Top 10 business headlines: Maruti Q4 results, IL&FS crisis, and more

From Maruti Suzuki's Q4 results to major lapses in Deloitte audit of IL&FS arm, Business Standard brings you top 10 business stories that made news on Thursday

Desi investors make a beeline for Uber, Airbnb, other unicorn IPOs in US

Domestic investors have set their eyes on marquee unicorns — a term used for privately held start-ups with valuations of over $1 billion — that are making a beeline to offer their shares through initial public offerings (IPOs). In the coming months, companies like Uber, Airbnb, and WeWork will launch their maiden offerings in the US. While these IPOs are already creating a buzz the world over, India isn’t far behind. Read more

Maruti signals tough road, gives weakest growth forecast in the past 5 yrs

Maruti Suzuki, India’s largest carmaker, sounded the alarm bells for the auto market, signalling its weakest growth forecast in the past five years. The company, which sells every second car in the domestic market, said it expected production and sales to grow between 4 per cent and 8 per cent for the financial year started in April. Read more

Major lapses in Deloitte audit of IL&FS Financial Services, says SFIO

The preliminary probe by the Serious Fraud Investigation Office (SFIO) has found that audit firm Deloitte was responsible for falsification of financials of IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS), according to an official in the know. The serious fraud office, which is reaching a closure in the case, would submit its probe report next month, it is learnt. Read more

RBI deputy governor B P Kanungo bats for capital account liberalisation

Reserve Bank of India (RBI) Deputy Governor B P Kanungo has argued in favour of revisiting India’s capital control regime and letting companies invest overseas more freely to secure the country’s energy and economic needs. Read more

Tata Steel reports higher-than-expected net profit of Rs 2,431 crore for Q4

Tata Steel, the country’s oldest steel producer, on Wednesday reported a higher-than-expected consolidated net profit of Rs 2,430.92 crore for the March 2019 quarter, on revenue of Rs 41,186 crore. According to Bloomberg estimates, consolidated revenue was seen at Rs 43,725 crore and net profit at Rs 2,194 crore for the quarter. Read more

Crisis-hit Jet Airways asks govt to protect international traffic rights

Jet Airways has asked the Union aviation ministry to not release its international traffic rights to rival carriers. Doing so, says the insolvent and now-grounded airline, would affect investor bids for it and harm investor interest. Read more

Biocon posts growth of 64% in net profit at Rs 213.7 cr during Q4

Biopharmaceutical firm Biocon Ltd on Thursday posted a growth of 64 per cent in net profit at Rs 213.7 crore during the quarter ended March 31, 2019, as compared to Rs 130.4 crore during the same period last year. Its research services subsidiary Syngene reached a milestone of Rs 100 crore in net profit during the quarter on a standalone basis. Read more

Merge Jet Airways with Air India: Subramanian Swamy

BJP leader Subramanian Swamy has written to civil aviation minister Suresh Prabhu asking him to recommend the cabinet to merge Jet Airways (India) Ltd, which has currently grounded its operations due to lack of funds, with Air India, a step which according to the politician will help the national carrier regain its "premiere position," reports Livemint.

Government department discuss draft bill to ban cryptocurrencies

The government has kicked off inter-ministerial consultations on a draft bill to ban cryptocurrencies and regulate official digital currencies. The “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" draft has been circulated to relevant government departments, a government officials aware of the details told Economic Times.

‘High fuel prices may have led to a slowdown in auto sales’

High fuel prices may have been one of the reasons for the recent slowdown in automobile sales, according to the latest Mint Street Memo of the Reserve Bank of India, reports the Hindu BusinessLine.