Top business headlines: FM ends MAT confusion, YES Bank shares hit, & more

Finance Minister Nirmala Sitharaman spoke of the challenges in maintaining fiscal discipline, while comparing the Modi government's fiscal record with that of the Manmohan Singh government

FM Sitharaman ends MAT confusion: Reduced rate to be applicable from FY20

The lower minimum alternate tax (MAT) rate announced as part of the corporation tax rate cuts in September will be applicable from the current fiscal year (2019-20 or FY20), said Finance Minister Nirmala Sitharaman on Monday in the Lok Sabha after an error in the Taxation Amendment Bill spooked companies. Read more

Lack of marquee investors, fear of RBI refusal hit YES Bank shares, bonds

Lack of marquee investors and fear that the Reserve Bank of India will not clear the investments by the new investors hit the share price of YES Bank on Monday. The bank’s stock closed 6.2 per cent down at Rs 64 a share. The bank’s dollar bonds due in February 2023 also fell the most in two months. Read more

Chanda Kochhar seeks time from HC to make RBI party in ICICI Bank case

Chanda Kochhar, the former MD and CEO of ICICI Bank, has sought time from the Bombay High Court to make the Reserve Bank of India  a party in a case against the private lender. Read more

Rejig of Oyo brass: Aditya Ghosh joins board, Rohit Kapoor becomes CEO

Just a little over a year after being named CEO, Oyo Hotels & Homes’ top boss Aditya Ghosh will move to a board position at the company, handing over the reins to Rohit Kapoor, the CEO of Oyo’s new real estate business. Read more

Hyundai pads up for diesel car monopoly with implementation of BSVI norms

Going against automobile sector trend, Hyundai Motor India is betting big on diesel while its peers are moving away from it ahead of the implementation of BSVI norms. Read more

Karvy fiasco: NSDL's decision to transfer securities puts lenders in a spot

The decision of National Securities Depository (NSDL) to transfer securities from Karvy Broking’s demat accounts to client accounts has caught lenders on the wrong foot.

While the depository’s move is to safeguard investors, it has jeopardised the interests of the lenders, who had given loans to Karvy with the same shares as collateral. Read more

90% Karvy investors get back their securities due to prompt Sebi action

Markets regulator Sebi's prompt action against Karvy Stock Broking Ltd (KSBL) has resulted in nearly 83,000 investors getting back their securities, which were illegally transferred by the broker to its own account and were even pledged without any authorisation. Read more

CV sales drop 17% in November on slowdown, delay in infra projects

Domestic commercial vehicle sales dropped by over 17 per cent in November 2019, going by individual company-announced despatches, to 57,510 units from 69,666 units a year ago. Read more

Import curbs likely on 350 ‘non-essential’ items

350 “non-essential” imports including toys, textile products, footwear and electronic goods may face action. Government is looking to increase customs duty and put in place quality control orders to reduce shipments into the country, according to a Times of India report.

Uber India hopes bike-taxi service will take it to 200 cities by 2020-end

Uber India has finalised a four-fold expansion of its operations in the country from 52 cities to 200 by the end of next year. The key driver of this expansion will be not car-hailing but bike-taxi service, which was launched in India in July this year. Such service has been rolled out in 30 cities, doing over 150,000 trips a day, though it is not there in the big states of Maharashtra and Karnataka, where it is working through regulations. Read more