Here are the Business Headlines as on 20th April 2017:
- Myntra acquires Bengaluru-based tech firm InLogg to strengthen logistics. InLogg is Myntra’s fourth technology-led acquisition.
- US H-1B Visa Curbs and Rising rupee may result in layoff in Indian IT firms.
- Videocon asks banks to extend loan tenure.The company owes Rs 22,000 cr to a clutch of domestic banks.
- The Nattukottai Chettiars, which have prominent members like P Chidambaram and A Vellayan, are planning to launch a Rs 500 crore fund to revive entrepreneurship among the community.
- Berger enters marine paints; to also bring Bolix brand to India. Berger will initially be a production partner for Chugoku Marine Paints India.
- Shipping firms to benefit from rising iron ore exports to China. Overall trade scenario in terms of volumes and freight rates have improved on India-China route.
- Exposure to a single cement company, (Jaiprakash Associates), made a Rs 350-crore dent in the net profits of IndusInd Bank and YES Bank as they had to make provisions of Rs 122 crore and Rs 228 crore, respectively.
- A large number of corporates, including Tatas, Godrej, Adani and Patanjali, have shown interest in buying Sahara group’s 30 properties worth about Rs 7,400 crore.The properties, mostly land parcels being auctioned by real estate consultant Knight Frank India, have also generated interest from several real estate developers including Omaxe and Eldeco, as also from HNIs and at least one public sector firm Indian Oil.
- Glenmark plans new launches in US, receives FDA nod for anticoagulant drug. Pradaxa is Glenmark’s fourth product approval in the US from January till date.
- Godrej Properties to raise Rs.1,500 crore by selling office assets. It plans to use the funds raised from its office assets sale to pare debt.
- Dell on track to hit the $3 billion revenue mark in India says CFO Thomas Sweet. He claims that the Dell-EMC combine in India is growing faster than the domestic IT market growth.
- Fund-of-Funds: 17 VC firms sanctioned Rs.623.50 crore from govt start-up fund, which in turn invested in 62 start-ups.
- Fashion discovery platform Wooplr Technologies Pvt. Ltd has raised an undisclosed amount in funding from Ankit Nagori, co-founder of healthcare start-up CureFit and former chief business officer at Flipkart Ltd.
- SAP, Europe’s largest technology company will on-board 16 startups for its accelerator programme in India this year as against 7 last year.
- Holachef raises $5 million in Series B funding. The fund is to be used for team building and scaling logistic infrastructure.
Don’t forget to ‘Subscribe’ to stay updated with latest Business news.