Secondhand-car sales booming amidst automobile decline

Sales of pre-owned cars are estimated to increase to as many as 4.4 million units this fiscal from 4 million in the previous fiscal, according to used car dealer Mahindra First Choice Wheels. Online classifieds platform OLX India has an almost similar sales forecast of 4.4-4.5 million units. Continue Reading

Altico crisis: SBI chief slams PSBs, says unilateral move will cause trouble

The realty-focused non-banking lender Altico, which owes over Rs 4,500 crore to the system (mostly banks), defaulted on a nearly Rs 20 crore interest payment late last week on an external commercial borrowing (ECB) loan. Continue Reading

Total-Corbion to develop biodegradable, compostable plastic alternatives

Under the agreement, Total-Corbion will launch completely biodegradable and compostable option for plastic and will operate through Konspec, which will import PLA and create compounds according to the specific needs of domestic users – airports and airlines, large hotels, the railways, FMCG players, food aggregators, and e-commerce players. Continue Reading

DLF sells land to American Express for Rs 300 crores

American Express will develop a large campus on this land parcel, which is located in Sector 74A, known as New Gurgugram, they added. When contacted, DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed the development. Continue Reading

Flipkart expands delivery by 80%, plans big ahead of Big Billion Day sales

The company claims that it has increased its reach to around 19,200 PIN codes from about 10,660 codes in 2018 for delivery of large appliances. It also said that it has increased delivery capacity by 14 times this year compared to last year. Continue Reading

General Motors’ workers go on strike

The decision, which the Wall Street Journal described as the first major stoppage at GM in more than a decade, came a day after the manufacturer’s four-year contract with workers expired without an agreement on a replacement. Continue Reading

CAIT tells government to ban festival sales by e-commerce firms

In a letter to Commerce and Industry Minister Piyush Goyal, Confederation of All India Traders (CAIT) said festival sales and deep discounts being offered by various e-commerce companies are against the mandate for foreign direct investment policy. Continue Reading

NCLT approves Monsanto, Bayer merger

In June 2018, German chemical and pharma major Bayer AG had announced completion of the $63 billion mega-deal to acquire US-based biotech major Monsanto to create the world’s biggest agro-chemical and seed company. Continue Reading