Modi invites Saudi investment, says India to spend $100 bn on energy infra
India will invest $100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years, Prime Minister Narendra Modi said on Tuesday as he sought investment from oil kingpin Saudi Arabia and other nations to boost supplies. Read more.
Govt mulls more steps to boost market sentiment, may scrap DDT, rejig LTCG
The finance ministry and regulators are reviewing the possibility of scrapping the dividend distribution tax (DDT) in a bid to regain investor confidence in the equity markets, said sources in the government. It is also considering rationalisation of the long-term capital gains (LTCG) taxation structure by classifying three asset classes against six at present. Read more.
Govt sets up panel of secretaries to help ease stress in telecom sector
The government has set up a committee of secretaries (CoS) under Cabinet Secretary Rajiv Gauba to suggest measures to mitigate financial stress in the telecom sector, which is looking at a payout of Rs 1.33 trillion to clear statutory dues. Read more.
PhonePe annual loss more than doubles to Rs 1,905 crore in 2018-19
PhonePe, the Walmart-owned digital payment platform, more than doubled its losses in 2018-19 to Rs 1,905 crore compared to a year before, according to a registrar of companies (RoC) filing. Read more.
NTPC likely to acquire govt's stake in THDC, Neepco for Rs 8,000 cr
Power major NTPC is likely to acquire the central government’s stake in two unlisted state-owned power companies — THDC and Neepco, Business Standard has learnt. While the Centre is in the process of appointing transaction and legal advisors and asset valuers for the ‘strategic sale’ of the two companies, internal calculations show that both the deals could fetch the exchequer around Rs 8,000 crore. Read more.
E-commerce battle: Amazon to pump Rs 4,470 cr in India to take on Flipkart
As Amazon’s India unit cuts down losses further in its fight for supremacy in the country’s growing online commerce market, the e-tailer is pumping in more funds in its India units to turbocharge the company in this festive season. According to regulatory filings, Amazon has decided to infuse about Rs 4,472.5 crore in its various business entities in India, including seller services, digital payments and retail. The funding is expected to help Jeff Bezos-led firm take on Walmart-owned Flipkart, with which it is in a fierce battle for dominance in India’s online retail market as well as competition from the yet to be launched e-commerce business of Mukesh Ambani-led Reliance Industries. Read more.
Bharti Airtel delays Q2 results, sees 28% surge in ARPU to Rs 128
Bharti Airtel on Tuesday reported a 28 per cent jump in average revenue per user (ARPU) at Rs 128, driven mainly by the expanded data customer base, for the quarter ended September 30. Read more.
Brickwork downgrades Coffee Day affiliate's bonds from "BBB-" to 'D'
Brickwork Ratings has downgraded debentures of Tanglin Developments (TDL), a unit of Coffee Day Enterprises, to “D (CE)” from “BBB-” for defaulting on coupon payment due to its significantly deteriorated liquidity. Earlier, the rating agency had placed instrument on credit watch with negative implications. Read more.
RIL may Face Govt Action for Selling All CBM Gas to Itself
The government is mulling a termination of the production-sharing contract or invoking arbitration to penalise Reliance Industries (RIL). The bone of contention is that RIL sold to itself all the Coal Bed Methane (CBM) gas it produces, allegedly in violation of policy, The Economic Times reports.
PFC may be asked to lend afresh to stressed discoms
In order to enable Power Finance Corporation (PFC) to cut the dues to power producers, the centre may prod them to extend ‘special funds’ to some of the stressed electricity distribution entities (discoms). According to sources quoted in the report, as part of this effort PFC may extend fresh loans to the Tamil Nadu Generation and Distribution Company (TANGEDCO) to help the discom pay off part of its dues, reports Financial Express.