 "CEA Krishnamurthy Subramanian")
Amazon plans to shut down 2-hour delivery app 'Prime Now' in India
Global e-commerce giant Amazon is planning to shut down its Prime Now app in India, after failing to gain traction among Prime members and not being able to refine the business and logistics model in the country, sources in the know said. The Prime Now app sends, at no delivery charge and in two hours, stuff such as groceries, electronics, home, and kitchen essentials in select cities to members of Amazon Prime, a paid subscription service. Read more here
'Indian' agenda for Modi 2.0: Eco Survey projects 7% GDP growth in 2019-20
In the first Economic Survey of Prime Minister Narendra Modi’s second term, new Chief Economic Advisor K V Subramanian constructed a growth template for India that he claimed was a “departure” from “traditional Anglo-Saxon thinking”. The Survey argued that economies were rarely in “equilibrium” but rather in either a vicious or a virtuous cycle, and went on to make the case for investment as the key driver of job creation, exports, demand, and economic growth. Read more here
Telcos, not Trai or govt, will decide spectrum price: Trai chief R S Sharma
The Telecom Regulatory Authority of India (Trai) is studying the comments of the Digital Communications Commission (earlier Telecom Commission) before sending its review on the reserve price and quantum of spectrum to be sold in the upcoming auctions. “We would refer our comments back as soon as possible,” Trai Chairman R S Sharma told Business Standard in an interview on Thursday. Read more here
Govt orders probe into grounded Jet Airways, SFIO summons Naresh Goyal
The government has ordered an investigation into grounded Jet Airways and its group companies for alleged diversion of funds, indulging in malpractices and other financial irregularities found during an inspection. The Ministry of Corporate Affairs has directed the Serious Fraud Investigation Office (SFIO) to probe the stressed company’s affairs and summon its founder Naresh Goyal next week, a senior official confirmed. Read more here
IT firms may log muted growth in Q1, see 50-160 bps decline in margins
Indian information technology (IT) services firms are expected to log muted growth in the April-June quarter (first quarter, or Q1) of 2019-20 (FY20), while profit margins are expected to shrink further. Read more here
YES Bank acquires 9.47% stake in Eveready by invoking pledged shares
YES Bank has acquired a 9.47 per cent stake in Eveready Industries India, part of the B M Khaitan group, by invoking pledged shares. Read more here
Essar Steel: NCLAT approves ArcelorMittal's bid with modifications
The National Company Law Appellate Tribunal (NCLAT) on Thursday approved Lakshmi Mittal-led ArcelorMittal’s plan for Essar Steel India Limited. The appellate tribunal had on May 21 heard the contentions of all the parties and reserved its judgment in the case. The distribution of amount for all operational and financial creditors will be reflected in ArcelorMittal's resolution plan. The Committee of Creditors (CoC) will have no role in this distribution. Read more here
Srei to merge all its lending biz in a bid to become a universal bank
In a bid to become a universal bank, Srei has decided to consolidate all its lending business into one vertical — Srei Equipment Finance. Read more here
‘Not all startups will see a sharp rise in valuation when raising more funds’
Santosh N., senior advisor, Duff and Phelps, one of the largest valuation service providers in the world, believes that while revenue growth will continue to score over profitability for startups, not all of them will see a sharp increase in valuations, the Livemint reports.
The MSP hikes are meagre and don’t reflect reality
The minimum support price (MSP) for different crops announced by the Union Government for the 2019-20 marketing season has upset farmers yet again, the Hindu Businessline reports.
