Top 10 business headlines: Ambani vs Chandra, SBI Cards IPO, and more

The much-awaited initial public offering of SBI Cards and Payment Services, a subsidiary of State Bank of India, will open on March 2, confirms its prospectus

GMR Group to sell 49% stake in airport business to France's Groupe ADP

GMR Group has signed an agreement with Groupe ADP of France to sell a 49 per cent stake in its airport-holding company. The group will raise Rs 10, 780 crore from the deal, which will help it pare debt. The deal values GMR Airports at Rs 22,000 crore. Read more

Every penny counts as GST officers send demand notices to companies

Rs 5.9858630140000004! This is not a figure from an S Ramanujan-G H Hardy conversation but a demand notice given by tax officials to a company on paying interest because the goods and services tax (GST) return had overshot the deadline. Read more

SBI Cards IPO opens on March 2: Key things to know about Rs 9,000-cr offer

The much-awaited initial public offering (IPO) of SBI Cards and Payment Services, a subsidiary of State Bank of India (SBI), will open on March 2, confirms its prospectus. The company aims to raise around Rs 9,000 crore ($1.25 billion). The IPO will be a mix of fresh issue and an offer for sale (OFS). SBI Cards plans to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale, the prospectus, dated February 18, showed. Read more

Govt takes a call to save telecom firms, but no relaxation likely on AGR

After back-to-back parleys this week between the top management of telecom companies and the government, a consensus seems to have emerged on the need to save the financially stressed sector. Read more

Hinduja Group, Cerberus Capital may partner to bid for YES Bank stake

Hinduja Group Ltd. is partnering with private equity firm Cerberus Capital Management LP in seeking to pick up a stake in embattled Yes Bank Ltd., according to people familiar with the matter. Read more

Tata group market cap soars 40% in three years under Chandrasekaran

Natarajan Chandrasekaran (pictured), chairman Tata Sons, completes three years in the top job at the holding company on February 21. Going by the market capitalisation (m-cap) of Tata companies, the tenure has been a mixed bag for man who took over the reins of the salt-to-software conglomerate amid a bitter boardroom battle between Cyrus Mistry, the ousted chairman, and Tata Sons. Read more

Ambani vs Chandra: Media convergence looks set for a new game of thrones

This week saw Mukesh Ambani consolidate the media assets of Reliance Industries, giving distribution a big push. With this, the battle of supremacy between Ambani and Subhash Chandra, who straddle the media convergence space of broadcasting, distribution, over-the-top (OTT) channel, content, and movies, will only intensify. Read more

Tata Motors' Jaguar Land Rover shelves plan to sell bonds to raise cash

Jaguar Land Rover Automotive Plc has shelved plans to issue a US dollar bond after investors demanded too high an interest rate to compensate for the risk the coronavirus poses to the luxury carmaker, according to people familiar with the matter. Read more

Coronavirus outbreak: Subdued crude oil prices to help HPCL, other OMCs

Crude oil prices are on a slippery slope as global demand is likely to be impacted by the outbreak of the novel coronavirus in China. Against this backdrop, the International Energy Agency has lowered its oil demand forecast. Read more

GST profiteering: Delhi HC comes to the rescue of Nestle, grants stay

Coming to the rescue of fast-moving consumer goods giant Nestlé, the Delhi High Court has again stayed National Anti-profiteering Authority’s (NAA’s) order to recover Rs 73 crore by March for not passing the benefits of the goods and services tax (GST) rate cut to consumers. Read more