Companies & Industry News Update
arrow Steel firms may drop prices of flat products by up to Rs 1,500 a tonne
  Demand factor in India hasn't changed but it's the global phenomenon taking its toll on India
arrow China summons US envoy, protests 'extremely bad' arrest of Huawei executive
  Meng Wanzhou was arrested in Vancouver on December 1 on the orders of US authorities for allegedly violating American sanctions on selling technology to Iran.
arrow Big auto firms' investments in start-ups jump manifold to $243 mn in 2018
  Big deals included a $65-mn investment by electric scooter maker Kwang Yang Motor in Twenty Two Motors
arrow Lack of EV policy not to hamper eco-friendly vehicles' launch in India: Kia
  South Korean auto major Kia Motors is not worried over the lack of policy for eco-friendly vehicles in India as it can quickly adapt from its existing global portfolio for the local market, according to a senior company official. The company feels that India will also eventually follow the global direction towards eco-friendly technologies led by electric vehicles (EVs). Kia has already announced plans to roll out electric and hybrid vehicles from its upcoming plant at Anantpur in Andhra Pradesh and is targeting to launch an electric vehicle in India by 2021. "Indian government policies are not clear at the moment. We don't know the future policy but seeing the global market circumstances, there is a big direction (towards EVs)," Kia Motors India CEO & Managing Director Kookhyun Shim told PTI. He said going forward the current powertrain of internal combustion engines would be replaced by eco-friendly technologies. "It is also true that we are considering our eco-friendly line-up
arrow Tata Motors bets big on SUV Harrier for 'sustainable' growth: Official
  It has been working on a strategy to revive its fortunes in the passenger vehicle segment for the last couple of years, now believes it has products and scale to be among the leaders in the segment
arrow Six of top 10 companies lose Rs 549 bn in m-cap; RIL takes biggest hit
  The market valuation of RIL slumped by Rs 221.53 billion to Rs 7,183.17 billion while that of ITC plummeted Rs 148.77 billion to Rs 3,356.37 billion
arrow Huawei CFO case: China summons Canadian envoy, warns of grave consequences
  The 46-year-old executive was arrested in Vancouver while changing planes, ratcheting up tensions between the US and China just as the countries' leaders agreed to a truce in their trade war
arrow JK Tyre to invest Rs 12.5-billion in Laksar unit it bought from Birla Tyres
  This will give a boost to industrialisation in the hill state
arrow We expect Tapti Fields to be decommissioned in two years: Shell India
  As of now, Tapti is dry and is facing decommissioning
arrow Niger orders closure of Airtel offices over unpaid taxes of $107 million
  Airtel had a Friday deadline to pay 15 million euros in fines
arrow Nabard signs $100-mn agreement with Green Climate Fund to boost solar power
  Nabard is the NIE for Adaptation Fund of UNFCC and National Adaption Fund for Climate Change
arrow Odisha steel PSU Neelachal Ispat Nigam commences steel billets production
  The addition of steel billets to its varied product portfolio would help fuel the turnaround plans and inch closer to making net profit
arrow Oil PSUs planning to open nearly 4,500 petrol pumps across Gujarat
  The Indian Oil will set up 128 retail outlets, with Bharat Petroleum 50 and Hindustan Petroleum 49 in Vadodara district of Gujarat
arrow Steer Engineering moves Delhi HC against GSK Consumer over Unilever deal
  Steer Engineering has moved Delhi HC seeking to protect the technology it gave to GSK
arrow USFDA recommends regulatory action on Jubilant Life's Roorkee plant
  The FDA has classified the inspection of the Roorkee plant as 'Official Action Indicated'
arrow Venture capital deal value grew 5 times in the last 10 years: Report
  Overall since 2014, the figure has been pegged at $10 billion
arrow Despite surge in demand, cement price growth to remain muted in FY19
  In the coming fiscal year, capacity addition of around 5-7 mt is expected in the eastern and western region
arrow Why Apple is no longer a byword for innovation? Here's what the markets say
  The beauty of markets is that they reflect the future opportunities of firms in an accurate way, after consolidating the opinion of millions of investors
arrow After Lyft, Uber confidentially files for initial public offering: Report
  Uber's most recent valuation was $76 billion, and could be worth $120 billion in an IPO
arrow In effort to scoop up shares, Facebook expands buyback plan by $9 billion
  Facebook shares have slid more than 30 percent in the past few months amid heightened scrutiny of the company and a bruising stock market
arrow Malvinder vs Shivinder: Singh brothers' feud turns physical this time
  Meanwhile, Religare has approached Delhi HC, accusing the two brothers of siphoning off money
arrow Johnson & Johnson dealer asked to deposit sum on charges of profiteering
  A complaint was made to the National Anti-Profiteering Authority about two products - J&J Baby Shampoo and J&J Baby Powder
arrow Ex-Facebook India MD Kirthiga Reddy joins SoftBank Vision Fund
  Reddy was the first staff at Facebook India back in 2010, and is credited for cementing the firm's operations in the country. She left the position in 2016 and moved back to the HQ
arrow Ikea to co-create sustainable solutions with start-ups to tackle challenges
  The start-ups would receive a potential partnership or investment from Ikea
arrow Centre's plan to sell stake in SJVN to NTPC awaits nod from Himachal govt
  The move will help the Centre meet its disinvestment target of Rs 800 billion for FY19
arrow MERC appoints two-member committee to look into Adani power bills
  Adani Electricity Mumbai Limited is a subsidiary of Adani Transmission, formed after acquisition of Reliance Infrastructure's generation, transmission and distribution utilities in Mumbai
arrow Thyssenkrupp, Tata Steel near decision on steel JV board: Report
  Andreas Goss, head of Thyssenkrupp's steel unit, is the front runner to become chief executive of the JV, which will be Europe's second-largest steelmaker after ArcelorMittal, people in the know said
arrow SC orders forensic audit of embattled real estate firm Unitech
  The apex court has also asked the auditor Grant Thornton to place before it the draft terms of audit and timeframe of Unitech Ltd
arrow Icra downgrades crisis-hit Jet Airways' long-term ratings from 'B' to 'C'
  Jet Airways in a regulatory filing also confirmed the rating downgrade by Icra
arrow Over 270 hotels withdraw week-long boycott against MakeMyTrip, Goibibo
  Since December 1, around 270 hotels in the city had stopped entertaining customers
arrow LIC, GIC show keen interest in buying Air India building in South Mumbai
  According to Air India's audited accounts, the airline's total losses stood at Rs 471.45 billion in 2016-17
arrow HCL acquiring intellectual properties from IBM a risky bet, say experts
  Industry experts are of the view that the company has taken a risky bet by investing in those IPs
arrow Bombay HC seeks Shapoorji Pallonji's reply over Tata Trust chief's plea
  In its complaint filed in September, the company had claimed that Venkatramanan, on May 30, issued a false, frivolous, baseless and defamatory press statement against it
arrow Volkswagen India to hike prices by up to 3% from January over input costs
  The company currently sells a range of vehicles starting from hatchback Polo to premium sedan Passat with prices ranging from Rs 555,000 to Rs 3.29 million
arrow SoftBank hires Facebook's Kirthiga Reddy to help manage $100 bn fund
  Kirthiga Reddy is joining a crew that's helped SoftBank Group Corp. founder Masayoshi Son orchestrate an unprecedented wave of investment in Silicon Valley, China and beyond.