Today’s Business Headlines – 1st May 2017 –

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Here are the Business Headlines as on 1st May 2017:

Business Standard

  • Starting today, Oil Companies are rolling out dynamic fuel pricing policy as an effect of which Petrol, diesel prices will change daily from today.
  • Essar group has asked for a refund of Rs.4000 Crore from Income Tax Department. The amount was part of the TDS deducted by Vodafone at the time of sale of Vodafone shares by Essar in 2011. The shares were sold to Vodafone group for $4.2 billion.
  • As a result of tougher visa norms by US & UK,IT companies are planning to hire local freshers from Universities and training them.


  • Starting from fy 2018-19, the finance ministry is planning to bring companies with Rs100-500 crore revenue under the 25% corporate tax bracket.
  • Banks are opposing move of IRCTC, the Railway ticketing arm of Indian Railways, who is demanding banks to keep Rs.20 Lakh as security deposit and also sharing 50% of transaction/convenience fee with IRCTC.
  • Apollo LogiSolutions Ltd (ASL), 90% owned by Apollo Internationalis in talks with private equity (PE) investors to raise as much as Rs300 crore to fund its expansion plans.

Economic Times

  • ItzCash, the Essel group owned digital payments company, made close to Rs.250crore in revenue across all its businesses and turned profitable in 2016-17. The business sees 6.5lakh transactions a day. Having raised USD51mn so far the business had broken even in 2010.

Startup World

  • Ola, Owned by ANI Technologies Pvt. Ltd.and funded by Softbank has posted standalone revenue of Rs.383.44crores and consolidated revenue (including revenue from interest income + their leasing unit + revenue of Taxiforsure) of Rs.758crores. While they have gained the top spot for Taxi hailing service in India their consolidated losses stand at Rs.2318.66crores.
  • Curefit, the online healthcare and fitness platform founded by Mukesh Bansal of Flipkart and Ankit Nagori of Myntra, has plans to target consumers through Content on health, physical world fitness studios and health-food outlets. They have acquired ‘Cult’ & ‘Tribe’ Fitness centres, Seraniti an online psychotherapy platform and professionals from logistics and health-food delivery firms to be able to achieve their goal. Curefit was started with USD3mn pumped in by the promoters and also raised USD15mn in 2016.

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