Top headlines: Consumer spend, Singh bros, Essar Steel case, and more

From NSO data on consumer spending to Walmart International's sales growth, here are the top news stories that made headlines today

Consumer spend sees first fall in 4 decades on weak rural demand: NSO data

Consumer spending fell for the first time in more than four decades in 2017-18, primarily driven by slackening rural demand, according to the latest consumption expenditure survey by the National Statistical Office (NSO). The survey — Key Indicators: Household Consumer Expenditure in India — shows the average amount of money spent by a person in a month fell by 3.7 per cent to Rs 1,446 in 2017-18 from Rs 1,501 in 2011-12. The figures for monthly per capita consumption expenditure (MPCE) are in real terms, meaning these have been adjusted for inflation, keeping 2009-10 as the base year. In 2011-12, the real MPCE had risen 13 per cent over a period of two years.

SC holds Malvinder, Shivinder guilty of contempt in Daiichi Sankyo case

The Supreme Court today held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited. A bench consisting of Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold. The apex court said that they would hear the Singhs on the quantum of sentence later.

Essar Steel case: SC clears way for ArcelorMittal to complete $5.8 bn deal

ArcelorMittal won approval from the Supreme Court to complete its $5.8 billion purchase of a bankrupt steel mill, clearing the way for tycoon Lakshmi Mittal to enter the world’s second-biggest market. The apex court allowed Arcelor to make the payment for Essar Steel India Ltd. and set aside a bankruptcy appellate tribunal’s order that had given secured and unsecured creditors equal right over the sale proceeds. 

Vodafone pleads for govt relief after posting worst quarterly loss in India

After posting the worst quarterly loss in India’s corporate history, Vodafone Group Plc’s besieged local venture is appealing for urgent relief from the government to help avert a collapse. Vodafone Idea Ltd took a one-time charge related to a $4 billion demand from the government towards overdue fees, leading to a net loss of Rs 50,900 crore ($7.1 billion) in the three months through September. Saddled with $14 billion of net debt, Vodafone Idea is fighting for survival after India’s top court last month ordered it to pay fees the government said were due from prior years.
 

Govt determined to see three pvt players in telecom sector: Vodafone Idea CEO

A day after posting the worst quarterly loss in India’s corporate history, Vodafone Idea's CEO Ravinder Takkar said the Supreme Court judgment on Adjusted Gross Revenue (AGR) would have significant implications on the telecom industry and that the company was in the process of filing a review petition. He also asserted that the government was aware of the tremendous stress faced by operators and was determined to see three private players and one public player in the telecom sector.
 

Delaying zero IUC regime will hurt affordability of telecom services: Jio

Reliance Jio today said that delaying the implementation of zero call connect charges beyond January 2020 will hurt affordability of telecom services in a sector where users have benefited from free voice calls. Reliance Jio Director Mahendra Nahata said that the ratio of incoming and outgoing call is now at par with each other and traffic asymmetry can, therefore, no longer be the reason to delay implementation of Bill and Keep (BAK) regime (that is zero mobile termination charge from January 1, 2020).
 

SC ruling on Singh brothers halts IHH Healthcare's Fortis takeover plan

The Supreme Court refused to lift the block on completion of the takeover of embattled hospital chain Fortis Healthcare by Malaysian operator IHH Healthcare Bhd. The court held Fortis’ founders -- Malvinder Singh and Shivinder Singh -- guilty of contempt of court and said it could start similar proceedings against the company, according to today's judgment. This effectively halts IHH’s open offer to Fortis shareholders that would have brought its holdings in India’s second largest hospital company above 50%. IHH is already Fortis’ largest shareholder with a 31% stake.
 

India bet pays for Walmart Int'l, Flipkart helps US giant's Q3 net sales

Walmart International has reported solid sales growth in the quarter, helped by its Indian investment Flipkart and businesses in China and Mexico. Walmart International posted net sales of $29.2 billion, an increase of 1.3 per cent. Excluding currency, net sales were $30.2 billion, an increase of 4.8 per cent.