From market volatility after exit polls to Tata planning for expansion, Business Standard brings you top stories that made news on Sunday
LS elections: Markets may rise 1-2% after exit polls show Modi's return
Equity markets are likely to extend gains after most exit polls showed Narendra Modi retaining power with a comfortable majority in the Lok Sabha elections 2019. The benchmark Sensex and Nifty could gain between 1 per cent and 2 per cent on Monday, said market players, adding that the gains will be capped as investors will wait for the actual outcome due later during the week (May 23). Read more here
RBI readies credit line rules for NBFCs, may seek views after poll results
The Reserve Bank of India (RBI) is working on a liquidity line for non-banking financial companies (NBFCs) and may ask for suggestions from participants on draft guidelines after election results are declared.
One of the likely measures is the central bank opening a special borrowing window for NBFCs, similar to what banks have, according to sources. Read more here
ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
ICICI Bank former managing director (MD) and chief executive officer (CEO) Chanda Kochhar has sent a legal letter to the private lender, objecting to the way her resignation was treated as termination, refusing to give back the money she got as bonuses and stock options between April 2009 and March 2018, as directed by the bank, said two people privy to the development. Read more here
Infosys CEO Salil Parekh took home a pay package of Rs 24.67 cr in FY19
The country’s second-largest IT services firm Infosys’ chief executive officer Salil Parekh took home a pay package of Rs 24.67 crore in the last financial year. Comparable data on salary for the previous financial year was not available as Parekh joined the firm in January 2018.
According to the company’s annual report, the CEO’s compensation included a fixed salary component of Rs 6.07 crore, variable pay of Rs 10.96 crore and perquisites worth Rs 7.64 crore. Read more here
Tatas plan expansion, eye all-round play in India's FMCG sector
The demerger of the consumer products business of Tata Chemicals, including food brands Tata Salt and Tata Sampann, into Tata Global is the first of the group's bid to expand its presence in the fast-moving consumer goods (FMCG) segment.
The second leg will see the Mumbai-based conglomerate use a little-known detergent called Tata Dx to get into home care, top sources have told Business Standard. Read more here
Amazon eyes 100 million customers in India with short-video message
Amazon might have finally found a way to crack the vernacular puzzle and add the next 100 million customers in the country. Its plan of action is simple: Introduce new users to the platform in a language of their choice, precisely through short videos, rather than making them read a plethora of information in a foreign language. Read more here
DRT asks Vikram Bakshi, McDonald's India to deposit settlement funds
The Delhi Bench of Debt Recovery Tribunal (DRT) has asked Connaught Plaza Restaurants’ (CPRL) Managing Director Vikram Bakshi (pictured) and McDonald’s India to appear before it and deposit the proceeds of their proposed settlement.
The DRT has also asked Bakshi not to transfer nearly 3,100 shares of CPRL and asked him to share details of the rates of the shares as on date. Read more here
Tiger Global only bright spot in a dull SaaS sector
Tiger Global Management is pumping money into software as-a-service (SaaS) startups in India at a time the sector is grinding through a funding slowdown.
The American hedge fund, one of the most prolific startup investors in India, has made a contrarian bet by scooping up stakes in several SaaS startups that provide software services to enterprises and SMEs on a subscription basis, the Livemint reported.
Niti Aayog proposes Rs 7,500-crore plan for Artificial Intelligence push
The NITI Aayog has drawn up a plan for creating an institutional framework for artificial intelligence (AI) in the country. It has circulated a cabinet note to provide Rs 7,500 crore in funding for creation of cloud computing platform called AIRAWAT and research institutes. A senior government official told ET that the Aayog has already circulated the note for consideration by the Expenditure Finance Committee, which is expected to take it up soon, the Economic Times reported.
CBDT allows AMCs to directly manage offshore funds out of India
Asset management companies (AMCs) can now graduate from being mere ‘advisors’ to offshore funds to becoming a direct, “full fledged manager” of such funds out of India. This comes after the Central Board of Direct Taxes (CBDT) removed a taxation related constraint that prevented Indian AMCs from taking up direct fund management activity for the offshore funds, the Hindu Businessline reported.