Top headlines: VI bites bullet on tariff hike; auto sales contract in Nov

From Vodafone Idea taking a lead in hiking tariffs by 6 to 8 per cent to contracting auto sales, here are top headlines this morning

Vodafone Idea bites the bullet on tariff hike as firm struggles to pay dues

Cash-strapped Vodafone Idea (VI) has taken a lead in hiking tariffs by 6 to 8 per cent as it struggles to retain customers and clear its pending dues. However, the company has moved cautiously by raising the tariff only in limited circles such as Uttar Pradesh. While the hike comes into immediate effect, there has been no announcement. In the post-earnings call in October, Vodafone Idea managing director Ravinder Takkar had said the company would not shy away from taking the first step in raising tariffs. Bharti Airtel Chairman Sunil Mittal had also said last week that there was an urgent need to increase rates. Read More

Govt may keep China, Hong Kong out of foreign listing as tensions simmer

China and Hong Kong are likely to be kept out of permitted countries for direct overseas listing of Indian companies, as tensions between the two continue to simmer, following border clashes. Sources say the ministries concerned, including finance and corporate affairs, along with regulators, are at an advanced stage of finalising the framework, which is expected to be issued later this month. Read More

GST mop-up crosses Rs 1 trn for second straight month on festive sales

Reinforcing the economic recovery trend, goods and services tax collection surpassed the Rs 1-trillion mark for the second consecutive month in November, according to the official data. Although slightly lower than the previous month, the robust mop-up could be attributed to the festival season demand, experts said, cautioning that this might not be sustainable in the coming months. Read More

Govt's meeting with farmers ends in deadlock; next round of talks on Dec 3

Talks on Tuesday between farmers’ groups and the Centre to break the deadlock over the agricultural Acts remained inconclusive, with both sides deciding to meet again on December 3. Sources said during the more than two-hour-long meeting, farmers remained firm on their stand that nothing short of repealing the three Acts would be acceptable to them while the Central government offered to set up a committee to look at the issues raised by them. Read More

Optiver makes highest international offer of Rs 1.39 crore pa at IIT Bombay

Dutch firm Optiver has made the highest international offer of Euros 157,000 (Rs 1.39 crore) per annum at the Indian Institute of Technology (IIT) Bombay as the premier institutes kicked off their final placements process on Tuesday. Apart from Optiver, IIT Bombay saw highest domestic salaries being offered on the first day of placements by Qualcomm (Rs 46.41 lakh/annum), WorldQuant (Rs 39.70 lakh/annum), Morgan Stanley (Rs 37.25 lakh/annum) and Uber (Rs 35.38 lakhs/annum), Read More

Manufacturing activity loses pace in Nov, falls to three-month low: PMI

India’s manufacturing growth fell to a three-month low in November over fears of a fresh wave of the Covid-19 pandemic, which led to slow expansion in factory orders and exports, according to a private survey. The IHS Markit India Manufacturing Purchasing Managers Index (PMI) fell from the decadal high of 58.9 seen in October to 56.3 in November. Read More

Auto sales contract in November as firms enforce inventory control

Auto sales, a key barometer for economic growth, contracted after three months of robust growth as automakers trimmed production to reduce inventory pile up at dealerships. Despite record wholesale numbers in October, dealers had warned vehicle manufacturers, and especially two-wheeler manufacturers, to curb production in November due to high inventory in the system, saying that retail sales hadn’t recovered, leading to pile up of inventory. Read More

After walkout fiasco, DHFL extends deadline for fresh bids to Dec 14

It is on the advice of former attorney general of India Mukul Rohatgi that the committee of creditors (CoC) to Dewan Housing Finance Corporation (DHFL) has sought fresh bids for the bankrupt housing firm. Fresh bids are to come by December 14, thus giving an opportunity to all bidders. The CoC had sought Rohatgi’s opinion after some bidders — Piramal Group, SC Lowy, and Oaktree — had objected to a far higher bid of Adani Group for the company and threatened to walk out of the process.

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State-run oil firms spend 40% of capital expenditure target by October

State-run oil companies could be on course to meet their annual capital expenditure target despite facing the hurdles of Covid-19 and extended monsoons. Publicly available data suggests investments made have crossed 40 per cent of planned expenditure. “As of mid-November, we have already met 45 per cent of the total planned capital expenditure for the year,” said MK Surana, chairman and managing director for Hindustan Petroleum Corporation (HPCL). Read More