Business, Companies, 6th Aug 2018, News & Stories from India

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Business Companies 06 Aug 2018

Business, Companies, 06 Aug 2018

For the fifth consecutive month, debt-laden Air India has not paid salaries to its employees on time and is yet to communicate the possible date of payments, sources said.

Air India again delays salaries; employees yet to get pay for July

Jayant Sinha told the Lok Sabha that there was a short delay in the payment of salaries for May and that the same was paid subsequently.

06 Aug 2018 7:34 PM

The government on Monday said it has received representations from trade bodies alleging irregularities in various aspects of the proposed acquisition of Flipkart by Walmart and that have been sent to concerned agencies for necessary action.

Depictions against Flipkart-Walmart deal sent to concerned department

In May, the US-based retailer Walmart Inc announced acquisition of 77 per cent stake in Flipkart in its biggest takeover till date.

06 Aug 2018 5:49 PM

The company, which registered operating income of 715 billion yen (USD 6.42 billion) during the quarter, also attributed the growth to sale of the majority of chip designer ARM Holding's Chinese operations. (Photo: AFP)

SoftBank profit up 49 per cent on Flipkart, ARM stake sales

SoftBank said it estimates that the sale of Flipkart shares will occur within 24 months of the inception of the investment.

06 Aug 2018 5:33 PM

The board of ONGC has, for the second time in just over a month, approved selling its entire 49 per cent stake in helicopter service provider Pawan Hans alongside government's privatisation bid, officials with direct knowledge of the development said.

ONGC board approves stake sale in Pawan Hans

ONGC board had first on June 29 approved exiting Pawan Hans.

06 Aug 2018 4:11 PM

Reliance Communications Ltd (RCom) said on Monday it had received approval from the Supreme Court to proceed with the sale of its wireless assets to Reliance Jio after it agreed to pay 5.5 billion rupees (USD 80.06 million) to settle dues with Swedish telecom gearmaker Ericsson. (Photo: PTI)

Reliance Communications, Ericsson reach USD 80 million settlement

India’s bankruptcy court admitted a plea by Ericsson seeking insolvency resolution against RCom over unpaid service dues.

06 Aug 2018 2:14 PM

Total contribution from the prepared foods (Maggi and Maggi franchise) is about 30 per cent.

Maggi attains over 60 pc market share, touches pre-crisis level in value terms

Maggi contributes around one-third of the total sales of the company.

06 Aug 2018 2:01 PM

ONGC increased its borrowings by about Rs 25,000 crore in January 2018.

High operating profit to help ONGC cut borrowings, says Moody's

ONGC reported 47.2 per cent increase in EBITDA or operating profit to Rs 14,240 crore.

06 Aug 2018 1:56 PM

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata Steel, a resolution applicant in this.

NCLAT extends deadline for submission of revised bid for Bhushan Steel

Tata Steel put in a bid of Rs 17,000 crore. Bhushan Power and Steel owes about Rs 45,000 crore to its lenders.

06 Aug 2018 12:54 PM

Miner Vedanta Resources Plc, which is set to taken private by Chairman Anil Agarwal, reported on Monday a 26.3 per cent rise in first-quarter core earnings on higher commodity prices.

Vedanta's quarterly core earnings rise; India copper output drops

Copper production from India fell 73.3 per cent in the quarter after the company closed its facility in southern India.

06 Aug 2018 12:17 PM

The company's market valuation stood at Rs 38,316.98 crore on BSE.

HDFC Asset Management Company shares zoom 58 per cent in debut trade

HDFC AMC's Rs 2,800-crore initial public offer was open during July 25-27.

06 Aug 2018 12:04 PM

The company had posted a net profit of Rs 216.12 crore in the April-June period a year ago.

Britannia Q1 net profit rises 19.41 per cent to Rs 258.08 crore

Shares of Britannia Industries were trading at Rs 6,318.95 apiece, down 1.19 per cent, on BSE.

06 Aug 2018 11:49 AM

The bank’s pretax profit of $5.96 billion in the April-June quarter was higher than the $5.79 billion average of analysts’ forecasts compiled by the bank.

HSBC first-half pretax profit rises 4.6 pc, second-quarter beats estimates

HSBC reported a pretax profit of USD 10.7 billion in the six months through June, up from USD 10.2 billion.

06 Aug 2018 10:42 AM

The popular messaging app is under fire over abuse of its platform for circulation of fake news that have incited mob fury.

WhatsApp building a local team, including India head to check fake news

WhatsApp to bring more effective solutions to the table, to ensure greater "accountability and facilitate enforcement of the law.

06 Aug 2018 9:19 AM

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Shobhaa De