Top 10 biz headlines: Jet saga, NSSO survey, Maruti Suzuki Q4 results, more

From NSSO report on unemployment to Jet stake sale, Business Standard brings you top 10 business stories that made news on Thursday

Etihad submits EoI for crisis-hit Jet Airways, Naresh Goyal may follow suit

Abu Dhabi-based Etihad Airways has submitted an expression of interest (EoI) to buy a stake in Jet Airways within weeks of wanting to exit the venture completely. Etihad holds a 24 per cent stake in the Naresh Goyal-founded airline, which is left with just 14 planes and minuscule flights. Read more

Unemployment in 11 states exceeds national average, shows NSSO report

As many as 11 states had an unemployment rate higher than the pan-Indian average in 2017-18, according to the National Sample Survey Office’s (NSSO’s) annual periodic labour force survey. While Haryana, Assam, Jharkhand, Kerala, Odisha, Uttarakhand, and Bihar continued to have a high level of unemployment compared to the national figures — as was the case in 2011-12 — Punjab, Tamil Nadu, Telangana, and Uttar Pradesh joined the list in 2017-18. Read more

Maruti stares at worst quarter in 5 yrs, improvement likely after elections

With volume growth at less than 1 per cent, March quarter financials will not be rosy for the country’s largest carmaker, Maruti Suzuki (MSIL). Weak volume growth, coupled with muted realisations, will result in revenue growth falling below 5 per cent. Net profit, too, is expected to dip 4.5 per cent, according to consensus brokerage estimates. This will be the weakest March quarter performance of the company in at least five years. Read more

Sebi to seek details from mutual funds with schemes linked to Zee group

The Securities and Exchange Board of India (Sebi) will ask Kotak Mutual Fund and HDFC Mutual Fund for details on their decision-making process and the applicability of the guideline with regard to repaying those who invested in their schemes that had an exposure to the Essel group. Read more

Corporate houses, mutual funds raise exposure to Mindtree in Q4

While Mindtree was busy fighting the takeover bid from L&T, some corporate houses, domestic mutual funds (MFs), and even some foreign institutional investors increased their stakes in the IT services firm.

According to the shareholding pattern disclosures filed by the Bengaluru-headquartered IT firm, corporate houses hiked their exposure by close to 4 per cent at 23.41 per cent by the end of March quarter, against 19.53 per cent reported in the December quarter.  Read more 

Allow IHH Healthcare to make an open offer: Fortis plea in Supreme Court

Fortis Hospitals Limited on Thursday approached the Supreme Court urging it to allow Malaysia's IHH Healthcare to make an open offer to shareholders for purchase of Fortis shares, in line with norms of the Securities and Exchange Board of India (SEBI). Read more

Tepid flows, debt turmoil to hit bonus payouts to fund managers

Mutual fund (MF) employees may take home much lower bonus payments this year with the debt turmoil, tapering of equity flows, and regulatory changes all eating into fund houses’ earnings. Bonuses this year are expected to be in the range of 10-50 per cent of annual pay for good performers. Read more 

Scooter sales slip for the first time in 13 years over poor sentiments

Scooter sales has dropped for the first time in 13 years, as customers from urban and semi-urban are going slow on purchase due to poor sentiments. With the new norms coming into effect, which is expected to push price, sales continue to see pressure, atleast till first half and companies likely to come out with products below 125cc to address the cost increase factor. Read more

Singh brothers diverted funds despite court orders: Daiichi to SC

Japanese firm Daiichi Sankyo told the Supreme Court Thursday that former Ranbaxy promoters, Malvinder and Shivinder Singh who owe it Rs 4,000 crore, have diverted funds despite several orders asking them to maintain their stakes in Fortis Healthcare. Read more 

Lower capacity utilisation hits wind turbine manufacturers

The less-than-anticipated demand for wind turbines in the country has resulted in capacity under-utilisation and has badly hitwind energy equipment manufacturers in the country, according to the Hindu BusinessLine.