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. In comparison, these companies’ earnings were up 12.9 per cent during October-December 2017 and 14.6 per cent in the September quarter of 2018-19. Read more
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. Read more
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
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