Top 10 biz headlines: RIL at 106 in Fortune 500, SC ousts Amrapali & more

From India's likely entry into the club of the 50 most innovative nations to Supreme Court cancelling Amrapali group's RERA registration, Business Standard brings you top 10 business news of the day

Global Innovation Index: India set to break into top 50 elite club

India is set to break into the club of the 50 most innovative nations once the Global Innovation Index (GII) is launched on Wednesday, according to sources.

A concerted push by the Prime Minister’s Office in promoting innovation in the digital economy, start-ups, and ease of doing business has helped India, a person in the know said. Read more

SC cancels Amrapali group's RERA registration

The Supreme Court on Tuesday cancelled the RERA (Real Estate Regulation and Development Act) registration of Amrapali group companies for defrauding homebuyers, diverting their money and failing to complete projects on time. 

In an unprecedented move, the top court also appointed state-owned NBCC India to complete the pending projects of the NCR-based developer. Read more

Govt proposes major labour law changes for ease of compliance

Companies will soon not require multiple registrations, as they do now under a plethora of labour laws, because the government has proposed one licence, one registration, and one return for establishments.

This is part of a major labour law reform proposed in Parliament on Tuesday. Read more

Hit by frauds, lenders plan to hire agencies for loan monitoring

Banks are planning to appoint external agencies in all consortiums lending above Rs 250 crore for continuous monitoring of funds.

According to two top public sector bankers, the need to engage external agencies to conduct a “forensic audit kind” of survey continuously was necessitated by some big-ticket frauds. Read more

RIL overtakes IOC as highest ranked Indian company on Fortune 500 list

Mukesh Ambani-led Reliance Industries has jumped 42 places to become the highest-ranking Indian firm on the Fortune Global 500 list.

State-owned Indian Oil Corp (IOC) had been the top-ranked Indian company on the list and was first on the Fortune India 500 list which was started in 2010. Read more

HUL volume growth slowest in 7 quarters

Hindustan Unilever (HUL) on Tuesday reported its lowest volume growth in seven quarters for the April-June period (Q1FY20) on the back of moderation in consumer demand.

For the quarter under review, HUL saw 5 per cent volume growth as against 12 per cent in the year-ago period. Read more

L&T Q1 net profit rises 21% 

Larsen & Toubro’s (L&T’s) net profit for the quarter ended June 30 rose 21 per cent on the back of improved performance. The company’s management maintained its guidance for the financial year, though it expects order inflow to remain volatile.

Top officials at L&T feel that private investment is unlikely to make a comeback for 12-18 months. Read more

IMF cuts India's GDP growth rate to 7% due to subdued domestic demand

The International Monetary Fund (IMF) has cut its projection for India’s economic growth by 0.3 percentage point to 7 per cent for 2019-20 due to subdued domestic demand. For the next financial year, the projection was also cut by 0.3 percentage point to 7.2 per cent. Read more 

Govt plans to revamp regional rural banks

Government is planning to revamp regional rural banks to ensure better operational efficiencies, reports the Economic Times.

Consolidation of these lenders is major lighlight of the planned overhaul.

Suzuki not likely to double Gujarat plant's capacity

Suzuki Motor Corp is looking to suspend the plan to double vehicle manufacturing capacity of its Gujarat plant, according to the Livemint.

The ongoing slowdown in the automobile setor along with lack of availability of skilled manpower are said to have influenced Suzuki's decision.