Corporates

Steel and mining firm ArcelorMittal tells the Supreme Court that its rival bidder NuMetal was not eligible to bid for Essar Steel on several grounds, including that it was a "shell company".

Fortis co-founder Shivinder Mohan Singh, who had earlier filed a petition against his older brother Malvinder Mohan Singh, citing "oppression and mismanagement", said on Thursday that he has now decided to withdraw the case on the insistence of their mother. Shivinder Singh said that he has now filed a fresh petition in the National Company Law Tribunal (NCLT), a quasi-judicial body for corporate governance, to withdraw the plea against his brother Malvinder Singh and ex-Religare chief Sunil Godhwani, reported news agency Press Trust of India (PTI).

Samsung, which runs 2,100 stores in India through franchise partners, is facing off against a host of Chinese brands led by Xiaomi Corp.

SBI or State Bank of India provides free-of-cost upgrade of debit card to its customers. The upgrade of existing debit card to an EMV chip-and-PIN debit card offers enhanced security, the country's largest bank SBI said on microblogging site Twitter.

ArcelorMittal had yesterday moved SC challenging NCLAT order which held Numetal's Rs 37,000 crore in second-round bid for Essar Steel was valid.

Reliance Jio had in July this year announced addition of mobile apps such as WhatsApp on the JioPhone platform. WhatsApp will be rolled out on all JioPhone devices by September 20, 2018, said Reliance Retail, a subsidiary of billionaire Mukesh Ambani-led conglomerate Reliance Industries.

The e-commerce, financial technology and emerging media sectors will see strong deal activity, according to boutique advisory firm Raine Group LLC.

The appellate tribunal, on September 7, had asked lenders, who are auctioning Essar Steel to recover over Rs 49,000 crore of unpaid loans.

Apple will introduce three new iPhone models, infusing some with features from a premium iPhone X that debuted last year with a $1,000 price tag.

Transactions involving domestic companies have reached $104.5 billion in 2018, trouncing the previous annual record with almost four months left in the year, according to data compiled by Bloomberg.

Last year Jack Ma invested 300 million yuan ($45 million) in a rural education project in China.

Jack Ma, who is one of the richest men in the world and whose net worth is $36.6 billion, was once a teacher in China's small town Hangzhou where Alibaba is headquartered.

China's richest man and Alibaba Group Holding Ltd's co-founder Jack Ma announced his retirement with effect from Monday to pursue philanthropy in education. Jack Ma, who is much respected in China, and is the global face of Alibaba, will retire after he turns 54 on Monday. Jack Ma, a former English teacher, co-founded Alibaba with 18 others out of his apartment in Hangzhou, Zhejiang province, in 1999. The e-commerce company has a total market value of about $420 billion as of Friday's close.

Apart from Numetal, Anil Agarwal-led Vedanta Resources is also an eligible bidder, which joined the race in the second round of bidding.

Novartis AG said on Thursday it would sell the dermatology and generic US oral solids portfolios of Sandoz US to Aurobindo Pharma Ltd for $900 million, as the Swiss drug maker looks to focus on higher growth areas. The deal also includes about 300 products and additional development projects of Sandoz and an additional $100 million in performance-based payments, Novartis said.