Companies

Companies

Canadian poker firm heads for India

The world’s largest online poker company will soon enter the fastest-growing smartphone market.
PokerStars owner Amaya — soon to be renamed The Stars Group — plans to start services in India with a local partner by the end of this year, lured by the country’s 1.2 billion mobile users.
The Montreal, Quebec-based company is aiming for at least half the Indian market, which it estimates could reach $150 million over time.

Sail sets strategic sale process rolling, SBI Cap hired for job

State-owned steel maker Sail India has set in motion the process for strategic sale of its three loss-making plants at Bhadrawati, Salem and Durgapur by finalising appointment of transaction and legal advisers for the sale.
Sources said Sail has roped in SBI Cap as transaction adviser while law firm Luthra and Luthra will advise it on legal issues relating to the divestment process.
Protocol Insurance Surveyors & Loss Assessors is the assets valuer for the stake sale, sources said.

Sebi proposes stricter separation on investment products

Markets regulator Securities and Exchange Board of India (Sebi) on Thursday proposed to more clearly segregate entities advising on investment products from those selling them in an effort to prevent conflicts of interest.
Under current rules, companies are allowed both to advise and sell mutual funds or other investment products only through "separately identifiable departments or divisions", which must maintain an "arms-length relationship" between the two functions.
Fees charged for each service must also be clearly separated.

Tata Power offers 51% stake in Mundra for Rs.1 to utilities

Cash-strapped Coastal Gujarat Power Ltd (CGPL) has offered to sell 51 per cent stake in the 4,000 mw power project for Re 1 to all power procuring states such as Gujarat to rescue its debt-laden and loss-making business.
CGPL is a Tata Power entity that operates the Mundra ultra mega power project in Gujarat,
In a letter to the Gujarat Urja Vikas Nigam earlier this month, CGPL has made the offer of running Mundra UMPP purely as a contractor by retaining a minority 49 per cent stake in the project.

Google pushes framework for law enforcement access to overseas data

Alphabet Inc's Google pressed U.S. lawmakers and the international community on Thursday to update laws on how governments access customer data stored on servers located in other countries, hoping to address a mounting concern for both law enforcement officials and Silicon Valley.

PwC launches software for GST compliance

Consultancy major PwC India today said it has launched a customised software solution to provide end-to-end automation of GST compliance.
The Goods and Services Tax (GST) will be implemented from July 1.
"This software will help automate month-end tax compliances and reporting for companies with options for interfacing with multiple enterprise resource planning (ERP) environments," it said.
PwC gets the credit for developing this software solution. The firm said the software has been used very successfully and extensively in Europe and other parts of the world.

Infosys accused of bias against non-South Asian staff

A former head of immigration at Infosys in the US has filed a lawsuit against the company, accusing it of "discrimination" against non-South Asian employees, and demanded a trial by jury.
The law suit filed by Erin Green, before a US district Court in the Eastern District of Texas on June 19, names two senior company officials, head of global immigration Vasudeva Nayak and executive vice-president and global head of Talent and Technology, Binod Hampapur, and makes serious charges against them. Green reported to Nayak, who quit the company last year.

Govt sells 2.5% in L&T held via SUUTI, raises `4,000 crore

The government sold 2.5 per cent of its stake worth approximately Rs 4,092 crore in capital goods and engineering major Larsen & Toubro held through specified undertaking of unit trust of India (SUUTI) through block deals on the stock exchanges.
The Life Insurance Corporation (LIC) of India emerged as the top buyer of L&T shares worth Rs 3128.28 crore, as per the bulk deal data released by BSE after the market hours.
LIC held 16 per cent stake in Larsen & Toubro as on March 31, 2017.

Cement Se Ghar Tak

‘Engaging the customers at an emotional level’ seems to be the new mantra at MP Birla Cement, the cement flagship of the Kolkata-based MP Birla Group. And with this in view, MP Birla Cement, one of the oldest manufacturers of portland cement in the country, has come up with a new brand initiative: ‘cement se ghar tak’ through a 360 degree communication campaign including electronic, digital and print media. It aims at strengthening its relationship with the homebuilder.

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