Top 10 biz headlines: HUL leads race for Dinshaw's, July IIP data, and more

From key states ruling out GST rate cut for auto sector to RIL's e-auction mechanism for new KG-D6 gas, here are Friday's top business headlines

States rule out GST rate cut on automobiles amid grim revenue situation

Key states have expressed reservations on a cut in the GST rate for the auto sector because of the grim revenue situation, after the fitment panel refrained from recommending any such reduction.

Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut. Read more

Hindustan Unilever emerges front-runner for Dinshaw's Dairy Foods

Hindustan Unilever (HUL) is leading the race to pick up Nagpur-based Dinshaw’s Dairy Foods, which has been on the block since April.

HUL is negotiating an all-cash deal at Rs 1,000 crore with the promoters of Dinshaw’s valuing the company at two times its estimated FY19 sales of Rs 450 crore, people in the know have told Business Standard. Read more

After weak GDP numbers, IIP grows 4.3% in July against 1.3% in June

Industrial production may give the government some respite, bogged down by criticism over low GDP growth numbers for the first quarter of FY20. The IIP rose by 4.3 per cent in July, against 1.2 per cent in the previous month.

However, consumer durables continued to print contraction in July. Read more

RIL's e-auction mechanism for new KG-D6 gas

Thirteen years after it first undertook a price discovery exercise for natural gas, Reliance Industries, along with UK partner BP, will be selling 5 mscmd from its R-cluster field in the Krishna-Godavari basin through an e-auction mechanism.

This discovered price would, however, be capped by a ceiling set by the government every six months for gas produced from difficult fields. Read more

Facebook counters Mukesh Ambani, says data isn't oil

Countering Reliance Industries Chairman Mukesh Ambani, Facebook Inc on Thursday said data was not the new oil, and countries like India should allow its free flow across borders instead of attempting to hoard it as a finite commodity within national boundaries. Read more

Market breadth worst in six years in 2019 amid sluggish economic growth

The market breadth this year is the worst in six years, amid sluggish economic growth and disappointing corporate earnings.

In the first eight months of 2019, 70 per cent stocks in the BSE 500 universe were down. Stocks in the BSE 500 universe account for 94 per cent of India’s total market capitalisation. Read more

19 lenders file 529 wilful default cases worth Rs 18,500 cr in June quarter

At least 19 lenders have filed 529 wilful default cases worth Rs 18,548.4 crore in the three months ended June 2019. This stretches across private and public sector banks. Foreign banks are also represented on the list, as is the co-operative bank segment. Read more

Bank credit growth slumps to 10.24%, deposits at 9.73%, shows RBI data

Bank credit and deposits growth slowed to 10.24 per cent and 9.73 per cent to Rs 96.80 trillion and Rs 127.80 trillion , respectively, in the fortnight to August 30, show the latest RBI data.

In the year-ago fortnight, advances were at Rs 87.80 trillion while deposits stood at Rs 116.46 trillion. Read more

Centre may cap cab surge pricing at 3x base fare

Centre is planning to allow cab aggregators to charge up to three times the base fare during periods of high demand, according to the Economic Times.

Citing government officials, the report says Centre is likely to come out with regulations that will specify the allowable limit for such price hikes.

Maharashtra farmers criticise MMTC move to import onion from Pakistan

As onion prices continue to rise, state-owned MMTC Ltd has floated a tender for import of onions from countries including Pakistan, reports the Indian Express. 

The move has triggered criticism from farmers in Maharashtra.

"Why import from Pakistan? Is the Indian farmer a bigger enemy?,” chairman of a farmers' union told the daily.