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Top 10 biz headlines: IndiGo crisis, TVS Q1 result, NHB diktat, and more

The promoters of IndiGo, the country's largest airline by market share, are learnt to be separately meeting Securities and Exchange Board of India Chairman Ajay Tyagi

Indigo
BS Web Team
5 min read Last Updated : Jul 23 2019 | 7:14 AM IST
1. Bhatia vs Gangwal: IndiGo promoters line up for meeting Sebi's Ajay Tyagi

The promoters of IndiGo, the country’s largest airline by market share, are learnt to be separately meeting Securities and Exchange Board of India Chairman Ajay Tyagi. Earlier, one of the promoters Rakesh Gangwal had written to Tyagi, raising issues linked to corporate governance lapses in InterGlobe Aviation, which runs IndiGo. Gangwal had blamed the other promoter Rahul Bhatia for alleged mismanagement in the company. Read more

2. RCEP pact likely to see dumping of Chinese goods: Industry to govt

Domestic industry, across a broad range of sectors, has called for caution on India joining the Regional Comprehensive Economic Partnership (RCEP) bloc. Fear of Chinese goods flowing into the country unhindered if the deal goes through was the primary concern among industry representatives. Commerce and industry minister Piyush Goyal met representatives during a series of parleys in Mumbai on Monday to allay fears. Read more

3. HDFC Bank misses out on key factors in June quarter, stock under pressure

Slowdowns spare none. That’s the takeaway for investors in HDFC Bank from its June quarter (Q1) results, published over the weekend, even as the numbers largely met expectations. This factor also weighed on the bank’s stock, which fell more than 3 per cent on Monday — the sharpest in reaction to the results. Read more

4. Weak demand, transition to BS-VI likely to impact TVS Motor volumes

Though the TVS Motor stock is down 30 per cent over the past one year, there could be more downside, given the two-wheeler sector is bracing for its worst annual volume performance in a decade. While TVS Motor did better than the sector in the June quarter with volumes down a per cent, compared to the nearly 10 per cent fall for the sector, the outlook for the September quarter is not very favourable. Read more

5. SAT adjourns NSE co-location matter to Sept 18 after SEBI seeks time

The Securities Appellate Tribunal (SAT) Monday adjourned the NSE co-location matter to September 18 after capital markets regulator Sebi sought more time to reply to petitions. A division bench of SAT presided over by Justice Tarun Agarwala, member CKG Nair and judicial member Justice MT Joshi adjourned the matter. Read More

6. TVS Motor Q1 net profit declines 3% to Rs 142.30 crore, sales up 7%

TVS Motor Company has reported a 3 per cent decline in net profit at Rs 142.30 crore for the first quarter ended June 30. It had posted a net profit of Rs 146.61 crore in the year-ago period. The company's total income grew 7.2 per cent to Rs 4,469.82 crore during the quarter ended June 30, as against Rs 4,171.02 crore during the same quarter last year. Read More

7. How Fonterra seeks to leverage changing dairy consumption habits in India

Last month marked the launch of the first label from the stable of the New Zealand-based Fonterra and Indian retail major, the Future group. For Fonterra this is its second stint in the country, the first ending in a bitter split with former partner Britannia. And keen to pick its way away from the mistakes of its past, it has chosen ‘Dreamery,’ a brand made for the Indian market to lead its second run in the country. Read More

8. India Inc sees related-party transactions drying up on increased scrutiny

In the midst of a spat over related-party transactions involving India’s largest airline IndiGo, data shows that the rest of corporate India may actually have restrained from such transactions in recent years. A related-party transaction is one that involves the company and another entity in which key officials may have a stake. Numbers from annual reports — captured by corporate data provider Capitaline for the past financial year that ended in March 2019 for most companies — show a steady decline in the value of related-party transactions over previous years. Read More

9. India is likely to set up gas trading hub by first quarter of 2020-21

India is likely to set up its ambitious gas trading hub by the first quarter of 2020-21, after the bifurcation of GAIL. The split is likely to take place by the end of this financial year. The Narendra Modi government is looking into a plan to unbundle the gas transmission and marketing business of GAIL. For the unbundling, the government-owned GAIL had entrusted EY as a consultant. Read More

10. Troubled real estate sector may face further stress after latest NHB diktat

The troubled real estate sector is likely to face further stress after the latest diktat from the National Housing Bank (NHB). The NHB has asked housing finance companies to desist from offering loans that involve servicing by builders on behalf of borrowers. As financing gets more expensive, this will have an impact on launches and the Mumbai Metropolitan Market (MMR) will be the worst affected, said industry insiders. Read More

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