Top headlines: MFs may come under new tax ambit; Jio tests for 5G solutions

From MFs, alternative investment funds likely to come under ambit of new tax norms to HUL's Q2 revenue, net profit business return normal level, here are the top headlines this morning

MFs, alternative investment funds may come under ambit of new tax norms

Mutual funds (MFs) and alternative investment funds (AIFs) may come under the ambit of the new tax collected at source (TCS) regime, which came into effect on October 1. This could hit the funds as well as investors. The Finance Act, 2020, has inserted a sub-section (1H) in section 206C, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year. Read More

Cultural differences? Star India in a flux as Disney effect gains ground

Will the Disney takeover of Star be good or bad for India’s largest media firm? As a mini exodus begins at Star India, the entertainment industry is abuzz with this and other questions. Th coming months will see the Disneyfication of Star — that means less focus on sports and broadcasting, more on streaming. It will see a greater emphasis on margins, hiving off of some businesses (like Tata Sky) and slowing investments in others (broadcasting). The process towards a Disneyfied Star —more staid and somewhat bureaucratic —has begun. Read More

HUL's Q2 revenue, net profit rise as business back to normal level

Hindustan Unilever (HUL), the country's largest consumer goods company, appears to have put the challenges emanating from the Covid-19 pandemic and lockdown firmly behind it. On Tuesday, the company reported an 8.7 per cent year-on-year increase in net profit to Rs 2,009 crore for the July-September period (Q2), beating Street estimates by a wide margin. Read More

Future-RIL deal: Jeff Bezos-Kishore Biyani battle begins in Singapore

The arbitration proceedings between Jeff Bezos-led Amazon and Kishore Biyani-headed FutureGroup have begun in Singapore. An emergency arbitration hearing between Amazon and retail conglomerate Future Group tookplace last week and a verdict is expected in the next few days, according to sources. The hearing took place at the Singapore International Arbitration Centre (SIAC). Read More

Aluminium export can touch $10 bn with govt help: Vedanta's Ajay Kapur

India with its plentiful reserves of bauxite and thermal coal has the potential to become a leading aluminium supplier, says Ajay Kapur, CEO-Aluminium and Power, Vedanta, in an interview with Kunal Bose. Edited excerpts: With a 6 per cent fall in demand in 2019-20, India’s aluminium consumption in the 2020-21 first quarter collapsed 57 per cent. Read More

Jet Airways revival: An uphill task amid strong headwinds on take-off

In 2014, when Kalanithi Maran threw up his hands and his airline SpiceJet was two days away from closure, Ajay Singh, previously a director of the airline, stepped in. The airline had around 32 aircraft, with lessors threatening to repossess them for non-payment of dues, around 5,000 employees (far more than what the fleet required), vendor dues of approximately Rs 3,500 crore and no clear flight path. Read More

Covid-19 antigen testing: India next stop for Siemens Healthineers

Siemens Healthineers, a Frankfurt-based medical-technology firm, will soon bring to India its Covid-19 antigen test, which it launched in Europe last week. The firm is expanding its facility in Vadodara to make molecular assays there. It will manufacture RT-PCR, antibody and antigen test kits at the facility. Siemens imports these tests from plants in the US and Europe. Given the growing demand for Covid-19 diagnostic tests, the firm has decided to manufacture here. Read More

Ratnagiri Gas and Power approaches lenders for one-time loan settlement

Ratnagiri Gas and Power (RGPPL), earlier known as Dabhol Power, has approached its lenders for a one-time settlement (OTS) of its outstanding debt worth Rs 1,461 crore. The thermal power producer has delayed servicing of its principal component in loan due in September, while it has paid the interest due for the month. Read More

Qualcomm Technologies, Reliance Jio jointly test 5G solutions for India

Reliance Jio and Qualcomm Technologies Inc have expanded their efforts to develop 5G solutions in India and have achieved a speed of 1 Gbps during trials. The companies announced on Tuesday that the partnership aims to fast track the development and roll out indegenious 5G network infrastructure and services in India. Qualcomm has already invested Rs 730 crore for 0.15 per cent stake in Jio Platforms and was among the several private equity and technology firms which picked up a stake in the Reliance group company earlier this year. Read More