Century Ply forays into veneers and laminates

Kolkata-headquartered BSE-listed Century Plyboards (India) Ltd, which already enjoys a large market share with a premium consumer brand in the Rs 20,000 crore plywood and laminates industry, is now foraying into a new product category-a blend of veneers and laminates. Branded as VenLam, the latest offer from the CenturyPly stable promises to be an innovative product that provides both aesthetic beauty of real wood and the comfort of working with high pressure laminates, top company officials said.

Facebook, Twitter, Snap Said to Seek World Cup Clips From Fox

Facebook Inc, Twitter Inc and Snap Inc are seeking online rights to video highlights from next year’s World Cup, soccer’s most popular tournament, according to two people familiar with the matter.
The companies have offered 21st Century Fox Inc tens of millions of dollars for rights to highlights from the Russia-hosted games that air in the US, according to the people, who declined to provide more specific terms and asked not to be identified because the talks are private. Fox hasn’t decided whether to sell exclusive rights to one buyer or to spread them around.

It’s raining rebates in Motown

If you have been dreaming of buying a high-end luxury personal vehicle, probably, it’s the right time to visit your nearest car showroom across the country. As part of the bonanza to pass on the goods and services tax (GST) benefits to customers, most companies have reduced prices of their vehicles and many more are in the process to do the same.
The companies that have reduced prices include Jaguar Land Rover, BMW, Mercedes-Benz, Audi, Honda Cars India, Ford, Maruti Suzuki, Mahindra and Mahindra and Toyota.

Snapdeal, Flipkart in negotiations over $200m valuation gap

After Snapdeal’s board reportedly rejected Flipkart’s $850 million takeover offer, the two parties are now holding parleys over the $150-200 million valuation gap. According to sources privy to the development, Flipkart had initially offered $1 billion for the deal but post the due diligence, it made an offer for $800-850 million. Snapdeal’s board rejected the offer, as it felt the amount undervalues the company as the due diligence report is clean, one of the sources said.

Only branded food articles attract 5% GST

Supply of loose food items, such as paneer, pulses and flour of cereals, will not attract 5 per cent GST in the new indirect tax regime. The government on Wednesday said only products bearing brand names registered under the Trade Marks Act would be taxed at applicable central GST (CGST) rate.
“Unless the brand or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, CGST (central goods and services tax) rate of 5 per cent will not be applicable on the supply of such goods,” an official statement said.

Singhania groups settle property row

Over nine years after an arbitrator divided their family properties three-way, the Singhania family groups on Wednesday brought the dispute to an end, with Raymond owner Gautam Singhania (in pic) and others informing the Supreme Court that they have settled their wrangle among themselves.
Three Singhania family groups — Mumbai, Kolkata and Kanpur ­­ were locked in the dispute over shares in the premium properties, despite the arbitration award splitting it three-ways.

Droom raises $20m from IAM, others

Online automobile transactional platform Droom has raised $20 million (nearly Rs 130 crore) in its Series-C round of funding on Wednesday, led by Integrated Asset Management (IAM), a Hong Kong based private investment company. Sandeep Aggarwal, founder and CEO at Droom, said at an event on Wednesday that the funds will be used for strengthening the company’s existing technological platform, including its ecosystem tools, besides expanding its brand portfolio.

Mercedes launches new GLA at Rs 30.65 lakh

German automobile major Mercedes-Benz, India’s biggest luxury carmaker by sales, on Wednesday introduced the GLA facelift, a compact sports utility vehicle (SUV), to maintain its leadership in Asia’s third largest car market.
With a price band of Rs 30.65 lakh to Rs 36.75 lakh at Mumbai showroom, it will compete against rivals such as new generation BMW X1 and Audi Q3 facelift, both of which were launched last year.

Savlon bags 7 Lions at Cannes

Savlon, the hygiene brand from ITC’s stable, has bagged the coveted
7 Lions at the coveted Cannes Lions 2017 for its ‘Healthy Hands Chalk Sticks initiative’, which is part of Savlon Swasth India Mission. Conceptualised by Ogilvy & Mather, Savlon Healthy Hands Chalk Sticks is an innovative tool that engages children and educates them on the importance of hand hygiene. The strength of this latest idea lies in its simplicity that originates from the core of the brand, top ITC officials said.

Snapdeal board rejects $850m Flipkart offer

Snapdeal’s board is believed to have rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from larger e-commerce rival Flipkart.
According to sources privy to the development, Flipkart has completed the due diligence process and has made an offer of $800-850 million to buy Snapdeal.
However, the offer was rejected by the Snapdeal’s board which felt the amount undervalues the company as the due diligence report is clean.
“The first offer has been rejected but talks are still on. It is an ongoing discussion,” said one of the sources.