Top 10 biz headlines: Wilbur Ross on trade war, Wadhawan arrested, and more

From Wilbur Ross talking about India having an opportunity to profit from trade war to the arrest of Wadhawans, here are the top 10 business headlines on Friday

India has opportunity to gain from US-China trade war: Wilbur Ross

India has an opportunity to take advantage of the trade tension between the US and China, US Secretary of Commerce Wilbur Ross said on Thursday at a World Economic Forum (WEF) event, even as the two sides are looking to sign a deal “quickly”. Read More

Slash personal tax, give confidence to stakeholders: India Inc at WEF

The economic slowdown the country faces may last until there is greater confidence in investors and consumers, industry feels. At the India Economic Summit on Thursday, its representatives asked for more measures such as cuts in personal income tax rates to elevate consumer demand. Read More

PMC Bank scam: EOW arrests HDIL's Rakesh, Sarang Wadhawan

The economic offences wing (EOW) of the Mumbai police arrested Housing Development & Infrastructure (HDIL) promoter Rakesh Wadhawan and his son Sarang Wadhawan on Thursday in connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam. Read More

Colour but no credit: Loan 'mela' kicks off, but without spot approvals

If you’re headed to a loan mela—quite like a typical fair under a ceremonial tent—thinking of an on-the-spot sanction and disbursement, you got it wrong. On day one of the mega rollout, more than three decades after a similar exercise, the promised pan-Indian loan melas turned out to be customer outreach events to showcase that banks were ready to lend and were in good health, rather than a window to get fast approvals there and then. Read More

As Project 28 nears end, GRSE feels it's equipped to build more corvettes

Workmen bustle over INS Kavaratti, a sleek anti-submarine warfare (ASW) corvette nearing completion at Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, on the monsoon-swollen Hooghly river. The last of four corvettes built under Project 28, Kavaratti will be commissioned before end-2019 — three years later than contracted. Read More

Sunil Mittal bats for Huawei Technologies, says it should be in play

Sunil Mittal, founder and chairman of Bharti Enterprises, on Thursday lend his voice in favour of Chinese telecom gear maker Huawei Technologies that has been caught in the ongoing US-China trade war. Read More
 

Bear grip getting stronger? Over 50% Nifty F&O stocks trade below 200 DMA

Out of 150 stocks traded in the Nifty F&O segment, 76 stocks, at present, are trading below their 200-day moving average (DMA). In the Nifty 500 segment, around 268 stocks are trading below it while the benchmark indices, S&P BSE Sensex and Nifty50 are hovering around the same moving average. Read More

Apollo Global in talks to acquire Altico; lenders to take a call on Oct 11

Apollo Global Management is in preliminary talks with lenders to buy troubled non-banking financial company (NBFC) Altico Capital, but lenders have decided to first finalise the quantum of haircut they would be taking, by October 11. Read More

Ant may Lead $600m Funding in Zomato

Online food delivery and restaurant discovery platform Zomato is finalising a fresh $600-million round of fundraising likely to be led by existing Chinese investor, Ant Financial, said two people in the know, reported Economic Times. Singapore’s sovereign fund Temasek is also expected to put in a significant amount of capital as part of the fund infusion that will further intensify the battle between Zomato and Swiggy, according to people familiar with the matter.

Ola may have turned profitable, plans to list in India in two years

ANI Technologies Pvt. Ltd, the operator of ride-hailing service Ola, plans to go public in less than two years after meeting profitability goals required for such a listing in India, two people aware of the discussions said, Livemint reported. Ola is expected to have turned its maiden annual profit in the year ended 31 March, the first step towards the goal of an initial public offering (IPO), as local exchanges require companies to be profitable for at least three years before they go public, the two people said on condition of anonymity.