Here are the Business News Headlines as on 31st May 2017:
- IT Sector update : TCS has offered more than 31 per cent hike in remuneration to its key managers. Rest of the employees received average salary increase of around 10 per cent
- Rating agency CRISIL has said that due to slowdown in discounts by online retailers to reduce cash burn, benefits from GST and increased store productivity, operating margins of organised brick-and-mortar retailers are expected to improve by 100 basis points (bps) from about 6 per cent in the next two years.
- Piramal Enterprises Ltd. thru its CFG has invested Rs565 crore in 2 auto component firms; Rs275 crore in RSB Group and Rs290 crore in Indoshell Mould Ltd.
- Nitin Seth, COO of Flipkart, has put in his papers. He joined Flipkart in early 2016.
- Aditya Birth Fashion & Retail ltd. (ABFRL) who bought retailing rights of ‘Forever 21’ for $26 million last year, is aiming to roll out 15 new stores and resize 2 of its existing stores to turn the business positive.
- BookMyShow is transitioning towards content play and leveraging engaged community users to bolster its revenues. Share of movie ticket sales in their present revenue is at about 65%.
- Jyoti Bansal, valley based tech entrepreneur, has invested an undisclosed amount in Sales execution and marketing platform, Leadsquared.
- Swiggy has received funding of $80-million (Rs 512 crore) from Naspers, South African Internet conglomerate. Its the second investment of Naspers in the Indian food tech space within a month. They had earlier invested $431 million in Delivery Hero, the German food ordering and delivery platform and Foodpanda’s parent. A part of that investment would be routed to Foodpanda in India.