Top biz headlines: DoT talks tough on AGR dues, FMCG recovery, and more

Supreme Court on Tuesday agreed to list the 'modification petition' filed by Bharti Airtel, Vodafone Idea and Tata Group for 'sometime next week'

AGR dues: DoT talks tough on deadline, telecom companies sit on the fence

The Department of Telecommunications (DoT) will begin issuing notices to telecom companies after the January 24 deadline for payment of AGR (adjusted gross revenue) dues, set by the Supreme Court, lapses, a senior official said.

This comes even as the apex court on Tuesday agreed to list the “modification petition” filed by Bharti Airtel, Vodafone Idea and Tata Group for “sometime next week”. Read more

FMCG recovery likely in 2020

After falling for five quarters, a recovery in growth could be on the horizon for the country’s fast-moving consumer goods (FMCG) sector. Both market analyst Nielsen and rating agency CRISIL say the fourth-largest FMCG market in the world will bounce back in 2020 — starting with the quarter ending March 2020. Read more

Duopoly catches up in food delivery space as Zomato acquires Uber Eats

If the telecom industry runs the risk of becoming a duopoly, the fast growing $4-billion online food delivery space has already turned into a two-horse race. Cab aggregator Uber India’s sale of its food delivery business on Tuesday has clearly set the stage for a Zomato versus Swiggy play. Read more

In race against China, power equipment makers seek govt help

An Indian electric equipment maker recently spent six months translating from Mandarin to English all the documents and allied rules, laws and regulations of a tender floated by the State Grid Corporation Limited of China. Read more

Back immigration or risk missing out on tech boom: Microsoft CEO Nadella

Microsoft Chief Executive Officer Satya Nadella said he worries that mistrust between the US and China will increase technology costs and hurt economic growth at a critical time.
 

Using the $470 billion semiconductor industry as an example of a sector that is already globally interconnected, Nadella said the two countries will have to find ways to work together, rather than creating different supply chains for each country. Read more

Budget 2020: All eyes on tax receipts as mop-up dips by Rs 1.91 trillion

With just days to go before the Union Budget 2020-21 is presented, all eyes are on tax receipts for the current fiscal year (April 2019-March 2020, or FY20), which would be revised in the Budget. The numbers become all the more important because actual tax collections fell short by Rs 1.91 trillion compared to what was projected in 2018-19. Read more

Hyundai delays plan to construct new plant

With economic slowdown and poor consumer sentiment denting sales, Korean carmaker Hyundai has said that it will not construct a new factory in India till at least two three years.

Hyundai Motor India MD & CEO S S Kim told Times of India that the “current capacity is sufficient” to meet its domestic and export demand.

Govt approves up to 100% FDI in Bharti Airtel

The Department of Telecom (DoT) has approved raising of foreign direct investment in Bharti Airtel to 100 per cent from 49 per cent allowed earlier, a stock exchange filing of the company said on Tuesday. Read more

Vedanta may dilute up to 25% stake in Cairn India

In a bid to cut its mammoth $6.6 billion debt and revive cash flows, the Anil Agarwal-led Vedanta is looking to sell a minority stake in Cairn India to a strategic partner, according to a report in The Economic Times.

Financial crisis in tea sector deepens

With limited funds available for daily operations, the financial crisis in the tea sector is deepening with several companies putting up their estates for sale. This is despite tea prices improving marginally last year with projections of a good opening this year once auctions re-commence. Read more