Top headlines: Bipin Rawat dies in chopper crash; GST rate recommendations

Bondholders of Vodafone Idea will receive their interest in time on the due date of December 13. More on that story in story in top headlines.

Chief of Defence Staff (CDS) General Bipin Rawat, was killed in a helicopter crash in the Nilgiris district of Tamil Nadu on Wednesday. The fitment committee consisting of central and state officials, recently recommended increasing the GST rate. More on those stories in our morning wrap. 

CDS Bipin Rawat among 13 dead in chopper crash in Tamil Nadu 

The country’s most senior serving soldier, Chief of Defence Staff (CDS) General Bipin Rawat, was killed in a helicopter crash in the Nilgiris district of Tamil Nadu on Wednesday, when he was flying to give a lecture at the Defence Services Staff College (DSSC) in Wellington. Read more

Fitment panel's GST recommendations may cause immediate spike in inflation 

The fitment committee consisting of central and state officials, recently recommended increasing the GST rate of five per cent to seven per cent, and the 18 per cent rate to 20 per cent in order to raise additional resources. The proposal would be discussed by the group of ministers (GoM) headed by Karnataka chief minister Basavaraj Bommai and then taken up by the GST Council. Read more

10-year G-Sec, repo spread reaches decadal high; market expects inflation 

The spread between the benchmark 10-year government bond’s yield and the Reserve Bank of India’s policy or repurchase rate (repo) is now at the highest in more than a decade, suggesting that the market expects a much higher interest rate and inflation in the coming months. The yield on the 10-year government security (G-Sec) settled at 6.35 per cent on Wednesday, 235 basis points (bps) higher than the RBI’s repo rate of 4 per cent. Read more

Vodafone Idea manages to raise funds, will repay bonds on schedule 

Bondholders of Vodafone Idea will receive their interest in time on the due date of December 13 as the company managed to raise funds for the repayment, bankers said. The company had also fixed the record date for the next tranche of 7.77 per cent unsecured redeemable non-convertible debentures on December 20 and paid the interest on January 4 next year.  Read more

Ikea India CEO sees 30% of sales coming from online orders due to Covid 

In its effort to be closer to customers in India, home furnishings brand Ikea is set to open its first city store in Mumbai. The store, spread across 80,000 sq ft, is smaller compared to its other two big box stores in Hyderabad and Navi Mumbai.  Read more