Auto sector's rate-cut hopes fade as GST cess collection declines
Cess collection under the goods and services tax (GST) — to compensate the states for their revenue loss in the two-year-old indirect tax regime — has fallen short of requirements in the first five months of the fiscal year, dimming rate-cut hopes for the auto sector in the upcoming GST Council meeting on Friday. Some states have asked for rate cuts for five-star hotels. Industry, too, has requested cuts for biscuits and cement. Read More
Hyundai's share in passenger cars at 5-yr high as Maruti loses ground
The race between Maruti Suzuki and Hyundai in the passenger vehicle market has seen Maruti ceding some ground to its Korean rival. Till recently, Maruti sold a little more than one in every two cars. The two companies account for more than 68 per cent share in a market comprising 20 players, including latecomers such as MG Motor India and Kia Motors India. Read More
Eveready's plan to sell battery business to pare debt tied in legal knots
Eveready initiated discussion early this year with some companies, including Energizer and Duracell, to sell its battery business to pare debt. Though Eveready informed the stock exchanges last week that no definitive decision had been taken, Duracell is believed to have emerged as the frontrunner and an offer of Rs 1,600-1,700 crore is under discussion. A latest legal twist, however, is likely to delay the plans. Read More
Quick-service food restaurants look up despite economic slowdown
Power gencos outstanding dues on discoms jump 57% to Rs 73,000 cr in July
Adani Group, Reliance Industries to lock horns for India's data centres
Warburg may buy 20.5% in IndiaFirst from Andhra Bank
The announcement of mega mergers of 10 state-run banks into four are beginning to have an impact beyond traditional banking. IndiaFirst Life Insurance, in which Andhra Bank owns 30% equity, might see Warburg Pincus emerge as its biggest shareholder., Economic Times reported. The PE investor, which owns 26 per cent in the IndiaFirst, might buy an additional 20.5 per cent stake from Andhra Bank. Bank of Baroda currently owns 44 per cent and Andhra Bank 30 per cent in the life insurer. Andhra Bank may earn Rs 700 crore by selling the stake in IndiaFirst Life Insurance.
Amid a sharp auto slowdown, small towns drive up sales of used cars
Sales of pre-owned cars are estimated to increase to as many as 4.4 million units this fiscal from 4 million in the previous fiscal, according to used car dealer Mahindra First Choice Wheels.
Lee Fixel sets sights on Indian startups again, may invest $1 billion