Top 10 biz headlines: Jet lands in NCLT, IndiGo orders CFM engines and more

From India Inc's advance tax mop-up to bankruptcy proceedings against Jet Airways, Business Standard brings you stories that made the headlines on Monday

Over and out for Jet Airways as lenders start bankruptcy proceedings

A lenders’ consortium, led by State Bank of India (SBI), has given up on its rescue effort after finding no buyer for Jet Airways following months of action-packed search. The consortium on Monday decided to take the Naresh Goyal-founded airline to the insolvency court. Read on...

IndiGo moves away from Pratt & Whitney, places $20-bn order for CFM engines
 

IndiGo has ordered jet engines worth $20 billion from a joint venture of General Electric, US, and France’s Safran SA, the low-cost airline announced on Monday. With this, the biggest buyer of Airbus SE A320neo planes seems to be moving away from Pratt & Whitney engines, which have been experiencing glitches. Read on...

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India Inc's advance tax mop-up surges 171% in Q1, Mumbai collection up 133%
 

India Inc’s advance tax figures grew exponentially by 171 per cent during the first quarter of 2019-20, prompting the tax authorities to say that the economy may be back on track after witnessing lacklustre growth in earlier quarters. Read on...

HDFC Mutual Fund takes Rs 500 crore of Essel group exposures on books
 

HDFC Asset Management Company (AMC) has offered exits to investors of some fixed-maturity plans (FMPs) by transferring Rs 500 crore worth of their exposures to Essel group firms on to its own books. Read on...

Govt aims to improve fuel access; petrol, diesel to be sold in supermarkets
 

In a bid to make fuel more accessible, the government could soon allow supermarkets to sell petrol and diesel. The Ministry of Petroleum and Natural Gas is likely to come up with a Cabinet note for easing existing norms, said a source. Read on...

Piramal sells entire stake in Shriram Transport for around Rs 2,300 crore
 

Piramal Enterprises, which owns equity stakes in three Shriram Group companies, has started the process of exiting the Chennai-based financial services group by selling its entire 9.96 per cent stake in Shriram Transport Finance Company (STFC) for Rs 2,300 crore to a clutch of 26 investors. Read on...

For NHAI, at least three road projects start before the official go-ahead
 

Though the official go-ahead was given this month, the National Highways Authority of India (NHAI) has set the dates for work having started on at least three road projects between March and May. Read on...

More changes at Wipro after Premji’s adieu as two board members set to retire next month
 

Wipro Ltd’s lead independent director Narayanan Vaghul and chairman of the board’s nomination and remuneration panel Ashok Ganguly will retire next month, said a Wipro executive familiar with the development, marking an end to their more than two-decade-long stint with India’s fourth-largest information technology services company, reports LiveMint.

SBI links home loan interest rates to repo rate: Will borrowers gain?
 

State Bank of India (SBI) has announced a home loan scheme that can alter the way floating-rate housing loans are priced. It can also usher in transparency. It will be available to borrowers from 1 July. “Principal to be repaid every year will be at least 3% of the outstanding loan amount, in addition to interest applicable. The EMIs could fluctuate during the year, depending on changes in repo rate,” says P.K. Gupta, MD, retail and digital banking, SBI, reports The Economic Times.

In just 8 years, India will overtake China as world’s most populous country: UN report
 

Around 2027, India is projected to overtake China as the world’s most populous country, says the latest report released by United Nations, reports BusinessLine.