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Top 10 biz headlines: ED probes Rana Kapoor, GST on phones to rise and more

From Gujarat HC's notices over surcharge imposition to IndiGo's profit warning, here are the top 10 business stories for the day

BS Web Team 

YES Bank stock falls 13% as profit slumps; Ex-CEO Rana Kapoor loses $1 bn
Rana Kapoor, YES Bank founder

Over 100 people in Yes Bank's 'top management' may lose ESOPs, bonuses

The Reserve Bank of India (RBI) is considering clawing back the employee stock options and bonuses issued to the entire top management of to date. Read more.

ED probes Rana Kapoor's role in YES Bank's Rs 30,000-cr bad loans

The special court under the Prevention of Money Laundering Act (PMLA) granted an extension to the Enforcement Directorate (ED) to keep under custody till March 16. Read more

Domestic markets stabilise after worst single-day slump in about 5 years

The domestic markets stabilised on Wednesday after logging their worst single-day fall in five years on Monday. The Sensex ended 62 points higher at 35,697, while the Nifty ended little changed at 10,458. Read more.

IndiGo gives profit warning following dip in bookings over Coronavirus

IndiGo expects the coronavirus (COVID-19) crisis and depreciation of the rupee to hit profit in the fourth quarter. IndiGo, the largest domestic airline by market share, has issued the profit warning following a dip in bookings because of the spread of COVID-19 in the country. Read more.

Gujarat HC issues notices to Centre, Council over surcharge imposition

The Gujarat High Court has issued notices to the Union government, the Council, and the Customs authorities over imposition of surcharge and cess on duties paid through scrip-based incentives by exporters. Read more

Govt to sell Rs 8,000-cr SUUTI stake to meet revised FY20 divestment target

The Centre will offload around Rs 8,000 crore worth of stake in Axis Bank and ITC through Specified Undertaking of Unit Trust of India (SUUTI) before March 31 to help it meet the revised divestment target for 2019-20 (FY20) of Rs 65,000 crore, Business Standard has learnt. Read more.

on mobile phones, textiles likely to be increased in Saturday meeting

Goods and services tax (GST) rates on mobile phones, footwear, textiles and fertiliser are likely to be raised on Saturday. That is when the GST Council meets as part of an exercise to correct an inverted duty structure and to boost revenue collection. Read more.

Biocon, Mylan win patent case for insulin device against Sanofi in US

Biopharmaceutical major Biocon and partner Mylan have won a litigation in a US court which invalidates a Sanofi patent on a device to deliver insulin glargine. This takes Biocon a step closer to commercialise its glargine biosimilar Semglee in the US. Read more.

Telcos likely to get relief on AGR dues, spectrum charges in April

Indian telecom companies are set to receive a financial boost with the government preparing a relief package for the sector ridden with heavy debt and mounting losses, following years of intense competition and low tariffs, reports LiveMint.

Mining policy rejig in works to woo pvt cos

For the purpose of drawing up a road map for opening up of the country’s mining sector to private players, the government has set up a high-level committee under NITI Aayog vice chairman Rajiv Kumar. The committee will suggest policy measures to liberalise the framework and make it attractive for private players, reports The Economic Times.

First Published: Thu, March 12 2020. 06:59 IST