Top 10 business headlines: Jet deal, Foodpanda's offline foray, and more

From Jet Airways crisis to ED probe in IL&FS case, Business Standard brings you top stories that made news on Wednesday

Banks may hold 20% in Jet Airways to make Etihad-Hinduja deal fly

Banks might agree to acquire up to a 20 per cent stake in Jet Airways as the Hinduja group is not keen to exceed its shareholding beyond 30 per cent in the grounded airline, sources close to the development said a day ahead of a crucial meeting at the Etihad headquarters in Abu Dhabi. Read more here

Netflix eyes 22 original films from India by 2020 end, eight already out

Video streaming platform Netflix is seeking to create “diverse” and “appealing” content based out of India and will have 22 such movies by the end of next year. The over-the-top (OTT) service provider has already released eight, and the rest 14 will be out over the next 18 months, starting with Abhay Deol-starrer Chopstick at the end of this month. This is in addition to a slew of original shows and series lined up from India. Read more here

Lok Sabha election 2019 results: Investors brace for hectic trade

The counting of votes will start at 8 am and a clear trend will emerge in the second half of the day. The Sensex and Nifty have gained 3.1 per cent this week in anticipation that the incumbent NDA government will retain power with a comfortable majority, as indicated by most exit polls. Here is a primer on what to expect in Thursday’s trade. Read more here

IL&FS money laundering case: ED widens probe, carries out fresh raids

The Enforcement Directorate (ED) has widened its probe into the money laundering case of alleged financial fraud in the Infrastructure Leasing & Financial Services (IL&FS). 

On Wednesday, the enforcement sleuths conducted search operations at the business premises and residences of four former directors of the cash-strapped IL&FS Financial Services (IFIN). Read more here

IndiGo's market share touches 50% on Jet closure, 737 Max grounding

IndiGo, the country’s largest domestic airline, now commands nearly half of the market share. IndiGo market share rose three percentage points to 49.9 per cent while overall growth turned negative in April due to closure of Jet Airways.

Domestic airlines flew 10.9 million passengers last month, which is 4.5 per cent lower than April last year. Last April, domestic airlines had carried 11.5 million passengers. Read more here

Foodpanda cooks up offline strategy with quick service restaurants

Foodpanda is planning to launch quick service restaurants (QSRs) soon at technology parks, airports and railway stations. This comes amid reports that the Ola-backed company has pivoted away from being only an online food delivery platform.

While Foodpanda (and Ola) transitions into running pop-up restaurants/QSRs, the company’s immediate focus is on its cloud kitchen business. Read more here

Snapdeal in talks for fresh funding, may buy smaller rival ShopClues

Hoping to make a minor comeback in the e-commerce space, dominated by Flipkart and Amazon, Gurugram-based Snapdeal is reportedly trying to go for a fresh funding round. The Kunal Bahl-led firm is in talks to buy smaller rival ShopClues to show investors it has the potential to grow and expand.

This is not the first time Bahl has tried to pull a rabbit out of a hat. Read more here

Three-wheelers may have to go electric from FY24

A panel led by Niti Aayog CEO Amitabh Kant has recommended a complete switch to electric three-wheelers and two-wheelers in a phased manner, starting from March 31, 2023, said a report by the Economic Times. This move is a part of a larger plan to make India the hub for manufacturing electric vehicles. The cut-off date will also see the government roll out a comprehensive scrapping policy and ‘polluter-pays’ model to encourage rapid transition to electric vehicles. Read full article here 
 

Auto sector looks to new govt to get things back on track

Over the past few months, sales have been down across vehicle categories, with manufacturers generally flummoxed with the state of affairs. With the new government set to take charge soon, the auto sector will be hoping for quick intervention to boost its sagging fortunes. According to officials, According to him, the most obvious solution is to boost customer sentiment by putting more money in their wallets, said a report by the Hindu BusinessLine. Read full article here  

What India’s economy could look like in 2030

The influx of new technologies, together with increasing interaction between humans and machines, has the potential to catalyze new, disruptive models of living. Emerging technologies—with data as their rocket fuel—are poised to radically transform the bedrock of our economy, remove age-old frictions, and usher in new ways of conducting business, a report by the Livemint says. Read full article here

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