DevCo has already achieved positive operational cash flow in Q2FY19 (ahead of earlier estimate of H2FY19) on lower interest outflow post-DCCDL transaction and improved sales momentum. As of Q2FY19, management has ready inventory worth Rs 129 bn (in line with its strategy to sell completed inventory). DLF has Rs 27 bn of receivables, Rs 21 bn of balance cost to complete the projects and inventory.

The Supreme Court on Friday said it will hear next week an appeal challenging the LIC’s move to acquire 51% in the Industrial Development Bank of India (IDBI). The total value of the deal is expected to be Rs 12,000-13,000 crore.

A bench led by Chief Justice Ranjan Gogoi agreed to hear the case on January 25 after senior counsel Kapil Sibal, appearing for All India IDBI Officers’ Association, sought urgent hearing.

India’s third-largest software services exporter, Wipro, on Friday posted a 34.9% quarter-on-quarter rise in its consolidated net profit at Rs 2,544 crore during the October-December quarter. The company’s consolidated revenues stood at Rs 15,059 crore, a 3.5% increase over the last quarter.

The company improved its operating margin by 5.6% to 19.8%.

The Supreme Court on Friday sought response from the income tax department as to why it should not refund around Rs 4,761 crore to Vodafone Idea in respect of returns for assessment years (AYs) 2014-15 to 2017-18.

Stating that such inaction in granting refunds has caused grave financial hardships, Vodafone said that its financial condition is precarious as it has accumulated losses of rS 5,557 crore and debts amounting to Rs 53,000 crore as on March 31, 2017.

A group of activist shareholders are proposing that Amazon.com Inc. stop selling facial recognition software to government agencies until its board determines the technology doesn’t threaten people’s civil rights.

The investors, including the Sisters of St. Joseph of Brentwood, a member of the Tri-State Coalition for Responsible Investment, filed a resolution on the subject to be voted on at Amazon’s annual meeting later this year.

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.

State Bank of India (SBI) is in talks with a clutch of hedge funds and private equity (PE) players to sell its Rs 15,431-crore loan to Essar Steel.

The bank, also the lead lender for Essar Steel, announced on Wednesday that it was putting its exposure for sale on January 30.

Telecom Regulatory Authority of India chief R S Sharma has reiterated that consolidation in the domestic sector is in line with the international practice.

“My sense is that the sector is going to acquire stability, and looking at the examples around the world, 3+1 is a good number. I don’t see this number going down,” he said on the sidelines of an event here.

The dates for the Lok Sabha elections are likely to be announced in the first week of March, sources indicated on Friday.The term of the present Lok Sabha ends on June 3.

The Election Commission is in the process of deciding the number of phases and the months in which polling would be held, they said.

MS Dhoni hit his third half century in as many matches while Kedar Jadhav scored an unbeaten fifty as India beat Australia by 7 wickets in the third and final match to win the ODI series 2-1.

Chasing a target of 231, India lost Rohit Sharma early. However, Shikhar Dhawan and Virat Kohli moved the score ahead. It was left to Dhoni along with Jadhav this time to take India home again.

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