Trending Business stories for the day
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Sundar Pichai appointed to the Alphabet Board of Directors
Google’s parent company, Alphabet has appointed Google’s India-born CEO Sundar Pichai to its Board of Directors. According to report by Hindustan Times, Pichai whose appointment became effective on July 19 joins four other Alphabet officers Page, Sergey Brin, Eric Schmidt and Diane Greene on the 13- member Board.
Baby Marine Ventures eyes expansion plans; ropes in KPMG
Baby Marine Ventures group has roped in leading consultants KPMG to prepare a roadmap to consolidate and expand its ten verticals over the next 10 years. The Rs 750 crore conglomerated is based in Kochi. According to a report in Economic Times, The flagship seafood vertical remains the principal revenue earner for the group with a turnover of Rs 350 crore.
Michael Kors takes over luxury shoemaker Jimmy Choo
In a deal worth $ 1.35 billion (896 million pounds), American fashion brand Michael Kors is taking over luxury shoemaker Jimmy Choo. According to a report in Times of India, Jimmy Choo will have its online presence bolstered and the deal gives Jimmy Choo shareholders 2.3 pounds in cash for each share.
RBI starts printing new Rs 200 notes
The Reserve Bank of India (RBI) is stepping up for the production of new Rs 200 notes and have stopped printing 2,000 -rupee notes about five months ago.The government brought in the 2000-rupee note to quickly tide over a cash crunch from demonetisation. The RBI’s focus now on printing small bills is aimed at bridging that gap.
Filpkart beats Amazon India in June sales
Flipkart outpaces Amazon India and reported gross sales of Rs 2,600 crore in June as compared to its counterpart whose gross sales stood more than Rs 2,400 crore for the month. While both Flipkart and Amazon have been reporting strong sales growth, the online retail market in India continues to struggle.
Triumph launches its new model Tiger Explorer XCx in India
Triumph, the British bike maker has launched its new model Tiger Explorer XCx in India, priced at Rs 18.75 lakh. Powered by a 1,215cc triple engine, this new model has features such as ABS and traction control, said Triumph Motorcycles India, according to a report in Hindustan Times. Speaking during the launch, the Triumph Motorcycles India Managing Director, VimalSumbly said that the Tiger Explorer XCx is suited for both on and off road riding, ensuring superb stability and control.
Byju’s App raises funds from China’s Tencent Holdings
Byju’s App, an online education start-up has raised funds from China’s Tencent Holding Ltd. This will help Byju’s App accelerate product development for new markets and create a capital pool for acquisitions, emphasised the company. Tencent Holdings is a Hong Kong Stock Exchange-listed holding firm that owns a plethora of companies in the media, entertainment and internet commerce space.
FabHotels raises $25 million from Goldman Sachs, Accel Partners
In a series B funding round led by Goldman Sachs, the Budget hotels chain FabHotels has raised $ 25 million. According to a report in Livemint, Vaibhav Aggarwal, co-founder and chief executive officer, FabHotels said that the focus in past 12 months has been on investing in technology. We also want to triple our technology team and double the number of rooms from the 5,000 that we have today.
Snapdeal accepts Flipkart’s revised takeover offer of $900million-$950 million
The board of online marketplace Snapdeal approves Flipkart’s revised takeover offer of $ 900 million-$950 million last week. According to a report in Reuters, Bengaluru-headquartered, Flipkart had revised its initial offer for Snapdeal to up to $950 million.