Top 10 biz headlines: Jet Airways revival, OnePlus 7 Pro launch and more

From Novelis' acquisition of Aleris to OnePlus 7 Pro, Business Standard brings you top stories that made news on Tuesday

OnePlus 7 Pro, OnePlus 7, Bullets Wireless 2 unveiled: Price, specs, & more

Chinese smartphone manufacturer OnePlus on Tuesday unveiled the OnePlus 7 Pro, OnePlus 7, and the Bullets Wireless 2 earphones in India.

The OnePlus 7 Pro, as the name suggests, is a premium offering with major upgrades over the ongoing model – the OnePlus 6T. The phone boasts an all-screen profile with no bezels or notch. It sports a 'fluid AMOLED' screen of QHD+ resolution, boasting a 90Hz refresh rate, which is uncommon in most flagship smartphones, except some gaming-centric ones. Read more here

Novelis' acquisition of Aleris hits European Commission roadblock

Within days of the European Commission rejecting the merger of Tata Steel’s European unit with Thyssenkrupp’s steel business, the Commission on Tuesday “stopped the clock” on its in-depth investigation into Novelis’ proposed acquisition of Aleris. The procedure is activated when the parties concerned fail to provide in time the information sought by the Commission.

The Commission had earlier set August 8, 2019, as the deadline to complete its review of the deal. Read more here

Jet Airways revival: Banks may dial govt-backed wealth fund NIIF this week

Fresh talks are likely to kick off between the Jet Airways lenders and government-backed wealth fund NIIF this week in an attempt to strike a deal, according to people in the know. This is being seen as a significant step to rescue the grounded Jet, which has lost several top executives, key slots and a large part of its fleet already.

On reviving talks between the National Investment & Infrastructure Fund (NIIF) and lenders, a source close to the development said a meeting could take place as early as Thursday. Read more here

Flood of money in short-term debt schemes new headache for NBFCs

Mutual funds are facing a problem of plenty, with an avalanche of money pouring into shorter tenure debt funds in the past few months. The situation is compelling borrowers such as non-banking financial companies (NBFCs) to seek alternative sources of funds and might pose a systemic risk for MFs in case of large-scale redemptions.

Inflows into long-tenure debt funds have stalled since August 2018, and recent markdowns and scheme rollovers is making matters worse. Read more here

Flipkart pitches its manufacturing prowess to major electronic brands

Flipkart, India’s largest e-commerce firm, has long yearned to replicate the success of Amazon Basics, the private label brand of arch rival Amazon.com Inc, in India.

Under a new strategy, Flipkart is wooing international original equipment manufacturers (OEMs) to create new product models in high-selling categories like electronics for sale on its platform. Read more here

Onshore hedge funds beat offshore peers in volatile election year

Hedge funds located in India seem to have had an edge ahead of the elections. They have beaten offshore India hedge funds, reversing a period of underperformance recorded in the previous year, shows the data from global hedge fund tracker Eurekahedge.

Offshore funds were down 1.16 per cent on a year-to-date (YTD) basis in 2019. Onshore funds were up 3.88 per cent, shows the data up until April. They had trailed offshore funds in 2018, having fallen 7 per cent. Offshore funds had only fallen 5.4 per cent. Read more here

From Pepsi to Myntra, TikTok signs up brands to create special promotions

Controversy has dogged its heels since its launch, but that has not stopped close to 200 million people or a long list of brands from flocking to TikTok. In less than six months since its India launch, TikTok has signed up a slew of brands that are creating special promotions and activations exclusively for the platform.

Pepsi’s latest summer splash was crafted for TikTok, for instance. As part of the campaign, PepsiCo has launched a brand anthem with a special challenge for TikTok users. Users are asked to post videos of a ‘hook step’ to take part in the #HarGhoontMeinSwag (Swag in every sip) challenge. Read more here

Your next car may be a Nexa as Suzuki weighs 2 new brands for India

Suzuki Motor Corp. is exploring the possibility of having two more brands in India, emulating Japanese rivals Honda Motor Co. Ltd, Toyota Motor Corp. and Nissan Motor Co. Ltd that sell vehicles under more than one brand name.

All vehicles produced by Maruti Suzuki India Ltd, the country’s largest carmaker, currently sport the Suzuki badge. What the company is deliberating is to carve out Nexa, its premium chain of dealerships, into a separate brand, with vehicles under it possibly sporting a new badge in the future, Livemint reports.

Value retail is not a fastest finger first business: D-Mart CEO

Value retailing is not equivalent to selling cheap. We are not selling stuff cheap. So you do not need to cut costs. Value to consumer and frugality as an operating principle is part of the business model, it is part of the culture, it is a way of life. That’s why EDLC (Every Day Low Cost) precedes EDLP (Every Day Low Price) and not the other way round, says D-Mart CEO Neville Noronha in an interview to Economic Times.

Demonetisation: I-T Dept probing gains made in agriculture income

The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees.

Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Income Tax Department officers suspect that excess non-agriculture income or black money was declared as agriculture income, Hindu Businessline reported.