Top 10 biz headlines: Sun Pharma, I-T dept seeks tax mop-up, and more

From PSU general insurance companies to Piramal's financial commitments, here are the top 10 business headlines for the day

I-T department seeks Rs 1-trillion cut in direct tax mop-up target

The income-tax (I-T) department will ask for a cut of at least Rs 1 trillion in the target for direct tax collection in 2019-20 (FY20) because of growth in the segment sliding to 3 per cent as of October 31. The reduced growth is largely because of consumption slowdown and tax rate cuts. Read more.

IT companies look to cut jobs at mid, senior levels in coming quarters

Information technology (IT) services companies, with large Indian presence, are looking at reducing their employee count by 5 to 8 per cent in the coming quarters, mostly at the middle to senior levels. Read more.

Mahindra Group to check into upscale hotel segment to tap burgeoning demand

Mahindra Holidays & Resorts (MHRL), the Mahindra Group’s hospitality arm, is firming up plans to enter the upscale hotel segment as it seeks to ride the burgeoning demand in the sector and capitalise on its brand credentials. Read more.

PSU general insurance companies seek capital infusion prior to merger

Public sector general insurance companies, which are slated to be merged, have sought fund infusion from the central government before the amalgamation. According to top officials of two of the public sector general insurance firms, the companies, in their communication to the department of financial services, have highlighted the need for imminent recapitalisation to maintain the regulatory solvency ratio and wipe out losses. Read more.

Sun Pharmaceutical bullish on Japanese market as peers lose interest

India’s largest drugmaker, Sun Pharmaceutical Industries, is expanding in the Japanese market when most of its peers have indicated they are not bullish on it. Mumbai-based Lupin is Japan’s sixth-largest drug generics player but it recently said the annual price cuts imposed there had made the market unattractive. It would continue to grow there but only in single digit (in value terms). Read more.

Piramal will have to raise Rs 3,033 crore to meet financial commitments

The Piramal group will have to raise Rs 3,033 crore by March next year to meet its financial commitments at a time when ICRA, a Moody’s affiliate, has downgraded group firms AASAN Corporate Solutions and Piramal Realty. Read more.

It's peak season but air tickets are going cheap, thanks to price war

Will airlines fighting a bitter price war even in the peak festival season suffer the same fate as telcos where a similar battle has led to closures and a consolidation of the industry? The closure of Jet Airways was the first signal that consolidation was underway in a market with eight players in the fray. Many analysts had hoped that, with less competition, airlines would regain their pricing power and air fares would move northwards. Read more

5G gambit: Cisco focuses on telecom segment, sees big opportunity in India

Rapid digitisation is opening up new opportunities for every player, irrespective of the industry they are in. Some are thinking in terms of how it can help them drive competitive advantage; some are exploring new revenue streams; others are looking at ways it can help them step into newer markets. Read more.

Income Tax task force report suggests complete rejig of tax slabs

If the government implements a task force report that calls for a complete rejig of income tax slabs and capital gains tax regime then it could boost its revenues by more than Rs 55,000 crore according to two persons familiar with the content of the report, reports The Economic Times. 

Chinese auto firms eye GM’s last plant in India

Two of China’s biggest automakers, SAIC Motor Corp. Ltd and Great Wall Motors Co. Ltd, are in talks with General Motors Co. to acquire the Detroit carmaker’s last remaining factory in India, two people aware of the development said, reports LiveMint.