Here are the Business Headlines as on 25th April 2017:
- Tata Power may sell non-core assets to support Mundra plant after SC order to not allow compensatory power tariff. It holds stakes in seven listed companies of the group, including Nelco, Tata Communications, Volta.
- Following FDI liberalisation, Italian food processing firms are sending major delegation to India. Chocolate maker Ferrero and food processing giant D’Orsogna are looking at both retail trading and processing part of business.
- Nasscom says Indian IT firms get 20% of H-1B visas, pay higher wages. TCS, Infy together received 7,504 H-1B visas in 2014-15, which is only 8.8% of total approved visas.
- Reliance Jio net loss widens to Rs 22.5 cr in October-March period, Losses due to free voice, data services, employee cost, finance cost, depreciation. Its been incurring losses since Jio launch on Sept.5. Total expenses of company in 6 months was Rs.34.88 Crore.
- With petrol pumps, Reliance turns retail into Rs 34k-cr biz. The company’s revenue for the fourth quarter was Rs 10,332 crore, up 18.9 per cent sequentially.
- Harish Bhasin’s HB Stockholdings has started exiting the Delhi-based DCM Shriram Industries. The stake is valued at Rs 128 crore.
- Niko Resources of Canada is in the process of selling its 10 per cent participating interest in Reliance Industries Ltd (RIL)’s gas discovery in block NEC-25 off Odisha coast to RIL and BP plc.
- Sequoia Capital invests $3 million in Satya Paul owned Genesis Colors.
- HCL Technologies to acquire US’s Urban Fulfillment Services for $30 million, process expected to be completed by June.
- Patanjali defends amla juice, says it’s a medicinal product and does not fall under FSSAI standards.
- Amazon, wanting to sell 3rd party and its own private-label food articles had sought approval to invest Rs.3500 Crore in India over 5 years. As a precursor to approval, the Government has asked a clear segregation for stocks that Amazon would like to sell directly to consumers.
- After “Vyomo”, now “Vanity Cube” changes hands in the beauty salon door step services. VLCC acquires Vanity Cube for a total of approx. Rs.100 Crores. Vyomo was acquired by Naturals last year for a similar amount.
- Paytm eyes big ticket sales by offering large appliances delivery and installation across 20 cities. Paytm Mall has tied up with brands, distributors and multi-brand stores.
- Frapperz raises Rs.2.58 crores within months of receiving seed funding of approx. Rs.65 lacs.