Business, Companies, 16th May 2018, News & Stories from India

Saturday, Apr 27, 2024 | Last Update : 03:48 PM IST

Business Companies 16 May 2018

Business, Companies, 16 May 2018

A day after government approved its merger with telecom major Airtel, a section of Telenor India's employees are facing lay-off.

Airtel to lay-off section of Telenor staff post-merger

Both the companies had entered into an agreement for the deal in February 2017.

16 May 2018 8:37 PM

Credit card player SBI Card is looking to continue growing at a 40 per cent CAGR in the current financial year on rise in card issuance and total spends.

SBI Card looks to grow at 40 per cent in FY 2019

The company witnessed over 75 per cent year-on-year growth in average monthly card spends in FY18.

16 May 2018 8:25 PM

Domestic steel giant Tata Steel on Wednesday reported consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March 31, 2018.

Tata Steel reports Q4 net profit at Rs 14,688 crore

The total expenses of the company stood at Rs 32,626.42 crore during the quarter.

16 May 2018 8:13 PM

Sebi has closed its adjudication proceedings against three group firms of defaulter businessman Vijay Mallya for alleged disclosure lapses in a 17-year-old case.

Sebi closes proceedings against Mallya's 3 group firms

The acquisition was exempted from open offer obligations, but no disclosure was made by the UB group firms.

16 May 2018 7:58 PM

CAIT on Wednesday alleged that the USD 16 billion Flipkart-Walmart deal circumvents laws, and said it will seek legal recourse on the matter.

CAIT says Flipkart-Walmart deal circumvents laws

Its team of lawyers is studying the deal and very shortly, CAIT will move to appropriate authorities and seek legal recourse.

16 May 2018 7:35 PM

Disinvestment-bound flag carrier Air India will phase out its remaining three Classic A320 planes, which are nearly three decade old, from the fleet by the end of this year.

Air India to phase out remaining 3 Classic A320s by December

Air India has already removed 11 classic A320 planes out of operations.

16 May 2018 7:15 PM

Infosys on Wednesday said it has set up India Trade Connect, a blockchain-based trade network in India. (Photo: AFP)

Infosys sets up blockchain-based trade network in India with 7 banks

Infosys said the network is designed to digitise trade finance business processes.

16 May 2018 5:48 PM

38 million tickets have been sold via Paytm in the financial year ended March 31.

Nearly 40 million tickets sold via Paytm in FY 2018

As per the company, more than 85 percent of all travel bookings come from the Paytm app.

16 May 2018 3:17 PM

Low cost carrier will also operate additional flights between Hubli-Chennai, Hubli- Bengaluru and Hubli- Ahmedabad with Airbus A320.

IndiGo to connect Hubli to Goa and Kochi from June

IndiGo said adding it has offered an all-inclusive fare starting from Rs 1,299 for the new flights.

16 May 2018 3:14 PM

Fitch affirms RIL ratings with stable outlook

RIL's GRM (gross refining margin) improved to USD 11.6 a barrel in FY18, from USD 11 a barrel in FY17.

16 May 2018 3:08 PM

Diversified ITC Ltd on Wednesday reported a 9.86 per cent increase in standalone net profit at Rs 2,932.71 crore for the fourth quarter ended March 31, 2018.

ITC Q4 net profit up 9.8 per cent to Rs 2,933 crore

The board has also recommended a dividend of Rs 5.15 per ordinary share of Re 1 each for 2017-18.

16 May 2018 2:48 PM

Karnataka assembly polls, which have thrown up a hung verdict, created a lot of buzz on Twitter with over three million mentions being generated in three weeks.

Twitter sees over 3 million mentions of Karnataka elections

A tweet by Rahul Gandhi addressing Prime Minister Narendra Modi saw the highest number of re-tweets.

16 May 2018 1:59 PM

At NSE, shares of the company dived 20.56 per cent to Rs 9.85. (Photo: File)

RCom shares dive 20.5 per cent on NCLT move

Weakness was also seen in other group stocks, with Reliance Naval and Engineering trading lower by 6.23 per cent.

16 May 2018 1:28 PM

Binani Industries, which holds 98.4 per cent share in debt ridden Binani Cement, on Wednesday offered to clear the 100 per cent claims of creditors at the National Company Law Appellate Tribunal.

Binani Industries offers to pay 100 pc claims of debtors

Counsel appearing for Binani Industries said the settling of the creditors' claims will bring the company out of insolvency proceedings.

16 May 2018 12:58 PM

Customers will also be eligible to avail No Cost EMI for upto three months on all popular banks. (Photo: ANI)

OnePlus announces exciting OnePlus 6 launch offers

On the purchase of OnePlus 6, customers can avail a discount of Rs 2,000 on SBI Credit and Debit card.

16 May 2018 8:36 AM

RCom shares closed down 8.2 per cent on Tuesday in a broader Mumbai market that ended largely unchanged.

NCLT allows Ericsson's insolvency plea against RCom

RCom plans to reduce its debt by selling assets such as airwaves, mobile masts and fibre optic investments.

16 May 2018 8:21 AM

Taking merchandise and services together, overall trade deficit for FY18 is estimated at $80.61 billion as compared to $41.79 billion during FY17.

Trade deficit widens to $13.72bn

FIEO president exports data is not encouraging despite 5.17 per cent growth.

16 May 2018 12:55 AM

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Farrukh Dhondy