Top Headlines: Google challenges CCI's ruling, govt to fully exit IDBI Bank

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Google challenges CCI's Android antitrust ruling in Supreme Court

Google has filed a legal challenge in India's Supreme Court to block a ruling by the country's antitrust watchdog that will force the U.S. company to change how it markets its Android platform, court records showed on Saturday.

The Competition Commission of India (CCI) in October fined the Alphabet Inc unit $161 million for exploiting its dominant position in the market for Android, which powers 97% of smartphones in India and is a key growth region for the U.S. giant. Read more...

Centre to fully exit IDBI Bank once it gets 'upside value': Dipam secy

The government will soon notify the exemption period for meeting the public-shareholding norm for the prospective owner of IDBI Bank, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told Business Standard.

He said the government would make a complete exit from IDBI Bank when it received the “upside value” on the remaining stake after acquisition. Read more...

'A question of time' before Google makes mobile phones in India

Google Inc is considering a timeline to assemble its mobile devices in India. Sources privy to the discussion between Google’s executives and Ministry of Communications officials said: “The question is no longer whether Google will or will not but when. It’s a matter of timing now.” The focus in India will be on exports. 

The move is significant as Communications Minister Ashwini Vaish­naw has publicly stated in response to a question from Business Standard, before Google Inc Ceo Sundar Pichai arrived in India earlier this month, that one key area of discussion would be asking Google to assemble some of its mobile devices under the Pixel brand in India. Read more...

From RIL to L&T and Adani, corporate giants build on EPC rule change

The year-end announcement by Reliance Industries Ltd (RIL) to the stock exchanges stating that it would merge its engineering, procurement and construction (EPC) subsidiary Reliance Projects and Property Management Services with itself offers a strong signal of a significant shift in the nature of government infrastructure contracts that is shrinking the space for smaller infra companies in favour of larger ones.

Apart from Larsen & Toubro, which has been in the EPC business for years, the coming year is likely to see big groups such as Adani, Tata Projects and RIL as well as government-owned Rail Vikas Nigam Ltd pivot towards government EPC contracts in a major way. NBCC, which has a large project management consultancy division, also expects to expand its EPC business. Read more...

Higher demand drives record quarterly bookings for realty majors

Quarterly sales updates by realty companies indicate that demand trends for both residential and commercial segments continue to remain strong. While Macrotech Developers (Lodha) and Sobha registered their highest ever quarterly bookings in the December quarter for the 2022-23 financial year (Q3FY23), Phoenix Mills’ like-for-like performance reflects strong consumption trends.

Macrotech posted a 16 per cent growth in pre-sales or bookings to Rs 3,035 crore taking the total bookings for the first nine months of FY23 to Rs 9,039 crore. Sales in FY23, so far, have already exceeded those in FY22 by 62 per cent. The company indicated that it is on track to meet its guidance for the full year of Rs 11,500 crore. The pipeline for the company also remains strong, given the ongoing project additions. Read more...