News digest: Fortis-Manipal deal, EPF interest rate, auto sales, and more

Business Standard brings you up to date with the latest news

Manipal sweetens offer for Fortis hospitals, proposes Rs 40-bn rights issue

Private equity firm TPG backed-Manipal Hospitals has revised the terms of offer for acquiring the hospital business of Fortis Healthcare, after protests from minority investors threatened to derail the original transaction.

The revised offer, which includes a proposal for a Rs 40-billion rights issue and an upward revision in the valuation of Fortis Healthcare, was submitted on Tuesday evening. Fortis Healthcare notified the stock exchange that it had received an unsolicited binding offer, which was under consideration. The revised offer is valid for a week. Read more
 

FinMin questions EPF interest rate of 8.55%

The finance ministry has raised questions over the Employees’ Provident Fund Organisation’s (EPFO’s) recent decision to declare an interest rate of 8.55 per cent to around 200 million formal sector workers for 2017-18. Read more
 
I-T officers restive over collection process

A silent revolt is brewing among tax officers against the process followed to achieve the direct tax collection target for FY18. According to sources, I-T officials are not happy with the directives and procedures set to meet the revised revenue target of Rs 10.05 trillion.
 
Indian revenue officers took up the matter at a recent meeting held last week. Sources said they were considering issuing a resolution, besides seeking intervention of the Central Board of Direct Taxes (CBDT) and the finance ministry to address their concerns. Read more

 
Axis Bank rallies 230% under Shikha Sharma; markets see exit as positive

Axis Bank rallied 2.4 per cent at Rs 531 on Tuesday in intra-day deals, extending its Monday’s 3.4 per cent gain on the Bombay Stock Exchange (BSE), after Shikha Sharma, the bank’s managing director and chief executive officer (MD & CEO), decided to step down with effect from December 2018. Read more
 
Passenger vehicle sales hit record 3.28 million in 2017-18, says Siam

Automobile makers have exited 2017-18 on a strong note, with most segments reporting a strong double-digit growth in domestic sales.  With the exception of passenger vehicles, which grew at 7.89 per cent, segments, including commercial vehicles, two and three-wheelers, have grown in double-digits. Sales of passenger and commercial vehicles, two and three-wheelers hit a new record during the year. Read more