Companies & Industry News Update
arrow France court orders UBS to pay $5.1 billion for Swiss accounts scandal
  Paris court finds UBS guilty of helping wealthy French clients stash funds in undeclared Swiss accounts.
arrow Dassault CEO denies scandal in Rafale deal, defends role for Reliance
  Dassault CEO said it was also in the race for 110 aircraft for the Indian Air Force, for which the government had floated an RFI last year
arrow Mapletree moves NCLT against Falcon Tyres' lenders over its resolution plan
  Accused Edelweiss Asset Reconstruction Company and other lenders of acting contrary to provisions of IBC by rejecting its resolution plan
arrow A320neo India deliveries back on track; fewer problems seen with engines
  Bengaluru (Reuters) - European aircraft maker Airbus deliveries of its A320neo aircraft are back on track in India with fewer problems being seen with the narrowbody jet's Pratt & Whitney engines, a senior company executive said on Wednesday.
arrow Apple plans major overhaul, seeks universal apps for all devices by 2021
  The ultimate goal of the multistep initiative, code-named "Marzipan," is by 2021 to help developers build an app once and have it work on the iPhone, iPad and Mac computers
arrow Hyundai Electronics eyes Rs 600 cr turnover in FY20; to shun ecommerce
  The company has forayed into the fast growing Indian consumer electronics segment, which is pegged at more than Rs 60,000 crore and growing in double digits
arrow US Supreme Court allows Dr Reddy's Labs to sell generic Suboxone film
  The potential revenue upside from the sale of generic Suboxone is expected to be substantial for Dr Reddy's when it resumes sales
arrow Vodafone Idea not in favour of 5G spectrum auction before 2020: CTO
  Vishant Vora said the full integration of the two telecom networks post the mega merger last year is "on track" and expected to be completed by June 2020
arrow Moody's upgrades Tata Steel corporate family rating to Ba2; outlook stable
  The upgrade reflects the sustained improvement in the company's credit profile, stemming mainly from strong operating efficiencies and vertical integration, Moody's said
arrow Moody's revises outlook for Tata Steel, Sajjan Jindal-led JSW Steel
  The stable outlook reflects Moody's expectation that Tata Steel's strong operating performance will translate into a sustained improvement in credit metrics
arrow Tata Steel to focus on automobiles, BPRS after Kalinganagar expansion
  Tata Steel has pledged a capital expenditure of Rs 23,500 crore on scaling up capacity of the Kalinganagar project from three million tonnes per annum to eight million tonnes per annum
arrow Saudi Aramco in talks with Reliance Industries for possible investments
  Saudi Aramco signed an agreement in April with a consortium of state-owned Indian refiners to participate in a $44 billion refinery project on the country's west coast
arrow Nasscom ends annual forecast; to only give guidance for sector from FY20
  We are keen on changing the perception that revenue guidance represents, said Rishad Premji, Chairman, Nasscom
arrow How Anil Ambani could arrange funds needed to comply with the SC order
  Reliance Communications, and its chairman Ambani, could use the Rs 394 crore received in I-T refunds, but they would still have to raise another Rs 177 crore
arrow IL&FS crisis: ED files PMLA case, conducts raids in Delhi-NCR, Mumbai
  The Enforcement Directorate (ED) Wednesday conducted searches at multiple locations in connection with the IL&FS payment default crisis, officials said. They said the central probe agency has registered a case under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case and raids were being conducted against executives linked to the Infrastructure Leasing and Financial Services (ILFS). The raids are on in Mumbai and locations in Delhi-NCR, they said. IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 91,000 crore. The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018. IL&FS is sitting on a debt pile of about Rs 91,000 crore.
