Top 10 business news today: Mukesh Bansal quits Flipkart, Paytm bank in offing, more
Mukesh Bansal, Flipkart’s head of commerce and founder of Myntra, resigned on Wednesday. Ankit Nagori, the chief business officer at Flipkart, also quit. The moves come soon after Binny Bansal co-founder was made chief executive officer and Sachin Bansal elevated to the role of executive chairman. While Mukesh Bansal will continue with Flipkart for the next few weeks, Ankit Nagori will be transitioning his role to Binny Bansal over the next quarter.
Janet Yellen: Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the US economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen said on Wednesday in prepared testimony to Congress. (Reuters)
ITC: Diversified conglomerate ITC today unveiled three projects in West Bengal involving an investment of Rs 3,000 crore. Chief Minister Mamata Banerjee laid the foundation stone of an integrated consumer goods manufacturing unit at Panchla in Howrah district and an IT Park at Rajarhat near Kolkata.
Punjab National Bank: Led by higher provision for bad loans Punjab National Bank on Tuesday reported 93 per cent fall in its net profit figures for the quarter ended December 2015. The bank posted net profit of Rs 51.01 crore against Rs 774.56 crore in the corresponding quarter a year ago. Reacting to the earnings, share price of Punjab National Bank remained under pressure on Tuesday and Wednesay and tanked over 10 per cent in the past two trading sessions.
Paytm is gearing up to launch its payment bank in June and would woo its current base of about 122 million users to migrate to full banking services, according to its founder Vijay Shekhar Sharma. When it launches payment banking services, Paytm plans to offer services such as transfering cash into the bank account and back, as well as cashouts using cheques at zero per cent fee, Sharma told FE.
Rail budget 2016: Facing resource crunch, Indian Railways is said to be mulling the possibility of effecting a 5 to 10 per cent increase in the passenger fares in the coming budget. The proposal is being considered against the backdrop of a decline in both passenger and freight earnings and the additional burden of Rs 32,000 cr towards implementing the 7th pay commission recommendations, Railway Ministry sources said.
Punjab-based GNA Axles which hit capital markets on Wednesday to raise around Rs 130 through an initial share-sale programme was subscribed 4 per cent on the first day of offer till 11 am. (Monday)
Facebook board member Marc Andreessen on Wednesday set off a controversy by terming India’s decision to bar discriminatory Internet tariff as an “anti-colonialist” idea and said the country would have been better off if it remained under British rule. Andreessen, one of Silicon Valley’s foremost venture capitalists, and his partner Benedict Evans took to Twitter to vent out their frustration about telecom regulator TRAI banning Facebook’s Free Basics and other such plans that charge different rates for Internet access based on content. (Reuters)
Indirect tax collection is likely to exceed by about Rs 40,000 crore this fiscal that will help the government meet the budgetary target of revenue collection for the first time in five years. This will also make up for the expected shortfall in the direct tax collections, Revenue Secretary Hasmukh Adhia said on Wednesday.
The government is looking to build smart cities near 10 of the 12 major ports in the country, minister for road transport, highways and shipping Nitin Gadkari said on Wednesday. Addressing a smart cities conference organised by the Associated Chambers of Commerce and Industry (Assocham), Gadkari said Mumbai and Kolkata would be excluded from the list.
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