Top 10 business headlines: Cobrapost stings DHFL, HDFC Q3 results, and more

Here are the top 10 business stories that made news on Tuesday

NCLT says Ruias' Rs 54,000-cr bid not 'maintainable'; Essar may move NCLAT

In a major setback for the Ruia family, the promoters of insolvent Essar Steel, the National Company Law Tribunal’s (NCLT’s) Ahmedabad Bench on Tuesday rejected the plea of its majority shareholder, Essar Steel Asia Holding Ltd (ESAHL), to submit a settlement proposal. Read on...

DHFL diverted Rs 31,000 crore loans to promoter firms, says Cobrapost

Media outlet Cobrapost on Tuesday alleged Dewan Housing Finance Corporation (DHFL) had diverted loans worth Rs 31,000 crore — a charge the company termed “mischievous”. Read on...

NSC members feel 'sidelined by govt', resign on row over jobs, GDP data

The chairman and an external member of the National Statistical Commission (NSC) have resigned, expressing disappointment over the treatment being meted out by the government. Read on...

Lessors move to ground Jet Airways planes, GECAS takes first step

In a first such move by a creditor in relation to Jet Airways, US-based aircraft lessor GECAS has asked the debt-laden airline to ground at least five Boeing 737 planes due to non-payment of dues. Read on...

Decoded: What prevents outgoing govt from presenting a full-fledged Budget?

As the financial year in India ends on March 31, no money can be spent after that from government coffers without obtaining parliamentary approval. Thus governments of the day present an interim Budget, which is essentially a stop-gap arrangement, that ensures that it has the necessary funds to spend so that the working of the government does not come to a standstill once the financial year ends. The interim Budget is followed up by a full Budget that is presented by the new government that is sworn in after the elections. Read on...

HDFC posts Q3 net profit at Rs 2,113.8 cr; income rises to Rs 10,569 cr

The Housing Development Finance Corporation (HDFC) reported a net profit of Rs 2,113.80 crore on a standalone basis for the third quarter ended December 2018 (Q3FY19). The company had posted a net profit of Rs 5,300 crore in the October-December quarter of the last financial year (Q3FY18). Read on...

HCL Tech shows better-than-expected Q3 results, net up 19% to Rs 2,611 cr

Information technology (IT) services company HCL Technologies (HCLT) on Tuesday delivered better-than-expected financial numbers in the third quarter (Q3) ended December 31, 2018, and exuded strong faith to end the year with double-digit revenue growth. Read on...

Govt all set to tighten noose around organic food manufacturers not adhering to norms

The government is all set to tighten the noose around manufacturers of organic food products, according to a Livemint report. The Food Safety and Standards Authority of India (FSSAI), the food regulator of the country, last week wrote to all food safety commissioners, authorised officers and its central designated officers to ensure that food business operators (FBOs), involved in the organic food business, should adhere to the regulations pertaining to organic food.

Why IL&FS default makes a compelling case for revival of FRDI

Companies without sufficient cash flow defaulting is normal, but what about a company with four times its quarterly payments turning away lenders? It’s strange but true, thanks to Infrastructure Leasing & Financial Services (IL&FS) administration which has sent investors into a tizzy, according to The Economic Times report.

Just 4% of LPG users have opted out of subsidies

Of the 24.72 crore active LPG domestic customers, just 1.03 crore, or 4 per cent, have responded to Prime Minister Narendra Modi’s appeal to voluntarily give up their LPG subsidy, according to The Hindu BusinessLine report.