Business Standard

Top 10 headlines: IndiGo row, CEC Arora denying rift, DMart prices and more

From global tech majors to US-Iran conflict, Business Standard brings you top 10 stories that made news on Saturday

BS Web Team  |  New Delhi 

IndiGo
File Photo: An IndiGo Airlines | Photo: Reuters

No desire to take IndiGo's control, says co-promoter Rakesh Gangwal

co-promoter Rakesh Gangwal on Saturday sought to scotch speculation that he was trying to gain greater control over the airline, saying he had no interest or desire to do that.

The remarks came against the backdrop of his reported differences with another co-promoter Rahul Bhatia. Read more here

Tech giants put India plans on hold, seek clarity on e-commerce policies

Global technology majors have put on hold their investment plans for India as they wait for a new government to clear the air around a host of issues such as the e-commerce policy and data protection laws, people in the know said.

Public policy teams of Amazon, Flipkart, Facebook, and TikTok, among others, are planning to meet senior officials of the Department for Promotion of Industry and Internal Trade (DPIIT), finance ministry, and information technology ministry after the formation of the government, to understand its stance. Read more here

CEC Arora denies rift in poll panel, says members not clones of each other

Under attack not just from the Opposition for what it has called “partisan” conduct but also facing dissent from one of his team members, Chief Election Commissioner Sunil Arora on Saturday described as “unsavoury” and “avoidable” reports that fellow commissioner Ashok Lavasa had decided to recuse himself from meetings related to model code violations until he was allowed to record his disagreements. Read more here

Competition pushes DMart to keep prices down; margins to take hit

Avenue Supermarts, operator of the DMart chain of stores in India, saw its margins contract for the third straight quarter when it reported its March Quarter (Q4) results last week.

This came even as revenue and profit growth surged 32 per cent and 21 per cent year-on-year, respectively. Read more here

PM-KISAN vs farm loan waiver scheme: The jury is still out in Punjab

The objective was to meet beneficiaries of the Punjab government’s farm debt waiver scheme in the farmer suicide hotspots of Mansa and Bathinda districts.

With a list of beneficiaries in hand, this reporter’s intention was to document how life and farming changed for 100,000-odd farmers who benefitted from the Amarinder Singh government’s loan waiver scheme. Read more here

Iran dismisses possibility of conflict, says Tehran does not want war

Iran's top diplomat on Saturday dismissed the possibility of war erupting in the region, saying Tehran did not want a conflict and that no country had the "illusion it can confront Iran", the state news agency IRNA reported.

Tensions between Washington and Tehran have increased in recent days, raising concerns about a potential U.S.-Iran conflict. Earlier this week the United States pulled some diplomatic staff from its Baghdad embassy following attacks on oil tankers in the Gulf. Read more here

Mamata's nephew Abhishek sends defamation notice to Modi, demands apology

TMC MP Abhishek Banerjee Saturday sent a defamation notice to Narendra Modi, demanding an apology from the prime minister for "wildly fabricated allegations" against him at a rally earlier this week.

Modi has been given 36 hours to apologise or face legal proceedings, according to the notice served by Banerjee's lawyer, Sanjay Basu. Read more here

JK Cement reports 55% rise in net profit to Rs 150 crore for Q4

JK Cement Saturday reported 55 per cent rise in net profit to Rs 150 crore for the fourth quarter ended March 2019.

The company had posted a net profit of Rs 96 crore in the same quarter previous fiscal. Read more here

Australian conservative PM Scott Morrison hails 'miracle' poll victory

Australia’s ruling conservative coalition led by Prime Minister Scott Morrison on Saturday made a “miraculous” comeback and is set to form the next government after winning most number of seats in the elections, defying exit polls which predicted a victory for the opposition Labor Party. Read more here

Danish sports lifestyle brand, Hummel enters India, launches of five franchise stores

Danish sports lifestyle brand, Hummel International has entered the Indian retail market. The company opened five franchise stores in Bengaluru, Pune, Chennai, Surat and Amritsar. Hummel will invest $5.5 million (Rs 38.5 crore) in its first year of operations in India and open 10 more stores in the current fiscal year. Hummel will take on other popular sports lifestyle brands like Nike, Adidas, Reebok, Puma and Nautica, to name a few, the Hindu Businessline reported.

First Published: Sun, May 19 2019. 11:24 IST
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