Drop in oil, metal prices likely to hurt Nifty50 companies' Q3 net profit
The decline in crude oil and metal prices is expected to result in a fall in net profit of companies in the Nifty50 index of the National Stock Exchange for the October-December 2018 period, after five quarters of growth.
The combined net profit of the Nifty50 companies is estimated to fall by 3.6 per cent year-on-year (YoY) to around Rs 85,000 crore, their worst show in seven quarters. Read on
PM Modi talks of liberalising GST, easy MSME credit at Agra meeting
A day ahead of a meeting of the Goods and Services Tax Council, Prime Minister Narendra Modi on Wednesday revealed that he had urged the Council to raise the threshold for exemption from the levy's registration, to Rs 75 lakh annual turnover from the current Rs 20 lakh.
“Besides, I have urged the Council to club houses meant for the middle class in the 5 per cent GST slab. The Council has all the state governments on board,” the PM said at a public meeting in Agra on Wednesday. Click here to read
Not necessary to start insolvency against principal borrower first: NCLAT
A financial creditor can seek to first initiate insolvency proceedings against a corporate guarantor of a company, instead of the company itself, in case the guarantee fails, the National Company Law Appellate Tribunal (NCLAT) has held.
The corporate insolvency resolution process, thus, can go ahead against the guarantor under Section 7 of the Insolvency and Bankruptcy Code (IBC), even without having proceeded with and exhausted all legal remedies against the principal debtor, it has said. Read more
Chinese firms face scrutiny from govt departments, domestic rivals in India
What do e-commerce company Club Factory, telecom gear manufacturer Huawei, and popular application UC Browser have in common? Nothing, except they are all Chinese companies coming under increasing scrutiny from government departments as well as their domestic rivals in India.
Last week, the Mumbai customs department clamped down on Chinese e-commerce players like Shein, Ali Express and Club Factory for sending shipments as ‘gifts’ to customers in India and avoiding duties. Read more
Rajya Sabha passes 10% quota Bill, states to decide on beneficiary criteria
The Rajya Sabha on Wednesday passed the Constitution amendment Bill to provide 10 per cent reservation in jobs and education, including privately run institutes of higher education, to economically backward sections in the general category. The Lok Sabha had passed the Bill on Tuesday.
It will become a law as soon as President Ram Nath Kovind signs it, and does not need ratification by state legislatures, ministers said. Read more
CBI's Alok Verma revokes almost all transfers effected in his absence
CBI Director Alok Verma revoked most of the transfers effected by then Director (in-charge) M Nageshwar Rao as he resumed duties on Wednesday, 77 days after he was sent on forced leave through a government order which was set aside by the Supreme Court, officials privy to the development said. Read more
British PM Theresa May loses key vote on Brexit procedure in parliament
Britain's government suffered another setback on Wednesday as MPs voted to force it to announce within three sitting days what steps it will take next if its Brexit deal is rejected by parliament next week as appears likely.
The contentious amendment was passed by 308 votes in favour to 297 against, a day after MPs delivered another blow to Prime Minister Theresa May by voting to scupper a no-deal Brexit. Click here to read more
Bandhan-Gruh Finance merger favours HDFC
According to a report in Livemint, Bandhan Bank’s merger with Gruh Finance appears to be a deal that was born out of compulsion and is anything but sweet for minority shareholders of the bank and the mortgage lender.
Analysts told the daily that the deal favours HDFC more than the shareholders of Bandhan Bank and Gruh Finance.
Softening demand, spiralling cotton costs hit ginners hard
Cotton ginners across the country are facing poor viability following reduced demand for yarn, and price disparity.
According to a Hindu BusinessLine report, which has the largest number of ginning units in the country, with 1,300 of 4,300 mills, ginners are among the few MSMEs with a high incidence of non-performing assets (NPAs), bankers said. Industry experts say the problem lies in the market dynamics and misplaced policy priorities.