian healthcare startup, has raised $120 million in funds from Accel Partners, IDG Ventures, and Kalaari Capital. It plans to deploy the funds to expand its fitness chain, food brands, and clinics. Starting out in April 2016, CureFit has till now raised $175 million in equity and debt.


  • Government’s draft of e-com policy is strongly favouring Indian online enterprises and may affect foreign-owned e-com companies. Its recommendations also include barring group companies of e-com firms from influencing sale prices – directly or indirectly.


  • The Delhi High Court has issued notices to Flipkart and Amazon for violating FDI norms and circumvented them by selling popular products at much cheaper rates through “proxy controlled sellers”.


  • Swiggy is set to launch a new membership programme, called Swiggy Super, offering unlimited free deliveries across all restaurants on its platform for a monthly fee between Rs.99 and Rs.149.The move is part of its strategy to increase order volumes and raise its market share.


  • Piramal Group is planning to set up an aggregation cum investment platform for renewable energy assets and is looking for an external investor for funding.


  • Tata Power has got its shareholders’ approval to raise around Rs5,500 crore within the next 12 months through the issuance of non-convertible debentures on private placement basis. The firm is also planning to raise Bonds up to Rs2,000 crore to part refinance Coastal Gujarat Power Limited foreign currency loan.


  • Air Deccan has restarted its flight services in Maharashtra, which was suspended a month ago due to the shortage of pilots and aircraft issues.


  • PNB update: After spotting Mehul Choksi in Antigua and Barbuda, India has requested the authorities to restrict his movements by land, sea, and air.

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