Here are the Business Headlines as on 28th April 2017:
- GST Update : Telecom firms begin state-wise GST registration; they need to be registered individually in states.
- Flipkart continues to hold 25-30% lead over Amazon in terms of the gross merchandise value sold. Flipkart’s sales during March were around Rs 3,200-3,300 crore, while Amazon did around Rs 2,400 crore.
- Supreme Court on Thursday fixed reserve price for the proposed auction of Sahara group’s luxury township, Aamby Valley, at Rs 37,392 crore. Sahara had claimed that the circle rate of properties in Aamby Valley was Rs 49,000 crore and the enterprise valuation was Rs 1 lakh Crore.
- Infosys has launched a next-generation artificial intelligence (AI) platform, Nia, to strengthen its digital technology-based services. Nia builds on Mana, the first AI platform introduced by Infosys. Nia can take up works such as forecasting revenues, predicting what products need to be built, understanding customer behaviour, deeply understanding the content of contracts and legal documents, understanding compliance, and fraud.
- Paytm on Thursday announced the launch of ‘Digital Gold’, a vertical to allow its 200-million plus users to buy, store and sell gold instantly. Paytm has launched this in tie-up with MMTC’s Swiss venture PAMP SA.
- Hitachi appoints Bharat Kaushal, current Chairman of Sumitomo Mitsui Banking Corporation, as first non-Japanese MD for India.
- As per sources, Snapdeal is left with cash reserves only for the next four months. This could put pressure on Snapdeal’s board to reach an agreement for sale to Flipkart or Paytm.
- Paytm to invest Rs10,000 crore in banking, financial services over the next three years.
- One97 communications, owner of Paytm, is set to raise Rs.12,000 Crores from SoftBank at a valuation of $9 billion.
- UDAN, Ude Desh Ka Aam Nagrik, was inaugurated by PM Narendra Modi yesterday with first flight on Delhi-Shimla-Delhi sector. UDAN is launched to connect less connected cities of India and shall make about 30 airports operational in one year. Also flagged-off were flights from Hyderabad to Nanded and Kuddapa through Video conferencing.
- SIDBI is silently bringing about a revolution by backing first time Indian fund managers to grow venture capital landscape. Till date SIDBI has committed Rs.3,521 Crores to 125 funds and has already disbursed Rs.1,273 Crores to 82 funds.
- CBRE, a property consultancy, projects $7 billion investment in Realty sector in 2017. The growth is attributed to India’s fast growth and better policy reforms.
- Bombay High Court has ordered Union Finance Ministry, SEBI and others to be made parties to a plea against LIC’s investment in the Tobacco major ITC Limited. The plea was filed by the Doctors of Tata Memorial Hospital and the widow of a former State Minister.
- Mech Mocha Game Studios, a start-up that makes mobile games, has raised $5 million in a series A round of funding led by Accel Partners and Shunwei Capital. They had earlier raised $1 million in seed stage funding from Flipkart and Blume Ventures.
- Craftsvilla, in restructuring mode, is changing its business model and is looking to grow in-house brands business to 30% of its revenue in the next 6 months. Jharokha.com, dedicated to Handicrafts and Handlooms of India, was launched by Craftsvilla about 2 months back. Craftsvilla also acquired “Sendd”, a logistics technology startup, to generate additional revenues.
Upcoming Trade exhibitions:
India Integrated Transport & Logistics Summit 2017
Venue – Vigyan Bhawan, New Delhi
Date – May 3-5, 2017