News digest: Q3 earnings, Budget 2018, cryptocurrency, and others

Q3 earnings off to a good start; combined net profit of 130 firms up 16.5%

The third-quarter (Q3) earnings season has started on a positive note for Corporate India, with the combined net profit of 130 early bird companies up 16.5 per cent on a year-on-year (YoY) basis, growing at the fastest pace in the last seven quarters. Combined net sales were up 12.6 per cent YoY during the October-December 2017 quarter, growing at the fastest pace in the last three quarters. Read more

Budgetary support for Indian Railways to be cut by 27% in FY18

The Union government has cut budgetary support to the Indian Railways by Rs 150 billion for the financial year 2017-18. Hence, the national transporter is set to rely on borrowings, asset monetisation, and internal generation so that it does not fall short of the capital expenditure (capex) target of Rs 1.31 trillion for the fiscal year. Read more

Centre needs another Rs 4.2 trillion to meet FY18 indirect tax target

Even as the Centre appears confident of meeting the budgeted indirect tax collection target for FY18, analysis shows it would have to mop close to Rs 4.2 trillion in the last four months to meet the Budget Estimates. In comparison, in the first eight months of the financial year, which ends on March 31, it is likely to have collected around Rs 5 trillion. The budgeted indirect tax collection target is Rs 9.26 trillion. Read more

Other side of coin: Cryptocurrency universe in battle for Mission Survival

The cryptocurrency universe in the country is staring at uncertainty like never before, as banks and payment gateway partners are increasingly withdrawing support. While Axis Bank, ICICI Bank, and HDFC Bank have been closing accounts of cryptocurrency exchanges for quite some time now, there are others, including Bandhan Bank and RBL Bank, which continue to back these platforms. Read more

Sebi to open consent doors for serious violations, cut burden of cases

The Securities and Exchange Board of India (Sebi) is broadening the scope of the consent mechanism to reduce the number of cases it is handling. According to sources, the regulator is planning to allow serious offences such as insider trading, front running, or fraudulent and unfair practices to be settled under the mechanism. Read more