Top 10 biz headlines: Jet auction, Tata's GMR bet, Mindtree blinks & more

From GMR stake sale to Mindtree- L&T conciliation, Business Standard brings you top 10 business stories that made news on Wednesday

1. Aviation players unlikely to invest in Jet Airways, may skip bidding

Indian businesses with interest in aviation are not inclined to invest in Jet Airways, which will be put up for an open auction by a lenders’ consortium shortly. While the $103-billion Tata group has been at the centre of the narrative when it comes to possible contenders for buying Jet, at least two sources in the know said there’s no such plan. Read more  

2. Tatas check into airport business, buy stake in GMR as part of consortium

The GMR group is selling 46 per cent share in its airport business to a three-member consortium that includes the Tatas in Rs 8,000-crore deal to reduce its debt. The deal will give India's largest conglomerate indirect stakes in seven airports in India and abroad. Read more

3. CBDT raises alarm as direct tax collection stands at Rs 10.21 trillion

With four days remaining before the current financial year ends, the Central Board of Direct Taxes (CBDT) has sent a strongly worded letter to senior income-tax officials, warning them of an “alarming situation”. Read more 

4. Mindtree strikes conciliatory note, open to 'middle ground' over L&T bid

In a change of stance since it waged a war against the hostile takeover bid by Larsen & Toubro (L&T), the management of Mindtree has sounded a conciliatory note, expressing willingness to sit on the negotiation table with the engineering major. Read more 

5. India's crowded car market will have new global players focused on SUVs

For the first time in about a decade, car buyers will see new name-plates entering the Indian market. Starting June, three global automobile brands — MG Motor, KIA Motors, and Citroen — will begin rolling out more than a dozen models over the next three years. Read more

6. Going beyond digital: Google Pay goes offline to take on Amazon Pay, Paytm

Google showcased an innovation for its mobile payments app Google Pay on Wednesday, wherein merchants at stores can initiate payment requests by punching in a customer’s mobile number on their point-of-sale (POS) terminals. Read more 

7. Packaged food market crosses Rs 5 trn as users switch to branded items

The branded packaged food market expanded 17.6 per cent in 2018 to cross the Rs 5-trillion-mark for the first time as almost all categories posted a healthy double-digit growth. Read more 

8. Bajaj Auto rejigs top deck, appoints new heads of verticals

Bajaj Auto, India’s third-largest manufacturer of two-wheelers, has seen a shake-up in its top management, with senior executives appointed in three positions while a 12-year vetaran has exited, reports Moneycontrol. 

9. Trade gives some relief to a slowing Indian economy

The Indian economy is looking slightly better than it did a month ago, because of positive developments on the external sector front, according to the latest update of the Mint Macro Tracker, reports the Livemint. 

10. You can save over Rs 1 lakh in tax just via these 4 avenues 

The most common sections in the Act that people use to save on tax are 80C, 80D, 80CCD (1B), and 24 (b). This report by the Economic Times explains how much tax can be saved under each of these commonly used sections of the income tax Act.