Top 10 business headlines: Sun Pharma moves Sebi, Wipro Q3 profit, and more

Here are the top 10 business stories that made news on Friday

Sun Pharma moves Sebi as stock dips on fresh whistle-blower allegations

The shares of Sun Pharmaceutical Industries plunged 8.52 per cent to a six-year low on Friday, wiping out Rs 8,735 crore from its market valuation amid reports of a new whistle-blower complaint against the country's largest drugmaker. Read on...

RIL to take on Amazon, Flipkart; Mukesh Ambani bats for data localisation

Reliance Industries (RIL) is ready to unleash its e-commerce dark horse to take on the likes of Amazon India and Walmart-owned Flipkart. Chairman and Managing Director Mukesh Ambani on Friday said Reliance Retail and Reliance Jio Infocomm were set to jointly launch their new e-commerce platform in the country. Click here to read.

Wipro beats street estimates with better Q3 numbers, revenue guidance muted

A string of actions taken by Wipro in the last few quarters, including divestment of the data centre business and hiving off the India unit, seem to be paying rich dividends. Click here to read.

SoftBank's $400-million investment creates a retail unicorn, almost

Japanese conglomerate SoftBank’s $400-million investment in exchange for equity in FirstCry has pushed up the valuation of omni channel baby products company to $800 million, bringing it quite close to the unicorn mark from just about $350 million earlier. As the unicorn tag (valuation of $1 billion or above) is a top aspiration of any niche internet company, the latest funding round has got the industry excited. Read on...

Global bad debt buyers rethink India plans over resolution delays

A number of marquee global stressed asset firms are making a dash for India, but dragging their feet at the finish line. Initially enthusiastic about India’s Rs 10-trillion stressed assets market, many of these firms have changed their strategy and are looking to put their money into assets that have not yet been declared bad loans, but are at various levels of stress nevertheless. Click here to read.

Centre's divestment target for FY20 to likely be around Rs 80,000 crore

The disinvestment target for 2019-20 (FY20) is likely to be around Rs 80,000 crore, the same as that of 2018-19 (FY19), said sources in the government. The Department of Investment and Public Asset Management (Dipam) hopes for a successful go at privatising Air India. It also hopes to divest more India Tourism Development Corporation (ITDC) hotel properties, including leasing out of Hotel Ashok in New Delhi. Read on...

RBI governor Shaktikanta Das favours flexible policy objectives

In his maiden speech as the Reserve Bank of India (RBI) Governor Shaktikanta Das indicated on Friday that the central bank under him would be flexible enough to assume multiple responsibilities, instead of the one-point agenda of remaining fixated on inflation. Click here to read.

NCLT slaps penalty on Tata Chemicals for fraudulent case against vendor

The National Company Law Tribunal, Mumbai, has slapped a cost of Rs 10 lakh on Tata Chemicals for filing a petition fraudulently and with malicious intent to liquidate Raj Process Equipment and Systems Pvt Ltd, according to The Hindu BusinessLine report.

Govt sanctions new squadrons of Dornier aircraft to boost coastal surveillance

The Indian government has sanctioned three new squadrons of Dornier aircraft to boost coastal surveillance in a bid to provide better intelligence to prevent terrorist and other threats from the sea, according to a Livemint report.

Samsung, LG rejig top deck to take on online brands, rivals

Korean consumer electronics firms Samsung and LG have rejigged their senior management teams in India even as they look to defend their turf against increased competition in smartphones and televisions from newer entrants and online-focused brands, according to The Economic Times report.