Infosys has announced to invest Rs. 1 billion in the West Bengal in order to build Software Development Centre without the status of SEZ (Special Economic Zone). The company said in the filing that the center will be constructed in an area of around 50 acres and is expected to provide employment to over 1,000 individuals. The company also explained that the first phase of the project is expected to be completed within 15 months with the construction of 525,000 sq. feet facility that will be able to house 1,000 employees. The company had earlier acquired the land near Rajarhat which they then surrender after the objection raised by the current Chief Minister of the state. Now the company has been offered the 50 acres of land in the Bengal Silicon Valley Hub in Kolkata. In the previous month, Infosys announced t

Flipkart owned e-commerce website eBay India has terminated all of its operations in India, as the parent company has announced that they will soon introduce a new platform to buy/sell refurbished goods replacing the more than decade-old website. The partnership between Flipkart and eBay India began in August of last year when the US major sold its Indian Arm to the local Business Magnate. Last month Flipkart announced to its employees through an email that they will introduce a new website for refurbished goods, concluding that the 14 years old platform to be replaced. Flipkart is aiming to penetrate into the pre-owned goods market which till date remains highly unorganized. Flipkart declared that the website will stop taking new order from 14th August and all the new customers will be directed to Flipkart ow

Indian Automotive company Ashok Leyland announced that they have secured an order from the Bangladesh Road Transport Corporation (BRTC) to supply 300 double-decker buses to the country. The company said in the statement that the delivery of buses will take place within eight months. Ashok Leyland, who is subsidiary to the Hinduja Group, said in the press release that Bangladesh is one of their most important export marketplaces and that this order will further strengthen their position. The company also described their efforts to focus on exports in order to de-risk their dependence on the domestic market. The company declared this as a significant win for them and supportive for the strong growth in export as they had in the prevision year.A few days earlier, the company’s UK subsidiary Optare PLC bagged an

Chinese smartphone maker Vivo has announced that they will invest an additional Rs. 200 crores in order to expand the Greater Noida facility. Vivo has already invested Rs. 300 crores in the plant, has also introduced Surface-mount Technology (SMT) lines to the unit. The investment is said to boost the company’s manufacturing capacity. Vivo said in the statement that the facility has increased production to more than 2 million units per month and shown its commitment towards ‘Make In India’ campaign. The newly added SMT lines will cater to the growing demand for Vivo smartphones in India including its flagship products. The Greater Noida facility house more than 5000 employees and the plant has an annual capacity of 25 million units. Besides manufacturing, the plant also houses a ‘Test Lab’ where thei

Chinese Technology Conglomerate Tencent Holdings Ltd. had reportedly lost more than US$ 180 Billion of market cap since its peak in January making it one of the worst performing tech firm in the Asian market. Tencent market cap was once recorded well above US$ 500 Billion but now has fallen to US$ 320 billion. Tencent which is a global technology major and has its operations all around the world and WeChat, Epic Games, Tencent games, Tencent pictures are some of its well-known subsidiaries. It is also the sixth largest internet company in the world in terms of revenue. The company said in a statement that the sudden downfall in company’s market cap is caused due to ongoing restructuring in the Chinese Government. The officials in the Chinese regulatory have caused the delay in obtaining necessary authorizati

India’s largest Hospital chain, Apollo Hospitals reported their quarterly financial statement with a net profit of Rs. 60.16 crores a significant 71% rise in profit level as compared to Rs. 35.2 crore profit earned in the June-end quarter of the fiscal year 2018. Apollo Hospitals also reported the total revenue of Rs. 1910 crore achieved during the first quarter of the current financial year, posting a 16% rise as compared to Rs.1646 crores revenue earned in the corresponding period of last year. The company’s EBITDA grew 31% to Rs.227 crores in the quarter under review. The company said in the statement that the revenue growth was supported by 20% growth in pharma and a volume driven 12% rise in healthcare. Revenue obtained from the new hospital went up by 23%. The stock price of Apollo Hospital in NSE

Shareholders of Fortis Healthcare has approved the acquisition of India’s second largest hospital chain by Malaysia's IHH Berhad, as the 99.7% of shareholder voted in the favor for the issuance of 235.9 million shares through preferential allotment comprising 31% of stake in the company. The approval will provide Fortis with a fresh funding of Rs. 4000 crores. The entire deal consists of US$ 1.1 Billion which will provide 75% control of the Fortis Healthcare to the parent company of IHH Berhad, Northern TK Venture Pvt. Limited. The entire deal will take place after the issuance of the approval by the Competition Commision Of India (CCI). The company also released their financial report for the first quarter of the fiscal year 2019 with a net loss of Rs. 53 crores as against the profit of Rs. 23 crores in the

The Amara Raja Batteries announced that their board of directors has approved the investment of Rs.700 crores to set up of a new greenfield automotive battery plant with a capacity of 6.5 million units per year. The company has stated that the project will be implemented in three phases. Hyderabad based India’s Top Acid battery maker Amara Raja Batteries also reported their quarterly financial report for the fiscal year 2019 with a net profit of 113 crores, a 13% rise in comparison to the Rs. 99.8 crores earned during the same quarter of the fiscal year 2018. The total revenue of the company for the quarter under review stood at Rs. 1779 crores resulting in a 19% incline as against Rs.1497 crores earned during the corresponding period of last year. The company’s expenses also went up by 5.7% to Rs.1623 cr