 "News digest: IL&FS crisis, car sales, bond markets, LTCG tax, and more")
Govt takes control of IL&FS; new board may choose Uday Kotak as chairman
The National Company Law Tribunal (NCLT), Mumbai, superseded the board of beleaguered infrastructure financier Infrastructure Leasing & Financial Services (IL&FS) with six new directors after the government moved a petition to remove the previous board of directors. Read more
Carmakers in the slow lane as sales fail to pick up speed in September
The domestic car-manufacturing industry has seen a decline of 3 per cent in September sales even with the festive season round the corner, indicating an impact of the escalation in fuel prices, among other things.
This happens to be the third consecutive month of decline for the industry. Read more
Bond markets get a Rs 360-billion boost
The Reserve Bank of India (RBI) on Monday said it would buy Rs 360 billion worth of bonds from the secondary market in October to meet the durable liquidity needs and the seasonal growth in currency in circulation observed in the
build-up to the festive season. The auctions will be conducted during the second, third, and fourth weeks of October. Read more
Myntra private label headed for global high street
Online fashion portal Myntra is looking to expand globally by piggybacking on Walmart after the US retail giant became the single-largest stakeholder in its parent Flipkart with a $16-billion investment this May.
While Myntra isn’t looking to take its e-commerce service outside the country, the company is planning to sell its private label products in Walmart stores overseas. Read more
Stock market crash may make huge dent in LTCG tax collection in FY19
The weakness in the stock market could make a huge dent in the collection of long-term capital gains (LTCG) tax introduced this fiscal year.
Only 14 per cent of the stocks — 244 out of the 1,771 traded on the National Stock Exchange (NSE) — were above their January 31 closing price at the end of the first half of the fiscal year. Read more
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