Top 10 biz headlines: IGE may back Gangwal, income mismatch probe, and more

From Shriram Capital's consolidated profit to IT firms, here are the top 10 business headlines for the day

Rahul Bhatia-owned IGE may back Rakesh Gangwal on exit norm relaxation

Rahul Bhatia-owned InterGlobe Enterprises (IGE) is likely to vote in favour of the resolutions proposed by co-promoter Rakesh Gangwal, at the extraordinary general meeting (EGM) on IndiGo on January 29. Support from Bhatia, who owns around 38 per cent in the company, is crucial for the resolutions to pass because they require 75 per cent of shareholder support. Read more.

Income mismatch probe: 5,000 companies under tax department lens

About 5,000 mid- and small-sized companies have come under the gaze of tax authorities for alleged income discrepancies and mismatches between their goods and services tax (GST) returns and income-tax (I-T) declarations for 2018-19. Read more.

Saraswat, Cosmos to seek RBI approval for universal banking licences

Saraswat Co-operative Bank and Cosmos Co-operative Bank are set to seek the Reserve Bank of India’s (RBI’s) approval to convert into full-fledged commercial banks. The two leading urban co-operative banks (UCBs) — with over 100 years of history each — will be the first to seek the central bank’s nod after the revisit of regulations pertaining to the sector. Read more.

Smaller towns driving demand for regional content, OTT viewership growth

The next wave of growth for over-the-top (OTT) platforms in India is coming from smaller towns and cities as adoption picks up, boosted by more people watching videos online. The demographic shift is particularly true of the network-backed OTT platforms which show network content. Read more.

Shriram Capital's consolidated profit after tax doubles in 5 years

Shriram Capital (SCL), the core investment company of the financial services and insurance business of Shriram Group, has seen its consolidated profit after tax more than double in five years. Read more.

Small units to be bigger as TCS revisits 2011 strategy to boost revenue

In a bid to boost its revenue growth, IT services major Tata Consultancy Services (TCS) is revisiting its strategy by raising the size of its business units, apart from identifying the next billion-dollar bets in the digital services space. Read more.

IT firms working vigorously, investing heavily to scale up product business

IT services players in India are increasingly looking at bigger product and platform play to differentiate their offerings in an intensely competitive industry. As the traditional revenues from application, development and maintenance (ADM)-related work witness pricing pressures, service offerings integrated with own products and platforms have emerged as one of the key tools to protect margin. Read more.

Success fee gaining currency among insolvency resolution professionals

Success fee is becoming an increasingly popular way of payment among corporate insolvency resolution professionals (RPs) for carrying out transactions. No official data is available on the charges but Insolvency and Bankruptcy Code (IBC) experts say the fee is being paid in more than half of the overall cases going for resolution. Read more.
 

Banks cherry-pick NBFCs for loan disbursal

Banks in India have found ways to sidestep coaxing by the government to boost funding to the shadow banks and are still reluctant to lend to non-bank financiers more than a year after the defaults by Infrastructure Leasing and Financial Services Ltd (IL&FS), according to sources quoted in a report by LiveMint.

Mindtree may have to fight harder for deals: Experts

Analysts say more needs to be done to bring in sustainable growth despite rising profits even as mid-tier IT services provider Mindtree may have brought on board new leaders to change the core components of its business to become a larger entity, reports The Economic Times.