Top 10 biz headlines: Softbank's new mantra, RCap's stake in RNAM, and more

From RBI's warning against demonetisation to SoftBank picking up startups, BS brings you top 10 business stories that made news on Sunday

Anil Ambani's Reliance Capital looks beyond Nippon Life for AMC stake

Anil Ambani-controlled Reliance Capital (RCap) has begun talks with global investors to sell its 42.88 per cent stake in Reliance Nippon Life Asset Management (RNAM), which manages the mutual fund (MF) business. Read more here.

To meet fiscal target, govt to compress spending by Rs 60,000 crore

The government is compressing around Rs 60,000 crore worth of expenditure, as it looks to meet a challenging fiscal deficit target of 3.4 per cent of gross domestic product for 2018-19 (FY19). Read more here.

RBI had warned govt against demonetisation hours before Modi's announcement

The Reserve Bank of India (RBI) had warned that removing high-value cash was unlikely to stem black money because most of the ill-gotten wealth was stashed in assets such as gold and real estate.

The 561st meeting of the board of the RBI was held on November 8, 2016, at 5.30 pm in New Delhi. Read more here.

Taxman puts fugitive diamantaire Nirav Modi's 'art' under the hammer

A little over a year after fugitive diamantaire Nirav Modi was accused of siphoning off billions from Punjab National Bank through fraudulent means and fleeing the country, his art collection, which he leveraged to gain credibility and climb the social ladder, is up for auction. Read more here.

After food and grocery, Swiggy eyes innovating delivery business

Buoyed with $1-billion funding raised last December, online food delivery firm Swiggy is not only scaling up its core business by rapidly expanding into smaller cities and towns, it is also looking at tapping into a range of newer opportunities. These include reaching out to college campuses to provide its service to the student community, supplying daily needs such as milk, breads, leveraging one of its previous acquisitions as well taking reputed restaurant brands of one region to another through its chain of cloud kitchens. Read more here.

Relying on unsecured products to drive profitability is risky: Analysts

A cursory reading of the Reserve Bank of India’s (RBI’s) loan growth data for January 2019 appears strong and positive. With 13 per cent year-on-year system growth and green shoots in lending towards industries (up 5 per cent), this appears to be a better period in recent times. Read more here.

SoftBank's new mantra for success: Identify future stars early if you can

OYO, FirstCry, Delhivery, and now Grofers. After exiting Flipkart, SoftBank is picking up its next set of bets in India. After missing out on companies such as Swiggy and Zomato, it wants to identify future stars early and back them while they are half-unicorns. Read more here.

Tata Power unlikely to agree on lower tariffs for Prayagraj Power Generation

Tata Power Ltd will not agree to lower tariffs for its proposed acquisition of Prayagraj Power Generation Co. Ltd as suggested by the electricity regulator in Uttar Pradesh,a company executive said on the condition of anonymity, the Livemint reported.

Companies with high input tax claims under lens 

Indian businesses that paid most of their goods and services tax (GST) liability using input tax credit or reported asignificant variation in turnover are being queried by taxmen, a move that has irked industry and prompted it to petition the authorities against such tactics, the Economic Times reported.

If a firm got a stressed power asset at discount, it must cut tariff: UPERC

Adding a new twist to the ongoing sale of stressed power assets, the Uttar Pradesh Electricity Regulatory Commission (UPERC) has taken a view that if a bidder acquires assets at a discount then it must pass on the benefit to customers by reducing power tariffs, the Hindu Businessline reported.