Top 10 biz headlines: DHFL reins to change hands, PwC ditches ADAG & more

Photo: Prime Minister Narendra Modi
DHFL promoters may sell half their stake; Wadhawan could give up MD post

The promoters of Dewan Housing Finance Corporation (DHFL) are willing to share control of the embattled company by selling half their stake to a "strategic investor". Read more here

PwC quits as RCap, RHFL auditor over their unsatisfactory response in audit

Reliance Capital (RCap) and its subsidiary Reliance Home Finance (RHFL) informed the stock exchanges on Wednesday that their auditor Price Waterhouse & Co (PwC) had resigned citing lack of “satisfactory” response from them during its audit of the 2018-19 financial results. Read more here

YES Bank shareholders flag governance issues, but back new management
Shareholders of private lender YES Bank on Wednesday raised issues of corporate governance at its annual general meeting (AGM) — the first since Ravneet Gill took over as managing director and chief executive officer. Read more here

Reliance Industries to not extend guarantee on Jio debt transfer to InvITs

Reliance Industries (RIL) will not extend a guarantee on the debt that will be transferred along with Reliance Jio’s assets to infrastructure investment trusts (InvITs). Read more here

Modi govt set to announce Rs 70,000-crore rural road building project

Buoyed by the success of its rural roads programme in its first tenure, the Narendra Modi government is set to announce a Rs 70,000 crore road building project over the next five years, linking villages with nearby mandis to boost the rural economy. Read more here

Akatsuki's VC arm adopts co-investment model in India for media start-ups

Akatsuki Entertainment Technology Fund, a venture capital (VC) entity from Japanese mobile gaming firm Akatsuki, is co-investing with local VC entities to invest in Indian start-ups, in its focus areas of content, media and entertainment segments. Read more here

Employee cost at Wipro grew 10% in FY19, slowest among IT majors

Employee cost at Wipro grew 10 per cent in FY19 compared to 17.8 per cent at TCS and 16.8 per cent at Infosys, according to the annual reports of these companies. Read more here

Retail inflation at 7-month high of 3.05% in May, within RBI's comfort zone

Retail inflation spiked to a seven-month high of 3.05 per cent in May, remaining within the Reserve Bank of India’s (RBI's) comfort level, as kitchen items like vegetables, meat and fish turned dearer, government data showed on Wednesday. Read more here

Zomato tests tech to send food by drones, may not pass govt muster

In the climax of Satyajit Ray’s 1969 classic Goopy Gyne Bagha Byne, pots of sweets floated down from the skies to feed a starving army. That fantasy might soon be a reality, thanks to Zomato. Read more here

Internet user base has doubled since 2009, but growth slowing down: Meeker

Mary Meeker’s Bond Internet Trends 2019 is the most definitive research on internet trends across the world. Meeker is US-based venture capitalist, with a decade each at Morgan Stanley and Kleiner Perkins Caufield & Byers, and is known for her bets on Airbnb, Facebook, and Twitter.  Read more here

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