arrow SC holds Anil Ambani guilty of contempt; orders RCom to pay Ericsson
  If RCom fails to pay Rs 453 cr to Ericsson within four weeks, then Anil Ambani and two directors will face jail term of three months
arrow Eye on $15 bn deal, Lockheed unveils new F-21 combat jet at Aero India 2019
  The US defence firm had earlier offered its F-16 fighter used by countries around the world for the Indian air force's ongoing competition for 114 planes to be made in India
arrow Twitter Ads Transparency Centre coming to India: Here's how it will work
  No login or Twitter account would be required to access the Ads Transparency Centre
arrow Ashok Leyland net profit drops 21% at Rs 380 crore in December quarter
  The company says it is looking for ways to overcome a dependence on one segment of products
arrow Angel tax exemption a good effort, but more needs to be done: Industry
  The government's move on Tuesday to relax norms for start-ups will "unshackle angel investing" and unleash the next wave of entrepreneurship
arrow Walmart CEO unfazed by new e-commerce law; hopeful of future with Flipkart
  The change in e-commerce policy came into effect from February 1
arrow Flipkart's Sachin Bansal may join Ola board after Rs 650-crore investment
  This is the largest funding by an individual in the app cab
arrow Apple's executive shake-up readies company for life after iPhone
  The moves reflect an effort to diversify the company's revenue streams and reduce its reliance on iPhone sales
arrow Irdai asks all non-life insurers for a uniform standard health product
  At present, health insurance products vary significantly with each other in terms of benefits offered
arrow Fate of land assets worth Rs 20,000 crore to be decided on Wednesday
  If the apex telecom panel allows the company to sell those land assets, MTNL would be able to slash its debt of Rs 20,000 crore
arrow WTO pegs global trade at 9-year low; India exports may take hit
  The WTO's quarterly outlook indicator, comprising seven trade parameters, stood at 96.3, the lowest since March 2010 and down from 98.6 in November
arrow BSNL staff to intensify strike; internet services to banks may get affected
  BSNL employees are on a three-day strike that started on February 18
arrow SC's order on Ericsson's contempt plea against Anil Ambani, others on Wed
  RCom had told the court they had tried to move 'heaven and earth' to ensure Ericsson gets its due but was unable to do so due to failure of assets sale deal with Jio
arrow Ordnance Factory Board gets govt's nod to produce artillery gun 'Dhanush'
  Described as a product of joint efforts of the OFB and the Indian Army, this is the first ever indigenous 155 mm x 45 calibre long-range artillery gun
arrow Indian Hotels enters homestay segment with Ama Trails & Stays label
  Tata Group-run hospitality major Indian Hotels Company (IHCL), which operates the Taj brand of hotels, Tuesday announced its entry into the homestay market with a new brand Ama Trails & Stays. The largest hotel chain claimed that this is the first branded product in the homestay market in the country. The new brand will have two sub-brands -Ama Plantation Trails and Ama Fine Homestays. The company has signed a management contract for nine heritage bungalows with group firm Tata Coffee in Coorg and Chikmagalur in Karnataka and is adding two of its own bungalows mid-next year under the Ama umbrella. "Today we announce another business. This is a direct derivation of a drive from our group chairman on scaling, synergising and simplifying. Among our group companies we have a lot of guest houses. The first one we started with Ama Plantation Trail today," IHCL managing director and chief executive Puneet Chhatwal told reporters here. Bookings will open from March 1 for ...
arrow MakeMyTrip ties up with Capital Float to offer zero interest loans
  Customers will be able to pay back in monthly instalments of up to nine months at zero interest and with zero down payment
arrow Jaypee Infra's promoter makes second attempt to settle dues of Rs 10,000 cr
  In the first round, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company's net worth and assets
arrow ArcelorMittal buys back four million shares worth $89 million
  The shares acquired under this programme "are intended to meet ArcelorMittal's obligations arising from employee share programmes", the company said
arrow Walmart flexes in the fourth quarter, beats all expectations; stock rises
  The company had a fourth-quarter profit of $3.69 billion, or $1.27 per share
arrow Huawei ready to start 5G trials in India after permission from govt: CEO
  The official, however, said that the Chinese company has not received any objection from the Indian government so far