Top 10 biz headlines: Essar Steel auction, IMF on India's growth, & more

IMF on India's growth to Essar Steel bidding , Business Standard brings you top 10 business stories that made news on Tuesday

NCLAT may ask Arcelor to deposit Essar bid amount of Rs 42,000 cr on Apr 23

Essar Steel India's debt resolution inched closer to finality as the National Company Law Appellate Tribunal (NCLAT) on Tuesday said it might ask ArcelorMittal to deposit the bid amount of Rs 42,000 crore in a separate bank account or with the Ahmedabad Bench of the NCLT or the appellate tribunal itself. The NCLAT may ask ArcelorMittal to deposit this sum on April 23, the next date of hearing, said a two-judge Bench of the appellate tribunal, led by Chairperson Justice S J Mukhopadhaya. Read on...

Uttar Pradesh Power Corp asks operators to cut rates, increase coal stocks

With the summer and the Lok Sabha elections looming, Uttar Pradesh Power Corporation Ltd (UPPCL) has asked private power operators to reduce rates and use the payment made to them for purchasing coal. This has landed several players in a fix because they are unable to repay their lenders, putting their accounts under financial risk. Read on...

Continued losses erode net worth of Foxconn despite Make in India push

Foxconn, the name almost synonymous with local manufacturing of foreign smartphone brands, is in the red in India. Foxconn Technology India, the key entity that oversees the Taiwanese major’s manufacturing operations from Sriperumbudur (Tamil Nadu), incurred a net loss of Rs 10.12 crore during 2017-18 and has never made money in the past five financial years, in contrast to the robust smartphone economy, the latest data from the Registrar of Companies (RoC) shows. Read on...

IMF scales down India's growth projection for current fiscal to 7.3%

The International Monetary Fund (IMF) has moderately scaled down India's economic growth projection to 7.3 per cent for the current financial year from its earlier forecast of 7.4 per cent, while suggesting that the country should continue to undertake economic reforms, including a hire and fire policy to generate jobs. The new growth projection is a bit more optimistic than the Reserve Bank of India's (RBI), but moderately pessimistic than that of the World Bank. Read on...

Brand to bank loans: It will be win some, lose some for Jet's new owner

As the curtains for showing expression of interest to buy Jet Airways come down on Wednesday, a buyer, if found, will get some tangible as well as intangible assets with the cash-strapped airline. Jet Airways owns over 16 aircraft of its 119 fleet. This includes 10 Boeing 777, three 737, and three A330. The lenders have valued the wide-bodied Boeing 777 and the three 737s at around Rs 4,600 crore. The new owner can go for a sale and leaseback of the planes and generate the requisite funds to operate the airline. Read on...

Flipkart CEO Kalyan Krishnamurthy turns active in Indian start-up space

Chief Executive Officer (CEO) of Flipkart, Kalyan Krishnamurthy, has had two stints at the e-commerce major. First, in May 2013, when he joined as the interim sales and finance head. Second innings started June 2016. Prior to this and between these stints, Krishnamurthy, an alumnus of the Asian Institute of Management, Philippines, was managing the investments for global investment major Tiger Global Management in varied roles, closely working with portfolio companies. Now at the helm of the Walmart-owned e-commerce major in India, Krishnamurthy is still an astute investor at heart. Read on...

Don't see much value in Indian stocks right now: Marc Faber

With the frontline Indian benchmark indices trading near all-time highs ahead of the general elections that begin later this week, Marc Faber, Editor and Publisher of “The Gloom, Boom & Doom Report” tells in an interview with Business Standard that the Indian stock market is relatively expensive, especially the index (large-cap) stocks. Foreign investors, he says, would like to Narendra Modi get re-elected. Read on...

NITI suggests tweaks in tax policy for cab operators to boost EV demand

National Institution for Transforming India (NITI) Aayog has suggested changes in tax policy for cab operators to boost electric vehicles demand. In a letter to revenue secretary Ajay Bhushan Pandey, NITI Aayog chief executive officer Amitabh Kant has recommended accelerated depreciation benefit for cab operators switching one-fifth of their fleet to electric vehicles (EVs) – according to a news report in the Livemint.

Mukesh Ambani’s appetite for startups leaves D-Street guessing

Indian business tycoon Mukesh Ambani has been busy in past few months, acquiring stakes in about half-a-dozen small companies and over 20 startups. Last week, the company acquired conversational artificial intelligence platform Haptik. With about half of these deals have been done in the telecom and media spaces, it is evocative of conglomerate’s ambition of dominating India’s digital content domain. On the other hand, the acquiring spree has left the D-Street guessing!

I-T Dept looking at IBC resolution cases for possible tax violations

The Income Tax Department has sought details of the status and identification of creditors and debtors under the Insolvency and Bankruptcy Code (IBC) to investigate possible tax violations. According to a news report in the HinduBusinessLine, Mumbai Office of the Director of Intelligence and Criminal Investigation has been in touch with the National Company Law Tribunal (NCLT) seeking minute details of the parties in all such cases where it believes that tax violations may have happened. The information on Resolution Professionals (RPs) associated with the cases have also been sought.