Here are the Business Headlines as on 10th May 2017:
- Snapdeal-Flipkart merger : After a meeting on Tuesday, SoftBank is close to convincing Nexus Venture Partners to sell its stake in Snapdeal.
- More job cuts are likely in the IT sector. Infosys and Wipro have tightened processes for employees’ performance appraisals and non-performers could be handed out pink slilps. Mid- and senior-level employees are expected to be majorly hit. This comes close to the news when Infosys is planning to hire 10,000 Americans in their US offices.
- Banks take tough stand on Bhushan Steel debt rejig and ask for increase in percentage of sustainable part. Bhushan steel submitted a proposal to the Bank that said nearly 52 per cent of its Rs 46,000 crore loans were sustainable.
- IndiGo has signed up contract for purchase of 50 ATR-72 aircraft to enter into regional aviation market.
Nisaba Godrej, executive director of Godrej Consumer Products and younger daughter of Godrej Group Chairman Adi Godrej, has been appointed executive chairperson of the company. Adi Godrej shall take up a non-executive role as chairman emeritus of the company.Just three months back Nisaba’s brother Pirojsha was appointed executive chairman of Godrej Properties, the real estate arm of the Rs 14,000-crore Godrej Industries and Associate Companies.
- Videocon Industries turns NPA for Dena Bank. The total exposure of lenders to Videocon is approx. Rs 45,000 crore.
- Indian banks have asked promoters of Essar Steel to bring in fresh equity worth Rs 2,500 crore into the company before it can go ahead with its proposal to convert a part of the company’s debt into equity.
- ShopClues raises Rs50 crore in venture debt from InnoVen Capital. This is after 15 months when ShopClues raised $100-140 million from Tiger Global and Nexus Venture Partners at a valuation of $1.1 billion.
- ACs and Refrigerators see unanticipated demand and sales have increased 25% year-on-year. Some brands have reported waiting period of 2-4 days also.
- Passenger vehicle sales show growth of 14.68% y-o-y riding on a strong show by Maruti Suzuki India.
- SAIF Partners raising $350-400 million for an India dedicated fund. With this fund, the AUM for SAIF Partners will cross $1 billion.
- Online Pharmacy apps are competing hard for market share. 1MG leads the pack with almost 56% market share. Pharmeasy is last in the pecking order.
- Aye Finance, Gurugram based micro landing platform, has raised Rs.20 Crore in Debt from SBI. In November 2016, Aye Finance had received Rs.70 Crore in a series B equity funding round.
- Video analytics start-up Vidooly raises $1.4 million from Gujarat Venture Finance. The funds will be used for expansion into Southeast Asian markets and hire more people.