Latest India Business News Headlines 5th July 2018

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Read latest India business news headlines 5th July 2018:

india business news headlines 5th july 2018

  • Shareholding of ICICI Prudential AMC in NTPC has increased to more than 5% after it purchased shares under the fund house’s various schemes, including ICICI Prudential Bluechip Fund, Bharat 22 ETF.


  • The Bank of China has received a license from RBI to launch its operations in India. Of late, India and China have been focusing on expanding their economic ties despite several issues like the boundary dispute.


  • SEBI has approved Yes bank to start its mutual fund business. This approval is subsequent to RBI’s approval granted to Yes Bank to sponsor mutual fund.


  • Essar steel update – NCLAT wants to decide whether the resolution applicants ArcelorMittal India and Numetal were eligible during the first round of bidding for Essar Steel before it proceeds to other insolvency issues.


  • Wipro promoted Rajan Kohli, its digital business head, to the rank of President. He will also continue to be global head of Wipro Digital and report to Abidali Neemuchwala, the CEO.


  • Alchemist ARC is planning to acquire control and restructuring stressed companies admitted to NCLT for insolvency by tying up with strategic players with relevant industry and operational experience.


  • The Supreme Court has asked Jaiprakash Associates to deposit ₹650 crore to prove it is bona fide after it failed to deposit ₹1,000 crore. Supreme Court had directed JAL to deposit ₹1,000 crore by 15 June to avoid liquidation of its subsidiary, Jaypee Infratech.


  • SEBI has issued final show cause notice to NSE for allowing preferential access to some brokers in Aglo trading case. Algorithmic trading refers to use of electronic systems to execute thousands of orders in a split second.


  • The Chief Minister of Kerala, Pinarayi Vijayan, convinced Nissan to build their global technology hub in Thiruvananthapuram. He believes that it will pave way for other major companies like Tech Mahindra and Microsoft, who have already hinted their interest, to set up facilities in Kerala.


  • Future Lifestyle Fashions has reached a conditional agreement to buy 29.9% stake in Koovs, online fashion retailer, for ₹140 crore. The move is part of Group’s plan become one of the largest online fashion retailers.


  • Inventus Capital is in the process of making a first close for its third fund of Rs175 crore by early next month. Inventus is targeting a total corpus of Rs325 crore for the fund. The firm plans to stick to investing in series A companies, investing in around 12-15 companies.


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