Alibaba Group Holding Ltd will buy e-commerce business Kaola from Chinese gaming company NetEase Inc for $2 billion, adding a platform that specializes in supplying luxury goods from abroad to Chinese consumers.

The long-rumoured deal comes as China's e-commerce players including Alibaba and JD.com Inc look to niche segments for growth, with the online shopping industry in the country slowing as economic growth eases.

Domestic equity benchmark BSE Sensex advanced over 200 points in early session on Friday, led by gains in index heavyweights Infosys and RIL, amid positive cues from global markets.

After rising 223 points, the 30-share index was trading 164.05 points, or 0.45 %, higher at 36,808.47 at 0930 hours, while the broader Nifty rose 44.15 points, or 0.41 %, to 10,892.05.

Maruti Suzuki will examine the possibility of having a captive finance company, which will help in reducing dependence of its customers and dealers on banks and NBFCs, which have been cautious in lending following a year-long slump in vehicle demand.

Shashank Srivastava, executive director, sales and marketing at Maruti Suzuki, said globally manufacturers have captive finance companies which are successful. “We will examine the option and look at India-specific requirements,” Srivastava told FE.

Hit hard by a whopping 50% decline in its August domestic sales, coupled with no sign of an early recovery in demand, Hinduja group flagship Ashok Leyland (ALL) has once again decided to absorb production holidays at its Ennore plant (the mother plant) in Chennai.

After absorbing August 16, 17, 24, 27 and 31 (and August 26 as the 6th day non-working day) as non-working days earlier, the company has decided to go for more production holidays at the plant.

Tata Consultancy Services (TCS) on Thursday announced that it had expanded its partnership with Posten Norge (Norway Post) to build a digital stack to enable product innovation and superior customer experience.

According to a company statement, the expanded partnership aims to develop modern, intelligent and automated solutions for Posten. This move will accelerate Posten’s growth by enabling adoption of agile working methods, harmonising IT services and driving automation.

Mahindra & Mahindra (M&M) has deferred its planned capital expenditure of `800-1,000 crore for the auto and tractor segments owing to a prolonged slowdown in auto sales. The company has also put on hold other discretionary capex, managing director Pawan Goenka said on Thursday.

M&M had in late May announced its plan to invest ` 18,000 crore over the next three years, including `12,000 crore towards capital expenditure and `6,000 crore in its subsidiaries.

Mahindra & Mahindra’s Managing Director (MD) Pawan Goenka said on Thursday automakers had taken every step to revive consumer sentiment, but only a goods and services tax (GST) rate cut would boost demand. “I think the industry has done whatever it could. An intervention from the government can only revive the demand,” he said, adding: “It’s not good to ask for a cut in GST rate, but we are now in a situation where only that can help us.”

Union Road Transport and Highways Minister Nitin Gadkari has said he plans to reorganise the National Highways Authority of India (NHAI). A relook at the financing models, including raising Rs 85,000 crore through road asset monetisation over the next five to six years, is also priority, the minister told Business Standard in an e-mail interview.

US technology companies including Facebook Inc, Alphabet's Google, Microsoft Corp and Twitter Inc met with US intelligence agencies on Wednesday to discuss security strategies ahead of the November 2020 election.

The companies' security teams met representatives from the Federal Bureau of Investigation, the Office of the Director of National Intelligence, and the Department of Homeland Security at Facebook's headquarters in Menlo Park.

Three years after elbowing into the Indian wireless phone market with free calls and data, billionaire Mukesh Ambani is back at it. This time, Asia’s richest man is handing out TVs to hook users on movies and entertainment shows via internet. The tycoon is wedging into a business teeming with players from rival mobile carriers to Netflix Inc. and Amazon.com Inc.

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