Top headlines: GST cut for auto sector unlikely, Happiest Minds IPO shines

Business Standard brings you the top headlines of the day

No easing GST rate, automakers should cut royalty payments: FinMin sources

Finance ministry sources have indicated that there may not be any cut in the goods and services tax (GST) rates on automobiles despite a demand to this effect by the Covid-19 hit sector. The sources said the rates payable by auto firms under the new indirect tax system are lower than those under the old regime of excise duty and value added tax. They have, instead asked the industry to be more efficient by reducing costs and royalty payments to their parents abroad. Read More...

SC rejects SBI plea to vacate stay on invoking Anil Ambani's personal guarantees

The Supreme Court on Thursday dismissed State Bank of India's (SBI's) plea seeking the vacation of a stay granted by the Delhi High Court on bankruptcy proceedings against Reliance Communications (RCom) Chairman Anil Ambani. Ambani had earlier objected to the SBI invoking personal guarantees under the Corporate Debtors Regulations, 2019. Read More...

Happiest Minds makes stellar debut, shares soar 123% against issue price

Shares of Happiest Minds Technologies (HMT) made a stellar debut at the bourses on Thursday as investors' money more-than-doubled after the stock ended at Rs 371, a 123 per cent higher against its issue price of Rs 166 per share on the bourses. During the session, the stock hit a high of Rs 395, up 138 per cent against the issue price. The stock listed at Rs 351, a 111 per cent premium against its issue price on the BSE. On the National Stock Exchange (NSE), shares hit a high of Rs 389.90, after opening at Rs 350. Read More...

ByteDance says China will have to approve TikTok's proposed Oracle deal

China will need to approve ByteDance's proposed deal with Oracle Corp for its TikTok app, the Chinese company said on Thursday, indicating how its bid to stave off a ban in the United States could be further complicated. Oracle has submitted a proposal to the Trump administration that will allow it to become a technology partner in the TikTok app, as ByteDance hopes to head off a Trump order that it divest TikTok's U.S. operations. Read More...

BS READS: Ramdev's low-key brother emerges from the shadows with Ruchi Soya

Since its inception, Patanjali Ayurved’s fame has largely been driven by yoga guru Baba Ramdev. His claim to fame was morning yoga shows teaching anuloma-viloma or kapalbhati pranayama on religious TV channels. With Acharya Balkrishna as managing director, Ramdev grew Patanjali beyond yoga to an FMCG empire of almost Rs 10,000 crore by revenue. But apart from the duo, Ramdev’s younger brother Ram Bharat has been running the machine behind the scenes. Bharat, who is in his early forties, handles the day-to-day operations of the group like a de facto CEO. Read More...