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Top 10 biz headlines: Etihad bids for Jet, Tata-Thyssen JV plan, and more

From L&T March quarter profit to ease of doing business in India, Business Standard brings you top 10 stories that made news on Friday

BS Web Team  |  New Delhi 

Etihad Airways, flight, aeroplane
Etihad Airways

flies in to rescue Jet, submits conditional offer for minority stake

In a surprise development, Airways submitted a conditional offer to reinvest in the grounded on Friday just before the deadline ended for putting in binding bids. While Etihad’s offer has been declared as the only qualified bid, the Abu Dhabi-based airline made it clear that it would hold only a minority stake in Jet and that its bid was conditional. Read more here

Tata-JV plan fails to clear Europe's anti-trust hurdle

Tata Steel’s plans to merge its European operations with German firm Thyssenkrupp’s steel business suffered a jolt with both companies announcing on Friday they were not going ahead with the proposed joint venture (JV) following objections from the antitrust authorities of the European Commission.

Tata Steel, which operates the Port Talbot plant in the UK and a large plant in the Netherlands, said the Commission discussed the proposed JV with both partners, and based on the feedback, it was clear the Commission was not intending to approve the plan as it expected substantial remedies in the form of sale of assets of the proposed venture. Read more here

IIP contracts 0.1% in March as manufacturing sector growth slows down

Industrial output contracted 0.1 per cent in March due to slowdown in the manufacturing sector, official data showed Friday.

Factory output as measured in terms of the Index of Industrial Production (IIP) had expanded 5.3 per cent in March 2018. Read more here

L&T March quarter profit rises 8% to Rs 3,418 cr on improved operations

Engineering conglomerate Larsen & Toubro (L&T) reported an 8-per cent rise in its consolidated profit after tax (PAT) at Rs 3,418 crore owing to improved operations. The company’s management indicated business environment remains challenging, though early signs of private investment were visible.

For the January to March 2019 period, L&T reported PAT at Rs 3,418.24 crore, higher than Rs 3,167.47 crore for the same period a year ago. Read more here

FinMin defends NSSO report, says little scope of overestimating GDP number

The number of business enterprises reported as closed or non-traceable in the corporate affairs ministry's database is falling and their impact in calculating India’s GDP growth is “marginal", said the Finance Ministry on Friday after concerns about data.

The ministry issued the statement after the Sample Survey Office's (NSSO) Technical Report of Services Sector Enterprises in India said that as much as 36 per cent units forming part of MCA 21 database, used in computing GDP, were either not identifiable or traceable in the field. Read more here

SBI posts net profit of Rs 838 crore in Q4 on higher interest income

Depicting a sturdy financial profile, the country’s largest bank — the State Bank of India — posted a net profit of Rs 838 crore in the fourth quarter of 2019 (Q4FY19) on higher interest income and sharp drop in provisions for bad loans.

SBI had posted a loss of Rs 7,718 crore in the fourth quarter of FY18. Read more here

US firms see no ease of doing business in India: Here're the main issues

In the last two years, India has climbed 53 places in the World Bank’s ease of doing business report. Despite that, for the average US company, the country continues to look like a tough market to break into.

This is the view of more than a 100 American companies, whose top executives are accompanying US Commerce Secretary Wilbur Ross, who was in India for trade negotiations with New Delhi. Backed by the US Commerce Department, the executives are touring Delhi, Mumbai, Bangalore and Kolkata, among other cities, as part of Washington’s largest annual trade mission programme, Trade Winds. Read more here

We aim for sustainability, but it needs to look good as well: Pernilla Wohlfahrt

In 2012, Swedish clothing retail brand Hennes and Mauritz AB, or H&M, had launched its first ever Conscious Exclusive collection. Made with new and innovative sustainable material such as organic cotton and recycled polyester, the collection marked a departure from the fast fashion goods that the company was known for. With a focus on plant-based and recycled material, Conscious Exclusive marked H&M’s foray into “slow fashion" and spurred its sustainability programme. Every year since then, the brand has experimented with newer sustainable fabrics such as recycled glass and Denimite, a material made of recycled worn-out denim, the Livemint reported.

Why retailers love mothers so much

In November 1981, the Times of India (ToI) published a report on how “various cultural and social organisations in different parts of the country” were gearing up to celebrate Prime Minister Indira Gandhi’s birthday as “Mother’s Day and Integration Day”.

The exact nature of these organisations wasn’t clear, but they were evidently unconcerned with taking sycophancy into distinctly dubious territory, write Economic Times.

Urja Ganga pipeline project: GAIL awards tenders worth Rs 10,500 crore

GAIL (India) Ltd has awarded contracts worth Rs 10,500 crore to speed up the completion of the Jagdishpur-Haldia & Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) and the Barauni-Guwahati Pipeline (BGPL) pipeline.

Bids for pipe supply and laying for the integrated 3,400-km-long project, dubbed Urja Ganga pipeline project, have been awarded, the Hindu Businessline reported.

First Published: Sat, May 11 2019. 07:54 IST