Top 10 biz headlines: Vodafone Idea loss, WhatsApp fights fake news, & more

Here are the top 10 business stories that made news on Wednesday

1) Vodafone Idea reports Rs 5,005-crore loss for Oct-Dec quarter post merger

Telecom operator Vodafone Idea on Wednesday reported a consolidated loss of Rs 5,005.7 crore for the third quarter of 2018-19. The books of Vodafone Idea recorded comprehensive loss of Rs 1,284.5 crore in the same quarter a year ago. However, the year-on-year figure is not comparable as the merger between Vodafone and Idea completed on August 31, 2018. Read more

2)  Govt explores pre-packaged bankruptcy plan to fast track insolvency process

The feasibility of implementing a ‘pre-packaged’ bankruptcy scheme, prevalent in the US, is under consideration, it is learnt. The move is meant to strengthen the insolvency framework, while cutting the cost and time of the resolution process, according to officials in the Ministry of Corporate Affairs. More details

3) Samsung to begin production of key mobile components in Noida from April

The country’s largest mobile component producer Samsung India is preparing to begin production of key components like display screens, touch panels and vibrator motors from April. The move is significant as it comes after the government backtracked on its plan to impose Customs duty on those pricier components from February 1. Click here to read more

4) Vodafone Idea’s belt-tightening is helpful, but far from good enough

When expectations aren’t running very high, room for disappointment is small. Analysts were already expecting Vodafone Idea Ltd to report a massive loss of around Rs 5,000 crore for the December quarter, and it turns out that they were prescient. The company reported a loss of Rs 5,004.6 crore, according to a report in LiveMint. 

5) Draft logistics policy proposes e-marketplace, and a fund for start-ups

The Centre has come up with a draft national logistics policy to create a national logistics e-marketplace as a one-stop marketplace for exporters and importers, set up a separate fund for start-ups in the logistics sector, and to double employment in the sector, according to report in HinduBusinessLine.

6) Cognizant gives muted revenue guidance for 2019; appoints new CEO

IT services major Cognizant, which completed 25 years of its operations late last month, on Wednesday announced a major reshuffle in the senior management, with the appointment of Brian Humphries as its new chief executive officer (CEO), succeeding co-founder and current CEO, Francisco D’Souza. Humphries, who is currently CEO of Vodafone Business, will take up this new role effective from April 1, 2019. Click here to read more

7) RCom taking insolvency route out of 'dishonest intention': Ericsson to SC

In a fresh contempt plea moved before the Supreme Court, Ericsson India has alleged that the insolvency route taken by Anil Ambani-led Reliance Communications (RCom) has "dishonest intention" intended to frustrate the orders of the court, sources close to the development said. The Supreme Court had ordered RCom to pay Rs 550 crore to Ericsson India latest by December 15. More details

8) Brookfield may invest $1.5 bn in Indian realty to compete with Blackstone

Canada’s Brookfield Asset Management which raised $15 billion for global real estate last week, could put as much as 10 per cent of the funds raised in Indian real estate, said sources in the know. “Past funds have gone as much as 10 per cent of their corpus in Indian real estate. So this fund could also hit that mark,” said sources. Read more

9) Lupin registers tepid growth in India revenues, US sales remain subdued

Lupin’s December quarter performance was aided by good growth in the domestic formulations market. The India unit, which contributes 30 per cent to its overall revenues, registered a growth of 11.4 per cent year-on-year. North America sales (primarily US), which accounts for about 35 per cent of sales, remained subdued. Read here

10) Bulk messages on WhatsApp radar ahead of Lok Sabha elections 2019

WhatsApp has not ruled out the possibility of exiting the India market even as it has upped efforts to ensure political parties do not abuse the platform to spread misinformation via bulk messages in the run-up to elections. Read the detailed copy here