Top 10 biz headlines: Jet revival, Flash Electronics vs Enfield, and more

From markets reaching new all-time high after exit polls to corporate earnings, Business Standard brings you top stories that made news on Monday

Best day in a decade: Markets salute exit polls verdict, hit record highs

The benchmark Sensex and Nifty hit new all-time high on Monday after exit polls showed the ruling Narendra Modi-led Bharatiya Janata Party (BJP) was set to win a second term in the general elections concluded on Sunday.

The Sensex climbed 3.75 per cent, or 1,422 points, to end at 39,353, while the Nifty50 index vaulted 421 points, or 3.7 per cent, to close at 11,828. Read here

Jet Airways revival: Etihad, Hindujas set for Abu Dhabi meet on May 23

A high-level meeting is learnt to have been fixed between the Hinduja Group and Etihad Airways on May 23 in a bid to revive Jet Airways. 

Top executives of State Bank of India (SBI), which leads the lenders’ consortium, will be present at the meeting to be held in Abu Dhabi, the corporate headquarters for Etihad. Read more

Huawei's India journey hits a wall as US tech giants up the ante

American internet major Google has banned Huawei from some of the Android mobile services, in a new twist to the continuing trade war between the US and China. 

Other US-based tech giants such as Intel and Qualcomm, too, have deserted Huawei globally, adding to the adverse impact on the India business of the Chinese telecom major. Click here to read more

Corporate earnings may disappoint again: 564 firms' combined net down 10%

Corporate India looks set to disappoint investors for the second quarter in a row, defying D-Street prediction of strong earnings growth during the fourth quarter (Q4) of 2018-19 (FY19). 

The combined net profit of 564 companies (excluding financials and energy), which have declared their results for the January-March 2019 quarter, is down 10.3 per cent year-on-year (YoY), their worst showing in at least 12 quarters. Read more

Air Asia India to fly to Bangkok and Kuala Lumpur from September-end

Air Asia India is all set to launch international flights from September end. The airline had sought permission from the government this January.

The airline is a joint venture between the Tatas, who have a 51 per cent stake, and Tony Fernandes-controlled Air Asia, which holds the rest of the stake. Read here

Will pay Rs 42,000 crore upfront for Essar Steel: ArcelorMittal to NCLAT

Steel company ArcelorMittal on Monday told the National Company Law Appellate Tribunal (NCLAT) it will pay upfront Rs 42,000 crore it had placed as bid for debt-laden Essar Steel India Limited.

The amount will also include a payment of Rs 2,500 crore as guaranteed working capital adjustment, said senior advocate Harish Salve, who appeared for ArcelorMittal. Read more

Flash Electronics India files patent case against Royal Enfield in US

Flash Electronics India, an electronic and electric auto components maker, has sued Royal Enfield in the US for alleged patent infringement in the production of a motorcycle component.

This perhaps the first time that a homegrown auto ancillary company has taken a major auto company to the courts abroad. More details

Government targets higher adoption of FASTag

Drivers of vehicles that do not have the FASTag device installed may soon have to pay twice the toll fee on entering the FASTag lane. The government is mulling imposing a double toll fee if non-FASTag vehicles enter the FASTag lane in an bid to ensure seamless movement of vehicles in the lane and get more people to adopt FASTag, a report by the Livemint said. 

A special borrowing window: Inside RBI's blueprint for the great Indian NBFC rescue 

The Reserve Bank of India is likely to begin consultations on the draft guidelines after the results of the 2019 Lok Sabha polls are out, a report said quoting sources. To get a better grip on the situation, the RBI is thoroughly looking at the bad asset data made available by NBFCs. The central bank is already reaching out to banks and NBFCs to find the best possible solution to the fund crunch, said a report by the Economic Times. 

 With poll party over, fuel-price hikes may soon pinch wallets

Indian auto-fuel consumers should brace for a hike in petrol and diesel prices in the coming days with the Lok Sabha elections coming to a close, said a report by the Hindu BusinessLine. The hike, in the short term, could happen in trickle and range between Rs 1 and Rs 2 a litre on both auto fuels in line with the near- term product and crude price trends, industry insiders said.