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17th of January 2018

Economy



News digest: IBC, Apple's India head, Maruti overtakes HUL, and more

IBC resolution of steel firms pushed to FY19 Indian lenders are likely to wrap up the resolution process of Bhushan Power & Steel (BPSL), Essar Steel, Monnet Ispat & Energy, and Electrosteel Steels only in the first quarter of the next financial year (FY19) and miss the initial deadline of December-end set under the Insolvency and Bankruptcy Code (IBC). Read more Ola acquires Foodpanda to re-enter food delivery biz, takes on Uber Eats India’s largest ride-hailing firm, Ola, has re-entered the online food-ordering and delivery business by acquiring Foodpanda’s India unit as it gears up to take on Uber Eats of global rival Uber and local outfits such as Swiggy and Zomato. Read more Five telecom firms understated AGR by Rs 14,800 crore: CAG Tata Teleservices, Telenor, Videocon Telecom, Quadrant Televentures, and Reliance Jio Infocomm have understated their adjusted gross revenue (AGR) by over Rs 14,800 crore, which has resulted in a shortfall of Rs 1,526.70 crore to the government, according to a report by the Comptroller and Auditor General (CAG) of India. Read more Apple names Michel Coulomb as India head after Sanjay Kaul quits Apple has named Michel Coulomb as its new India Head, replacing Sanjay Kaul, who quit the company abruptly over weak sales growth of its flagship iPhone in the country. Coulomb, a veteran at Apple for over 15 years, has relocated from Singapore to India, which Apple CEO Tim Cook has pegged as the next big market that is similar to what China was over a decade ago. Read more Maruti Suzuki overtakes Hindustan Unilever in market cap race It has been a high-speed ride this year for Maruti Suzuki, the country’s largest car maker.

With an 80 per cent surge in its stock price, the Suzuki-promoted company has surpassed six Sensex companies in market valuation since January to become the fifth-most valued listed firm. On Tuesday, it overtook top FMCG company Hindustan Unilever in market cap, just 11 days after it surpassed the country's largest bank, SBI. Read more

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