Top 10 biz headlines: IndiGo's EGM, Chinese influx threat to auto, and more

From Tatas and AirAsia in talks to sort out no-compete rule to job incentive fraud, here are the top 10 business headlines for the day

Tatas, AirAsia in talks to sort out no-compete rule, signed for their JV

The Tata group’s holding company, Tata Sons, and Air Asia —owned by Malaysian businessman Tony Fernandes — are in talks to sort out differences that cropped up between the two groups over the non-compete clause signed for their joint venture, AirAsia India. Read more.

Shareholders reject Rakesh Gangwal's special resolution at IndiGo's EGM

The special resolution proposed by IndiGo co-promoter Rakesh Gangwal was defeated in the company’s action-packed Extraordinary General Meeting (EGM) on Wednesday. The resolution has not been passed as only 48.56 per cent of the votes cast were in its favour, while 51.44 per cent were against, according to an exchange filing. Read more.

Govt unearths job incentive fraud; EPFO blocks accounts of 1 mn employees

About 80,000 companies have been found duping the system by taking financial incentives worth Rs 300 crore from the central government for a scheme meant to create new jobs in the formal sector. Read more.

Chinese influx poses threat to Indian auto makers; 20% market could be lost

At the upcoming annual auto expo in New Delhi, more than a third of the exhibition space is booked by Chinese auto makers such as the largest maker of utility vehicles Great Wall Motors, FAW-owned Haima Automobile, and state owned SAIC which has seen its SUV, the MG-branded Hector, notch up record early sales. ' The physical space occupied by them is a clear demonstration of the inroads that Chinese players are making into the India auto scene. Read more.

DHFL diverted Rs 12,700 cr into 79 shadowy firms linked to promoters: ED

Dewan Housing Finance (DHFL) diverted Rs 12,773 crore of loans to 79 shadowy companies allegedly associated with its promoters in the garb of retail loans to about 100,000 fictitious customers between 2010 and 2015, according to the Enforcement Directorate (ED). Read more.

Bajaj Fin reports 33% growth in Q3 profit, stock may remain range-bound

Bajaj Finance reported 33 per cent growth in its profit before tax (PBT) at Rs 2,170 crore in the December quarter of FY20, compared to Rs 1,636 crore in the same quarter last financial year (Q3 FY19). Growth was driven by net interest income (NII), which increased 42 per cent year-on-year (YoY) to Rs 4,537 crore in Q3FY20; total income expanded 41 per cent YoY to Rs 7,026 crore. Read more.

Airtel Payments Bank raises Rs 225 cr via Bharti Airtel, Bharti Enterprises

Airtel Payments Bank has raised close to Rs 225 crore from Bharti Airtel and Bharti Enterprises, as per regulatory documents. While Bharti Airtel has infused Rs 180.22 crore into Airtel Payments Bank, Bharti Enterprises has injected Rs 44.77 crore. Read more.

Apple logs double-digit growth in India with aggressive pricing, strategy

After struggling to grow its handsets business in India during 2018, Apple ended 2019 on a high note. Following record sales in the September quarter, the maker of iPhone, iPad and Macbook put up a robust show during October-December 2019. Read more.

China shutdowns hit Indian electronics cos

Due to the coronavirus outbreak in China that has disrupted component supplies, smartphone and consumer electronics companies in India said they were staring at production cuts and possible delays in launch of new products. The scale of the impact would depend on how long the disruption continues, reports The Economic Times.

Hirings at Oyo were closely followed by layoffs: Ex-staff

The layoff process started on January 13 from the Jaipur office where the whole team of 160 people was asked to leave, several retrenched employees TOI spoke to over the last few days said. It happened across verticals, Oyo Rooms, Oyo Kitchen and Oyo Life. Some of these employees said they had been hired just a couple of months ago and had team members who had joined only in December 2019, reports The Times of India.