Top 10 biz headlines: Swinging fortunes for India's rich, GST rates & more

From Insolvency and Bankruptcy Code (IBC) amendment to India's coal power usage, here are the top 10 business headlines of the day

HPCL takes to LPG auto-booking of cylinders

Facing flak over the declining number of liquefied petroleum gas (LPG) cylinder refills under the Pradhan Mantri Ujjwala Yojana (PMUY), the government-controlled oil-marketing company Hindustan Petroleum Corporation (HPCL) has started the auto-booking of cylinders for inactive connections. Read here

Higher GST rate on mobiles, fabrics may boost revenues

The goods and services tax (GST) rate on mobile phones and fabric may be hiked by the GST Council next week. This could be part of an exercise to correct the inverted tax structure and boost revenue collection. Read here

Cabinet clears IBC amendment

In a move that will remove the final hurdle for companies taking over stressed firms, the Union Cabinet on Wednesday approved an amendment to the Insolvency and Bankruptcy Code (IBC) that prohibits attaching assets of companies resolved under the mechanism for offences committed by the previous management or promoters. Read here

QIA to pick 25% stake in Adani's Mumbai power distribution

Adani Transmission on Wednesday entered into an agreement to sell a 25.1 per cent stake in its Mumbai power distribution business to Qatar Investment Authority (QIA) for Rs 3,200 crore. The power transmission company acquired the business from Reliance Infrastructure for Rs 12,100 crore in August 2018. At present, the business is housed under its subsidiary Adani Electricity Mumbai (AEML). Read here

Swinging fortunes for India's billionaires

The upheaval in the broader economy has reshuffled the ranks of India’s billionaire promoters. Changes in the market value of promoter stake in top private sector companies suggest that the number of billionaires is on the decline, after hitting a high in March last year. The gap between the rich and the not-so-rich promoters also widened in 2019. Read here

India's coal power usage to see first fall in 14 years

Coal’s use for power in the country is set to shrink for the first time in at least 14 years as demand slows and cheaper and cleaner renewable sources of electricity erode the fossil fuel’s share. Read here

RCap delays interest payment obligation

Reliance Capital has informed the exchanges that it’s servicing of interest or principal of non-convertible debentures falling due on December 9 is delayed. Read here

US Fed leaves rates unchanged

The Federal Reserve left interest rates unchanged and signaled it would stay on hold through 2020, keeping it on the sidelines in an election year while also opening the possibility it might buy short-term coupon-bearing securities to ease money-market strain. Read here
 

Mittal bats for at least 3 private telcos

Bharti Airtel chairman Sunil Mittal called on the government to ensure that the Indian telecom market continues to have three private carriers. He also urged the Centre and the judiciary to give “sympathetic consideration” to the industry’s appeal for relief after the Supreme Court’s order on adjusted gross revenue (AGR) left companies struggling, The Economic Times reported

Ordinance in works to maintain the sanctity of power pacts
 

The Centre plans to take a major initiative in the power sector with an ordinance to ensure sanctity of contracts, restrict cross-subsidisation of consumers and force utilities to pay their bills on time, a move that can go a long way in making electricity generation and distribution attractive for investors, according to The Economic Times