Top 10 biz headlines: FMCG slowdown, Air India stake sale, and more

From FMCG sector experiencing slowdown to Air India stake sale, here are the top 10 business headlines on Wednesday

FMCG slowdown gets worse in Q2 as consumer sentiment remains tepid

India’s fast-moving consumer goods (FMCG) market slowed to a five-quarter low in the July-September (Q2) period as consumer sentiment remained tepid. Read more

Q2 preview: Refining margins may boost RIL's earnings

With an improvement in refining margins, Reliance Industries (RIL) is expected to report a strong quarter for the July-September period. Analysts expect refining to offset weakness in petrochemicals (petchem) and a lower tax rate benefit for the retail and telecom businesses. Read More

Flipkart forays into original video content, takes on Amazon and Netflix

Walmart-owned e-commerce major Flipkart is foraying into offering original video content with the launch of Flipkart Video Originals. Read More

September exports repeat decline, contract by 6.5% to reach 3-month low

Exports in September contracted for the third time in the first six months of the current fiscal year, with trade decline plaguing all major foreign exchange (forex) earners such as processed crude oil, gems and jewellery, and engineering goods. Read More

Air India stake sale: Buyer to get only Rs 10,000 crore of airline debt

The government is likely to transfer about Rs 20,000 crore of additional debt from Air India’s books in order to make it lucrative for buyers. The move will leave Air India with about Rs 10,000 crore of debt. Read More

Wipro Q2 net profit jumps 35.1% to Rs 2,552 crore on back of large deals

IT services major Wipro on Tuesday reported better-than-expected second quarter (Q2) numbers on the back of large deals and sound growth in key business verticals. Improved business confidence also prompted the IT firm to increase its revenue guidance for the third quarter ending December. Read More

We will soon be India's second-largest gas producer: Cairn Oil & Gas CEO

Vedanta arm Cairn Oil and Gas was the most aggressive bidder in the Open Acreage Licensing (OALP) rounds, getting 55 blocks so far. Ajay Dixit, chief executive officer, speaks on why they bid aggressively, and the road map for unconventional fuel. Read More

Uber India lays off 10-15% of its staff, pps may be hit

Uber has laid off 10-15% of its India employees as part of a global retrenchment drive announced on Monday, three people with knowledge of the matter said, Economic Time reported. These terminations will impact all of Uber’s businesses in the country, including its online food-delivery vertical under UberEats, they said. Uber has 350-400 employees in India. The San Francisco-based ride-hailing major had emailed employees saying it would cull jobs of 350 people across the world with 70% of that in the United States and Canada.

Flipkart to start selling food through FarmerMart

Walmart-owned Flipkart is entering food retail in India, where consumers spend about $500 billion on groceries annually, Economic Time reported. Newly registered Flipkart FarmerMart, with an authorised equity capital of Rs 1,845 crore, will sell items produced locally. Sales will initially be online, although the company can also sell through physical stores.

Blackstone, KKR join race for India’s Emami Cement
 

Blackstone Group Inc. and a rival consortium led by KKR & Co. are considering bids for the cement unit of Indian cosmetics to paper conglomerate Emami Group, according to people with knowledge of the matter, Livemint reported. TPG Capital is also weighing a bid for Emami Cement Ltd. and could look for a local partner, said one of the people, who asked not to be identified as the discussions are private. KKR is in talks to team up with Nirma Ltd., a maker of detergents, the people said.