Top 10 biz headlines: Advance tax collection, Bakshi's deal, and more

From advance tax collection showing dismal growth to NCLT refusing to entertain RCom's bid, here are the top 10 business headlines for Thursday

Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20

The tax authorities are faced with a steep revenue collection target for 2019-20, with advance tax mop-up posting dismal growth in the first half of the financial year, indicating a deepening economic slowdown. The overall advance tax collection, including corporate and personal income tax, grew by 6 per cent between April and mid-September as against 18 per cent in the year-ago period, according to sources in the know. Read More

Gig workers set to come under labour laws, get social security benefits

Workers employed in the gig economy are set to become part of India’s labour law legislation, enabling some employment-related rights for them. The labour and employment ministry has proposed the Code on Social Security, 2019, in which it has recognised ‘gig workers’ and ‘platform workers’ — terms which have never been used in any of the country’s labour laws earlier. Read More
 

Unsold inventory for top real estate developers scales new high in FY19

The country’s top real estate developers continue to add unsold inventory at a steady pace, leading to a deterioration in the industry’s financial ratios. The top 25 developers, whose audited finances for FY19 are available, were sitting on unsold inventory worth nearly Rs 1.4 trillion at the end of March this year, up 19 per cent year-on-year (YoY). Read More

NCLAT keeps Bakshi deal with McDonald's on hold, bars him from going abroad

In fresh trouble for former McDonald's India head Vikram Bakshi, the National Company Law Appellate Tribunal (NCLAT) on Wednesday barred him from leaving the country without informing it or the Debt Recovery Tribunal (DRT) first. Read More

NCLAT refuses to entertain RCom resolution professional, sends him to NCLT

The National Company Law Appellate Tribunal (NCLAT) on Wednesday refused to entertain a plea moved by the resolution professional (RP) of Reliance Communications Limited (RCom) seeking refund of nearly Rs 580 crore from Ericsson India. Instead, he was asked to approach the Mumbai bench of National Company Law Tribunal (NCLT). Read More

Amazon, Flipkart woo sellers to ensure deep discounts in festive sales

Amazon India and Flipkart are rolling out the red carpet for sellers on their marketplace platforms to ensure attractive discounts during the upcoming festive sales. Read More

Renault Nissan offers 8.33% bonus to employees, union disagrees

Renault Nissan Automotive India has informed its employees’ union in its Chennai facility that it would be able to pay 8.33 per cent statutory bonus for the year 2018-19, as against the demand of 20 per cent, considering the current crisis in the industry. Read More

Axis Bank Set to Raise Rs 14,000 cr Via Share Sale

Axis Bank is planning to raise more than Rs 14,000 crore in a share sale that could open for subscription in a week, two bankers aware of the development told Economic Times, as India’s thirdlargest private-sector lender seeks to enhance its capital base. The Mumbai-based lender has already sent feelers to leading institutional investors — foreign and domestic — on the likelihood of a qualified institutional placement (QIP) as early as next week.

Worst FMCG Show Likely in 15 Years: Credit Suisse

India’s consumer goods industry could post its slowest pace of revenue growth in a decade and a half this financial year, Credit Suisse said, even as category leaders Dabur and Godrej Consumer sounded more optimistic about sales revival in the second half of FY20, Economic Times reported. Liquidity constraints and lower farm incomes will likely affect revenues at India’s leading consumer companies, which Credit Suisse said had harnessed savings from the GST rollout and fuel costs to expand operating margins and earnings over the past few years.

Why pharmaceutical MNC stocks are beating their Indian peers hands down

Stocks of multinational pharmaceutical companies have outclassed their Indian peers this year, and chances are they could continue to maintain their edge in the near future, Livemint reported. An index comprising of seven MNC pharma companies delivered returns of 9.3% since April this year as compared to a drop of 13% drop in a set of 20 Indian pharma stocks, data compiled by Mint Research shows. That results in an outperformance of as over 25%.