Here are the Business Headlines as on 26th April 2017:
- GST Update : With no clarify on GST for online marketplaces, e-commerce companies are still trying to convince Government to treat them as ‘platform’ and not as a ‘shop’ as otherwise they will have to deduct 1% TDS from suppliers.
- Board of directors of Kolkata-based Usha Martin Ltd., a leading manufacturer of wire ropes and speciality steel, removed Prashant Jhawar as company’s non-executive chairman on Tuesday and replaced him with Ghyanendra Nath Bajpai. Jhawar will, however, continue to stay on the company’s board as a director. No reason was given for removal.
- Pankaj Oswal has sought transfer of 13.38 million OGL shares and 7.13 million OAML shares in his favour for which he has issued legal notices to his mother Aruna Oswal and her associates.
- President Trump is working on cutting Corporate Tax to 15% from current 35%.
- Wipro Q4 consolidated net grew by 0.4% to Rs 2,267 cr. Board approves bonus issue in the ratio of 1:1.
- Serum Institute of India Ltd, the world’s largest vaccine maker, has acquired a defunct unit of Czech Republic-based injectable polio doses maker Nanotherapeutics Inc. for €72 million (Rs521 crore).
- UK Green Investment Bank Plc. (GIB) plans to become an anchor investor in the Indian operations of UK-based Lightsource Renewable Energy.
- Finance ministry has laid down specific targets that 10 ‘weak’ public sector banks must meet to be eligible for further capital infusion. 10 public sector banks including IDBI Bank, Indian Overseas Bank, UCO Bank and Bank of India have been hit the hardest by mounting bad loans.
- Imported smart phones to be costlier by 5-10%. Almost 30% of all smart phones in India are imported.
- Agri-income shall come under tax net, if the Government goes ahead with the plan to do away with exemptions on Corporate and Personal Income tax. Farm income proposed to be assessed for tax on a 3 yr average owing to its exposure to Natural calamities.
- Jaquar buys Euro Sanitaryware for Rs.100 Crores. This shall include sale of facilities and assets.
- Indian Angel Network (IAN) takes leap forward in the startup funding arena with a kitty of Rs.175 Crores.
- Awfis, Amit Ramani led co-working space rental company, raises approx. Rs.128 Crores from Sequoia.
- Flytxt, a customer data anaytics startup, secures Rs.70 crore in Series A funding. Plans to use part of funds for R&D.
- Oddup, providing startup ratings, valuation data, trends & research, etc. has raised approx. Rs.40 Crores in a round of funding led by Times Group. Expected to launch services in India by July/August this year.
- Myra, a medicine delivery firm, has raised an undisclosed Series A funding led by Matrix Partners and Times Internet.