Top 10 biz headlines: Direct tax mop-up, Jet Airways crisis, and more

From Jet Airways crisis to Aadhaar-PAN linking deadline, Business Standard brings you top 10 business stories that made news on Sunday

1. Jet Airways lenders to create independent trust for stake of Goyal, Etihad

Lenders to cash-strapped Jet Airways are looking at creating an independent trust to transfer the shareholding of the erstwhile promoter Naresh Goyal and Etihad Airways to ensure a smooth stake sale. Read on...

2. India Inc goes all out to fund LS polls, but no rush for electoral trusts

India Inc is learnt to have stepped up its funding aggressively for the upcoming Lok Sabha (LS) elections, but growth in the number of electoral trusts has been lacklustre. For some of the business majors, the fund outgo for the 2019 elections has risen as much as 15 to 20 times, compared to the amount given to political parties five years ago, sources in the know said. Read on...

3. Govt extends deadline for linking PAN with Aadhaar by 6 months

The government on Sunday extended by six months the deadline for linking PAN with Aadhaar, giving people time till September 30. Read on...

4. Direct tax mop-up reaches Rs 11.5 trn against revised target of Rs 12 trn

At the close of the fiscal year 2018-19, direct tax collection touched Rs 11.5 trillion late Sunday evening, leaving a gap of Rs 50,000 crore against the revised revenue target of Rs 12 trillion. While the previous revenue target was Rs 11.5 trillion, it was revised upwards to Rs 12 trillion subsequently. Read on...

5. Deutsche, SBI oppose more cash to operational creditors of Essar Steel

The dispute among Essar Steel creditors on how to distribute cash from ArcelorMittal’s resolution plan has taken a new turn with Deutsche Bank opposing any move to deviate from what the lenders have approved and giving more cash to operational lenders. Read on...

6. With Nifty Bank at all-time high, investors need to be wary, say experts

Will the Nifty Bank turn pricier than the CNX Nifty soon? That’s the hot topic of debate in the dealing rooms of most brokerages. Trading at 30,427 levels, the valuation of Nifty Bank -- an index that comprises private and public sector banks -- indicates that the banking index is just as expensive as the Nifty, trading at 11,624 points. At current levels, the Nifty Bank and the Nifty, the benchmark index comprising India’s top 50 mega- and large-cap stocks trade at 2.96 times the CY19 estimated book value (see chart), making it the first time for the Nifty Bank index to completely match valuations of the Nifty. Even on the basis of trailing 12-month earnings, the current discount is among the lowest ever. Read on...

7. IBC takes 300 days, BIFR took 5-8 yrs: IBBI chairman M S Sahoo

The entire process of debt resolution under Corporate Insolvency Resolution Process (CIRP) takes nearly 300 days compared to 5-8 year time taken under the process prescribed by Board for Industrial and Financial Reconstruction (BIFR), Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo told Business Standard. Read on...

8. Two startups use new-age tech to help connect artists with enthusiasts
 

As a technology-focused startup, Bounce is a smart dock-less urban mobility solutions player. “By combining both hardware and software to address real-time issues and leveraging new-age technologies such as the Internet of Things, artificial intelligence (AI) and machine learning (ML), we are able to provide seamless first- and last-mile connectivity," says Vivekananda H.R., CEO and co-Founder, Bounce, reports Livemint.

9. Asian investors bring new flavour to Indian startups

The epicentre of foreign investments in Indian startups is slowly moving from North America to Asia. US-based venture capital firms like Tiger Global and Sequoia Capital continue to dominate startup funding, but they are very clearly giving way to Asian heavyweights like SoftBank, Beenext, Alibaba, and Tencent, reports Economic Times.

10. How agri-GDP growth dried up in last 5 years
 

Two deficit and 2 below-normal monsoon years to blame; yet, prices kept in check by carry-over stocks, rising output & imports, reports The Hindu BusinessLine.