Whistleblower case: Infosys writes to clients as allegations reveal dissent
IT major Infosys has apprised its clients of developments following whistleblower allegations. Analysts believe the allegations may not affect the firm's relationship with its clients. Read more.
IBC resolutions exceed new time limit of 330 days prescribed by govt
The average time taken for completion of 156 Corporate Insolvency Resolution Process (CIRPs) that have yielded resolution plans has exceeded the revised deadline of 330 days for completion. The outside time limit for resolutions earlier was 270 days. Read more.
Flipkart India's losses increase 85.91% to Rs 3,836 cr; income rises 42%
E-commerce firm Flipkart's wholesale entity, Flipkart India Private Limited, has reported a net loss of Rs 3,836 crore. The increase in losses, as compared to Rs 2,063 crore in the previous financial year, is at 85.91%. Read more.
Housing finance companies' gross non-performing assets up 2.2%
Amid slowdown blues and a likelihood of a spate of defaults by builders, the asset quality of housing finance companies (HFCs) is expected to deteriorate in the medium term. According to a report by ICRA, the gross non-performing assets (GNPAs) of HFCs will rise to 2.2 per cent from 1.8 per cent in June 2018. Read more.
FIIs trim their holdings in 12 private banks in second quarter of FY20
Foreign institutional investors (FIIs) have trimmed their holdings in 12 private banks in the September quarter amid concerns over a build-up of stress in mid-sized companies and small and medium enterprises (SMEs). Read more.
Govt likely to reject telcos' demand for 2-year spectrum fee moratorium
The finance ministry is likely to reject a telecom industry demand for a two-year moratorium on payment for spectrum bought in previous auctions, according to an official in the know. This would come as a double whammy for telcos reeling from severe financial stress. Read more.
Investment banking fees up 6% in 2019
The country’s investment banking fees rose 5.8 per cent to $783.5 million in the first nine months of 2019, from the year-ago period, led by higher fees in the debt segment. Debt capital market underwriting fees totalled $201.2 million, up 108.7 per cent from a year ago — the best-ever first three quarters since records began in 2000. Equity capital market (ECM) underwriting fees stood at $134.2 million, a 4.7 per cent decrease from the same period last year. Read more
Deep discounting not part of ease of doing business, govt tells e-tailers
Being allowed predatory discounting and a conducive business environment are not the same thing, the government plans to make this clear to digital commerce entities. In the e-commerce policy it is preparing, this point will be underlined, said sources in the commerce ministry. Read more.
AGR ruling to herald more job cuts, hiring freeze in telecom
Hit by Supreme Court's verdict on the dispute regarding the definition on adjusted gross revenue (AGR), the telecom industry is gearing up for a fresh round of job cuts, combined with a freeze on hiring and increments. Broadening the definition of AGR will add significantly to the cost of carriers such as Vodafone Idea and Bharti Airtel, reports The Economic Times.
RCEP deal: Japan tries to convince China to relax demands on India
Japan is trying to convince China to lower demands put forward to New Delhi seeking a reduction or elimination of import duties on goods. This, according to a source, has been done to make the proposed Regional Comprehensive Economic Partnership (RCEP) deal between 16 nations more acceptable to Indian negotiators, reports The Hindu BusinessLine.