Top biz headlines: Bharatmala scheme, new Apple store in Mumbai, and more

NHAI tweaks strategy for Rs 3 trillion projects under Bharatmala scheme 

High land acquisition costs have forced the National Highways Authority of India (NHAI) to tweak its strategy for project implementation. The NHAI has decided to consider only those projects that require minimal land acquisition as it finalises highway contracts worth about Rs 3 trillion under the Bharatmala scheme. Read more 

Politicians, industry mourn ITC's longest-serving chairman Y C Deveshwar

Celebrated industry titan and ITC Chairman Y C Deveshwar, who transformed ITC from a cigarette major into a diversified Indian conglomerate, died on Saturday morning after a brief illness in Delhi. He had stepped down from an executive role in the company after leading it as chairman between 1996 and 2017. 

Though his original term as non-executive chairman was scheduled to end in 2020, the ITC shareholders recently extended it to 2022 so that he could continue to mentor the senior management “given the increasing size and complexity of the organisation”. Read more 

IAF gets its first Apache attack helicopter from Boeing, 21 more to come

Boeing handed over to the Indian Air Force (IAF) on Friday the first of the 22 Apache attack helicopters that India had contracted to buy in September 2015 for about $3 billion at current prices. 

Air Marshal A S Butola travelled to Boeing's helicopter production facility at Mesa, Arizona, to attend the handing over ceremony, alongside US government officials. Read more

Apple's wait bears fruit with sub-continent's biggest store in Mumbai

Two of Apple’s three re-seller locations in Worli (Mumbai) may have shut shop recently, but iPhone owners and future buyers need not fret. The firm is set to unveil a 4,500 square foot location at the premium Palladium Mall in the next couple of months — it’s biggest store in the subcontinent, say those familiar with the developments. 

The store falls under the large format Apple Premium Reseller (APR) category. Read more

DMart Q4 net profit rises 21.4% at Rs 203 crore but margins remain weak

Avenue Supermarts, which operates the DMart chain of stores in the country, reported a 21.4 per cent year-on-year net profit growth and a 32.1 per cent year-on-year revenue growth for the quarter ended March 31, 2019, (Q4) at Rs 203 crore and Rs 5,033 crore, respectively. Read more

Daughter M R Jyothy steps out of the shadows to become MD at Jyothy Labs

Come April 2020 and a new face will lead the Mumbai-based consumer goods firm Jyothy Labs. On Friday, chairman and managing director M P Ramachandran announced that his elder daughter M R Jyothy would take over as managing director (MD), while his younger daughter M R Deepthi would be whole-time director, when he steps down from the board from April 1 next year. Read more 

Jaiprakash Power to issue preferential shares of Rs 3,840 crore

Debt-laden Jaiprakash Power will convert part of its outstanding loans to banks and financial institutions by issue of 0.01 per cent Cumulative Compulsory Convertible Preference Shares (CCPSs) of the company worth Rs 3,840.53 crore, in one or more tranches. Read more 

China, US to hold more trade talks as Trump ratchets up tariff threat

China and the United States have agreed to hold more trade talks in Beijing, Vice Premier Liu He said, as U.S. President Donald Trump ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China.

Liu voiced a measured optimism on reaching a deal, but said there were "issues of principle" on which China would not back down. Read more

GMR to invest Rs 350 crore to set up business park in Hyderabad 

GMR Infrastructure Ltd plans to invest around Rs 350 crore to set up its first office park spread over 1 million sqft in Hyderabad in the next 3-4 years as part of its larger land monetisation plan, said a top company executive, Livemint reported. 

Cigarette maker Philip Morris suspends social media marketing campaign

Cigarette maker Philip Morris International has suspended a global social media marketing campaign in response to Reuters inquiries into the company’s use of young online personalities to sell its new "heated tobacco" device, including a 21-year-old woman in Russia. Read more

Gujarat government suspends sale of fertilisers till Monday 

Ahead of the kharif sowing season, the alleged fertiliser scandal has put State-run manufacturers, Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) and Gujarat State Fertilizers & Chemicals Limited (GSFC) in a tight spot. A series of complaints from farmer groups and opposition Congress leaders has prompted the Gujarat government to suspend sale of fertilisers from the depots of the two fertiliser makers till Monday, Hindu Businessline reported.

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