Here are the Business Headlines as on 19th April 2017:
- TCS Q4 profits up 4.2% to Rs 6,608 crore. TCS dollar revenue grew 8.5% in FY17, outshining smaller rival Infosys which grew 7.4%.
- RBI raises provisioning on telecom loans. Total debt at about Rs 4 lakh crore, analysts estimate stress of Rs 80,000 crore.
- IMF revises India’s growth forecast to 6.8% in FY17. Says PSBs should be capitalised and their NPAs fully recognized.
- Most states to pass GST Bill by May end. Rajasthan, Bihar call special sessions on April 24; Assam will also have a similar one by May.
- Vijay Mallya arrested in London, gets bail in 3 hours.
- India jumps to 8th spot on Global FDI Confidence Index. Jump was mainly because of GST reform.
- Reliance Jio’s entry hurts subscriber growth of Airtel, Vodafone and Idea. Bharti Airtel witnessed about 5% drop in monthly subscriber additions in October 2016.
- General insurers sell ITC stock to hike book value before listing. LIC, however, increases stake in company to 16.29%.
- Australia abolishes 457 Visa programme used primarily by Indians. This visa allows business firms, having shortage of skilled works of Australian origin, to employ foreign workers up to a period of 4 years.
- Nestle plans to bring more global products to India. In its annual report for 2016, CMD Suresh Narayanan says exploring ways to bring in 2,000 brands.
- Indian CEOs prefer to cut costs to fuel growth: PwC survey. Almost three-fourth of Indian CEOs sure of growth prospects over next one year, versus 38% globally.
- US visa tightening signals aggressive monitoring, says Nasscom. Most Indian IT companies get over 60% of their revenues from the North American market.
- IT firms’ valuations at 9-year low. 29 listed firms are trading at 16.2 times trailing 12-month net profits against 18.8 times past year.
- Rising scooter volumes trigger new market dynamics. Five companies get more volumes from scooters than motorcycles.
- India focused Lighthouse Funds plans $200 million third fund, its largest so far. Lighthouse Funds currently has a corpus of approximately $235 million.
- Govt to sell 10% stake in Nalco today in early start to disinvestment. The government will open the first divestment account by selling up to 10% stake Nalco and may mop up over Rs600 crore.
- SoftBank seeking 20% stake in One97, owner of Paytm, values firm at USD7 billion. May invest between USD 1.4 to 1.9 billion.
- Goldman Sachs has been hired as an advisor by Flipkart for proposed acquisition of Snapdeal. Credit Suisse is working alongwith Goldman Sachs to hammer final details.
- P&G and Future Group have tied up for joint sales forecasting and planning, exclusive product releases and in the process to embed officials from respective companies at their headquarters for better coordination.
- Asset Vantage acquired Santa Clara based software company Financial Navigator.
- BigBasket, Grofers begin merger talks. If the merger goes through, SoftBank will participate in a $60-100 million fundraising round in the merged entity.
- YourNest India VC fund II worth Rs.300 Crores inducts 3 new Advisors. The fund shall be focussed on early stage technology ventures.
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