Here are the Business Headlines as on 9th May 2017:
- IT Unions have filed petition to Tamil Nadu government against dismissal of employees at Cognizant. Cognizant had sacked 5% of its 260,000 workforce in March 2017.
- Viacom18 announced an organisational restructuring to maximise synergies across the multi-platform network which has brands like Colors, MTV and VOOT. Creates new positions of COO, rural business head, and regional entertainment head. The new positions and responsibilities are effective immediately.
- Torrent Pharma acquires two women healthcare brands from Novartis, namely Regestrone and Pregachieve. The deal size is is estimated to be close to Rs 500 crore. Having a strong presence in dermatology segment Torrent is now working at building its presence across other key therapies.
- Auto village : Haryana Government is considering proposal from a private company to set up an Auto Village in Haryana in approx. hundred acres of land. Auto Village proposes to have about 80 vehicle showrooms and workshops of all automobile brands across industry segments at one location, RTO, recycling units, test tracks, new vehicle launch zone, financing institutions, component shops, petrol pumps, hotels, etc.
- Oppo, the number 4 smartphone player in India with 10% market share, is aiming for number1 or number 2 position through some innovative moves. Oppo is looking to invest in Indian mobile internet startups to integrate 3rd party services with its operating platform.
- Amazon revalidates that loyalty programs work in all retailing formats. Amazon Prime members place more orders on everyday basis and the top 3 categories favoured by the prime members are Kitchen, living room & home products, apparels & consumables.
- Venture Catalysts, Mumbai based seed investment platform, is working towards an international presence to open up global channels of money into the Indian startup eco-system. Kicking off its Qatar operations, the network will expand into Hongkong, Japan, Singapore and US by mid 2018.
- Insider.in, the Mumbai based events platform, has attracted Paytm’s interest which is wanting a share of the movies and events ticketing pie. The deal may fructify for about Rs.193 crores.
- Indian entrepreneurs who have become rich after selling their start-ups or some of their shares in their companies are now investing in venture capital firms for multiplying their wealth and building the ecosystem. Flipkart co-founders Binny Bansal and Sachin Bansal, Citrus Pay co-founder Amrish Rau, TaxiForSure co-founder Aprameya Radhakrishna and Capillary Technologies CEO Anish Reddy have invested at least Rs1 crore each in VC firms such as Blume Ventures, Pi Ventures, Kae Capital, Stellaris Venture Partners, Pravega Ventures and Beenos.