A look at the headlines in the sector right now:
- Supreme Court directs Unitech to deposit Rs 15 crore to refund buyers who invested in Gurgaon project: The real estate major will have to pay Rs 5 crore in two weeks and the remaining amount by the end of September.
- Ola shuts down TaxiForSure operations, reportedly lays off 700 staff members: The cab aggregator said the Bangalore-based firm had been integrated with its Ola Micro service, but it did not confirm the number of employees fired.
- Hike messenger raises $175 million from Tencent and Foxconn: The funding makes the WhatsApp rival worth $1.4 billion.
- Centre may pay Rs 34,600 cr as arrears in August salary as per 7th pay commission's recommendations: According to India Ratings and Research, the government is likely to cut down on spending to meet the lump sum payments.
- Supreme Court seeks Gujarat's response on Teesta Setalvad's plea against bank accounts freezing: The Gujarat High Court had rejected their petition that sought control of their personal accounts, which were frozen after they were accused of embezzling.
- Univision Communications buys Gawker Media for $135 million at bankruptcy auction: The owner of the New York-based website, Nick Denton, said he was 'pleased' by the deal, after the firm went belly up following a legal battle with Hulk Hogan.
- SoftBank Group Corp invests Rs 413 crore in Oyo rooms: The Oravel Stays-owned company has filed documents with the Registrar of Companies that reveal the deal was clinched on July 22.