CMD role split: In relief for India Inc, Sebi may extend March 31 deadline
The Securities and Exchange Board of India (Sebi) is considering relaxing the March 31 deadline for listed companies to separate the positions of chairman and managing director (CMD). While the market regulator gave ample time to India Inc to adhere to the rule, not many corporate houses have complied with it. Read more.
Corporate earnings may worsen in Q3, but profits could get tax-cut boost
Corporate earnings during the October-December 2019 quarter (Q3FY20) are likely to give a contrasting picture. Analysts expect an improvement in net profit growth, thanks to the gains from the cut in corporate tax and a better showing by retail lenders, but the contraction in revenues is likely to get worse, indicating a further weakness in aggregate demand in the economy. Read more.
Overseas probe against Adani firms revived as SC stays Bombay HC order
The Supreme Court has revived the revenue department’s bid to investigate billionaire Gautam Adani’s companies, which it claims got undue tax benefits by overvaluing coal imports. Read more.
Cabinet relaxes norms to mine, sell coal; entry for foreign players eased
The Union Cabinet on Wednesday relaxed the qualification criteria and regulations for mining and selling coal in the country. With this, the entry of foreign players and non-coal dependent companies in the coal mining sector has been eased. So far, only companies involved in the power, metals and mining industry could participate in bidding for coal blocks. Read more.
In biggest equity-raising exercise, Airtel launches $2-bn share sale
India’s second-biggest wireless telephony major, Bharti Airtel, has begun marketing its $2-billion (Rs 14,350 crore) equity issuance to institutional investors on Wednesday to pay the AGR (adjusted gross revenues) dues to the central government within the January 23 deadline set by the Supreme Court. The company will also raise an additional $1 billion (Rs 7,155 crore) as convertible bonds due in 2025, accoring to the terms of the transaction. Read more.
CCI flags concern over e-commerce deep discounts, bats for self-regulation
The Competition Commission of India (CCI) said in a study, released Wednesday, that marketplace platforms should adopt self-regulatory measures such as clearly stating the parameters of search ranking, setting out a transparent policy on data collected by them, among others. Releasing the findings and its observations, the CCI said marketplace platforms should bring out a clear policy on discounts. Read more.
DPIIT to examine FDI compliance in e-commerce by Uber Eats, Faasos
Department for Promotion of Industry and Internal Trade (DPIIT) officials met representatives of cloud kitchens Faasos and Uber Eats as well as food aggregators Swiggy and Zomato to examine whether these firms violated foreign direct investment (FDI) norms in e-commerce. Read more.
Amazon-Future Retail deal: How the tie-up benefits both the firms
The stock of Future Retail (FRL) has been trending up over the last couple of trading sessions, gaining 5 per cent after it announced a partnership with Amazon, which will expand the offline and online presence of both entities. The company also announced that it will raise debt worth $500 million to fund the purchase of infrastructure assets from Future Enterprises (FEL).
SoftBank in Talks to Sell Majority Stake in India - The Economic Times
Amid major global setbacks, Masayoshi Son’s SoftBank is exploring to bring on board a partner in its high-profile renewables joint venture in India, SBG Cleantech, by selling a majority stake, said people in the know. This is part of an ongoing review of its businesses around the world in a bid to increase liquidity.
Budget 2020: CCPA recommends Budget Session from Jan 31; Union Budget on Feb 1 - The Financial Express
Union Budget 2020 India: The Cabinet Committee on Parliamentary Affairs has recommended holding the Budget Session in two phases from January 31 to April 3, with the Union Budget to be presented on February 1, sources said on Wednesday. They said the first phase of the session will be from January 31 to February 11 and the second will be from March 2 to April 3.