Top headlines: India loses Cairn arbitration case; Honda shuts Noida plant

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India loses Cairn case in arbitration; asked to pay Rs 8,000 cr in damages

In a major setback, Indian government has lost arbitration to energy giant Cairn under the retrospective tax amendment to the law in a verdict that came late night on Tuesday. India has been asked to pay damages worth Rs 8,000 crore to the UK oil major. The verdict comes three months after India lost arbitration to Vodafone over the retrospective legislation. Read more

Honda announces closure of decades-old Greater Noida manufacturing plant

Honda Cars India Ltd (HCIL) on Wednesday formally announced closure of manufacturing operations at its Greater Noida facility in Uttar Pradesh. The automaker said the decision to cease production at the plant, which came up in 1997, has been taken as part of realignment of manufacturing operations with the goal of improving business efficiency. With the closure of Greater Noida facility, HCIL has also discontinued CR-V and Civic models in the country.Both the models were being manufactured at the plant. Read more

RBI warns public about shady digital lending apps promising quick finance

The Reserve Bank of India (RBI) on Wednesday warned consumers against the questionable digital money lending entities that promise loans in seconds at exorbitant rates of interest, and then use muscle powers to recover dues. “Members of public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/ firm offering loans online or through mobile apps," the central bank said in a statement. Read more

Azim Premji, SBI MF invest Rs 350 cr in Tube Investments preferential issue

Tube Investments of India (TII), part of Rs 38,000 crore Murugappa Group, has said it has received Rs 350 crore from various investors including Azim Premji Trust, SBI Focused Equity Fund and SBI Magnum mid-cap fund, which have participated in the company's preferential issue. The money will be utilised to fund TII's organic and inorganic growth plans, including acquisition of CG Power and Industrial Solutions and proposed capex. Read more

Xiaomi's market value tops $100 billion, reaching 2018 IPO goal

Xiaomi Corp. founder Lei Jun can finally rejoice after the Chinese smartphone maker’s market value swelled past the $100 billion mark, a figure his company fell far short of when it listed two years ago. The firm’s stock rallied as much as 9.1% Wednesday to a fresh record in Hong Kong, making it the 13th stock in the city’s benchmark Hang Seng Index to have a market capitalization above $100 billion. It ended the day 7.6% higher with a market value of HK$802 billion ($103 billion). Read more