Top 10 business headlines: RIL to raise Rs 2,500 cr, Jet conundrum and more

Here are the top 10 business stories that made news on Wednesday

RIL to raise Rs 2,500 crore via bonds issue to repay loans, fund capex

The size of the dollar bonds has not been decided as yet though Saudi Arabia’s Aramco is in talks with the company to buy a stake in the new refinery, said the source. Click here to read

SBI-led consortium of lenders likely to bag biggest stake in Jet Airways

Even as the talks between Jet Airways and its lenders are learnt to have reached a stage of finality, the Naresh Goyal-led company issued an official statement to scotch any speculation around its foreign partner Etihad offering to raise its stake at a steep discount. Read on

Companies can raise $750 mn yearly via external commercial borrowings: RBI

The Reserve Bank of India (RBI) on Wednesday allowed entities that are eligible to receive foreign direct investment (FDI) to raise external commercial borrowings (ECBs), by enabling them to raise funds through automatic route up to $750 million per year. The ECBs raised would be within the overall cap set by the regulator on December 20 last year — at 6.5 per cent of gross domestic product. The limit worked out to $160 billion, against the total outstanding ECB stock of $126.29 billion as on September 30, 2018. Read more

Uber India to try out buses, quadricycles, electric two-and three-wheelers

Regular cars are becoming passé for Uber Technologies as it expands to intra-city buses, quadricycles, electric scooters and electric auto-rickshaws — some of which will be piloted for the first time in the country. The experimentation with different vehicles is happening simultaneously with its expansion from 36 cities (India and south Asia) to 50 by the end of this year. Read on

Delhi HC stays Rs 383-crore fine on Hindustan Unilever for GST profiteering

NAA had imposed a penalty of Rs 383 crore on HUL for not reducing maximum retail prices of its products after the goods and services tax (GST) rate cuts came into effect on November 15, 2017. The court posted the next hearing to April 16. Click here to read

Flipkart invests Rs 1,431 cr in wholesale unit amid e-com policy concerns

Flipkart India Private Limited, the wholesale entity of the Walmart-backed home-grown e-commerce company, has received Rs 1,431 crore from its Singapore-based parent entity, Flipkart Private Limited. The investment comes at a time when the government is tightening norms for online retailers, with its revised e-commerce policy that could have a huge impact on online retailers such as Flipkart and Amazon. Read more

Govt's e-commerce curbs could hit online sales by $46 bn by 2022: PwC

India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters. Read on

Income Tax return processing time to reduce from 63 days to just 1 day

The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch. Click here to read

On shop floors, many women; less in offices

Page Industries is the only one among the top 100 BSE-listed companies that has a workforce comprising 40 per cent women. Of 18,801 employees at the garment franchise, 14,646 were women, according to payroll for 2017-18 (FY18). Read on

How Nestle braved Maggi mess to emerge stron­ger than ever in past 4 years

Nestlé India has emerged stronger than ever in the past four years. The food and beverage major, that continues to dodge threats of a revival of the 2015 crisis, now stands on firmer ground, compared to its pre-Maggi ban days. Click here to read