Moody's cuts India outlook to negative, predicts 'prolonged slower growth'
India’s credit rating outlook was cut to negative by Moody’s Investors Service, marking the first step towards a downgrade. The global rating took this decision over concerns about the economy slowdown, which it said will be prolonged and debt will rise. Moody’s projects a budget deficit of 3.7% of gross domestic product in the year through March 2020, a breach of the government’s target of 3.3%, as slower growth and a surprise corporate-tax cut curbs revenue.Q2 results of Mahindra and Mahindra and GAIL
Mahindra and Mahindra on Friday reported a 26.5 per cent drop in quarterly net profit as the company struggled to sell cars, trucks and tractors amid a slowdown in the country. In another development, GAIL posted a consolidated net profit of Rs 1,167.58 crore, down 34.7 per cent year-on-year (YoY) for September quarter of FY19. The company had posted net profit of Rs 1,788.98 crore in the year-ago period.
Former Star and Disney head Sanjay Gupta joins Google as country manager
Sanjay Gupta will be Google India’s new country manager and vice president of sales, the company announced on Friday. Gupta was the managing director of Star and Disney India, and he will take up his new role early next year. He will be based out of Mumbai working closely with the teams based in Gurgaon, Hyderabad and Bengaluru.
DoT checking if SC's AGR definition applies to companies other than telcos
The Department of Telecom's licensing division is currently checking if the Supreme Court order on telecom revenue applies to any user company of spectrum and also to those who own a valid telecom licence after telcos brought it informally to the DoT brass' notice.
Banks ease bad debt problem with write-offs, underlying problem not resolved
India's banks wrote off more than $30 billion worth of bad debt in the year to June 30, helping to lower stressed loans on their books by 8.5%, according to Reserve Bank of India (RBI) data reviewed by Reuters. The write-offs illustrate the urgent problem of bad loans as borrowers struggle to service, let alone pay-off, their debt in a stuttering economy.
Mutual fund AUM rises 7.4% to Rs 26.33 trn in October on high equity inflow
Mutual funds' asset base increased to Rs 26.33 trillion in October-end, a rise of 7.4 per cent as compared with the preceding month, on the back of robust inflows in equity and liquid schemes. The 44-player industry logged an assets under management (AUM) of Rs 24.5 trilion in September-end, according to data from the Association of Mutual Funds in India (Amfi).
We share your concerns over divestment: Air India chief to employees
Air India chief Ashwani Lohani said on Thursday that the airline's management shares the concerns of its staff and is taking necessary steps to protect their interests, even as its employees' unions are planning to protest against the government's disinvestment move.