Today’s Business Headlines – 8th May 2017 – Tentaran.com

Here are the Business Headlines as on 8th May 2017:

Business Standard

  • Facebook added 43 million monthly active users in the quarter ended 31 March, 2017. The Asia-Pacific region, with 43 million new users, became the biggest driver of Facebook’s 4.3 per cent worldwide growth, compared with 3.91 per cent in the previous quarter.
  • Auto component major Bosch, which had temporarily ceased operations at its plant after getting notice from Karnataka State Pollution Control Board, is resuming operations at its Adugodi and Koramangala facilities from today.
  • Start Up India policy 2.0: Norms to be reset for biotech firms. DIPP softens stance, rejected entities can seek tax breaks. More innovations are likely to be added in the policy.
  • SBI Caps will conduct the auction of the Taj Mahal hotel for NDMC. NDMC is likely to offer Taj on a long-term lease, on a revenue-share model and an upfront payment. Few days back SC had dismissed plea of Tata Group for stopping auction of the hotel.

Mint

  • Merger of the wind power businesses of Orient Green Power and IL&FS may come unstuck over payment on LTCG tax on share sale where STT hasn’t been paid.Under current norms, any capital gains from shares held for more than a year are fully tax-exempt if STT of 0.1% is paid at the time of selling them. Currently, STT is not paid when shares are acquired in off-market deals such as gifting.
  • GTL Infrastructure stake sale likely to value firm at Rs11,000 crore.The stake sale part of the firm’s SDR process, could also see founder Manoj Tirodkar’s Global Group exit the firm.

Economic times

  • Walchand Nagar Industries gets Rs.300 Crores from KKR to realign its businesses and repay some of its term loans.
  • Mango Stores, acquired by Myntra last year, may be managed by Samarth Lifestyle, which already manages more than 100 outlets of Benetton, Tommy Hilfiger,US Polo, Puma and others. G&B Fashion shall also be a sub-franchisee with its experience of 25 outlets managed for Benetton.
  • AceTurtle, an e-commerce Consultancy based in Bengaluru, has been invested in with approx.$5 million  by the venture capital arms of Singapore’s sovereign fund Temasek and Southeast Asia’s largest real estate developer Capital.

Startup

  • NestAway, a Home rental start-up, has acquired smaller rival Zenify for an undisclosed amount to offer flats on rent to families. Zenify will continue to operate as a separate entity after the acquisition.
  • SoftBank is likely to finalize Snapdeal sale to Flipkart within this week. SoftBank is also planning a $1 billion investment in Paytm and pushing for a Grofers-BigBasket merger.
  • Digital marketing startup, MintM, which builds an interactive ‘Engagement Bot’, a cloud-based smart digital signage solution, has partnered with Treebo Hotels, a budget hotel chain startup. The technology will allow Treebo guests to interact through the bot, which will display relevant content, respond and track expressions, and generate useful statistics around customer engagement.
  • MyGreens, Delhi based cold-pressed juice maker, has raised close to Rs.5 Crores from Let’sVenture backed by its annual revenue of approx. Rs.2 Crores in Delhi market.
  • Restaurant automation solution provider Devourin has raised an undisclosed amount of seed funding from Relfor Labs’ Deepak Nathani. Nathani has acquired a 20 per cent stake in the company.

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