Top 10 biz headlines: BSNL-MTNL merger, HCL Tech Q2 result, and more

From government announcing the merger of BSNL and MTNL to HCL Tech Q2 net income rising 4.4%, here are the top 10 business headlines on Thursday

Communications and IT minister Ravi Shankar Prasad (right) at a press conference with Minister of Housing and Urban Affairs Hardeep Singh Puri
Communications and IT minister Ravi Shankar Prasad (right) at a press conference with Minister of Housing and Urban Affairs Hardeep Singh Puri

Govt approves BSNL-MTNL merger, clears Rs 70,000-crore relief package 

Just days before Diwali, the government has taken a decision to lift the air of uncertainty around the two public sector telecom behemoths — Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL). Read More

India Inc Q2 earnings start on positive note, tax rate cut boosts profit

The July-September 2019 quarter (Q2) earnings season has started on an optimistic note for corporate India. Excluding the exceptional gains and losses, the combined net profit of 200 companies that have declared their results so far is up 15 per cent year-on-year (y-o-y), while profit before tax (PBT) has risen by a higher rate of 20.7 per cent, thanks to the cut in tax rates. Read More

Infosys panel may summon CEO, CFO & finance team over whistleblower charges

As part of the investigation process into the whistle-blower’s allegations, Infosys’ audit committee is likely to ask company’s Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy to depose before it. According to sources, the whistle-blower allegations against both the executives were learnt to be discussed during the board meeting held on October 11 though they had denied any wrongdoing. Read More

Will Airtel, Vodafone have to pay Rs 50,000 cr? SC order on AGR today

The Supreme Court is scheduled to pronounce its judgment in the contentious issue of the definition of Adjusted Gross Revenue (AGR) on Thursday. The fourteen year old case has the mobile operators locked in a legal battle with the government over the definition of AGR. Read More

Govt accords 'Maharatna' status to Hindustan Petroleum, Power Grid Corp.

The government on Wednesday accorded 'Maharatna' status to state-owned Hindustan Petroleum and Power Grid Corporation, thus giving them greater operational and financial autonomy. Read More

HCL Tech Q2 net income rises 4.4% to Rs 2,651 crore, EBIT up 17.9%

HCL Technologies, the country’s third-largest information technology services firm, reported a 4.4 per cent annual rise in net income in the September-ended quarter (Q2) at Rs 2,651 crore. Read More

Suzlon may escape NCLT route as lenders explore debt restructuring

Suzlon Energy, the country’s leading wind turbine maker, could escape insolvency as lenders to the company are exploring the option of debt restructuring. Read More

India is likely to move up in Ease of Doing Business report of World Bank

India is likely to see some improvement in the annual Ease of Doing Business report of the World Bank, to be issued on Thursday. The country was 77th among 190 countries in the previous ranking, an improvement by 23 places compared to its position a year before. Read More

CDPQ to Bet Big on Piramal’s $750-million Fundraise Plan

Canada pension fund Caisse de dépôt et placement du Quebec (CDPQ) is consolidating its relationship with Ajay Piramal by hiking stake in his flagship Piramal Enterprises (PEL) through a preferential allotment of shares, reports Economic TImes. The CDPQ infusion is part of a $750 million fundraising exercise which will include a rights issue, said people aware of the development.

Zero to hero: RIL’s consumer biz drives stock’s valuation upgrade

Three years ago, when Reliance Industries Ltd’s (RIL’s) telecom unit, Reliance Jio Infocomm Ltd, launched commercial operations, investors were uncertain, even sceptical, about how the business will shape up, reports Livemint. Back then, analysts at Kotak Institutional Equities had assigned no value to the telecom piece in their sum-of-the-parts (SOTP) valuation.