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Top 10 business news today: From Tata Steel, Narendra Modi Saudi visit to Mahindra NuvoSport, more

Mon April 04 2016, 12:33 pm
  • Tata Steel: Tata group company may sell its UK operations including the Port Talbot plant as earnings turnaround appears difficult and operations will require material funding. The UK operations are loss-making and also require large sustenance capex - cash burn is high. The asset sale will reduce Europe cash burn materially. Given the large losses in UK and difficult turnaround, we do not expect any meaningful debt reduction, if a sale occurs. We raise our target price to 250 (220 earlier), but maintain REDUCE rating. Tata Steel Europe to explore full or part divestment of UK operations.
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  • Narendra Modi Saudi visit: PM Modi invited oil-rich Saudi Arabia's top business tycoons to invest in India's key sectors like defence, insurance, railway and oil as he projected his country as an attractive investment destination even in the face of a global economic slowdown. Saudi Arabia is planning to set up world's largest sovereign wealth fund of over $ 2 trillion and India was eyeing a major investment from the country which is India's fourth largest trading partner.
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  • Mahindra NuvoSport: In a bid to further increase its market share in the entry-level SUV segment, Mahindra & Mahindra will launch its third sub-4 metre SUV in the country - Mahindra NuvoSport. The leading SUV maker already sells KUV100 and TUV300 in the Indian market, and the new Mahindra NuvoSport will be positioned between these two. For people not in the know, the NuvoSport has come as a replacement to the slow-selling Mahidndra Quanto.
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    Wipro to set up BPO centre in Saudi: India's major software services firm Wipro will set up a BPO centre here, which will be the second such facility after an all-women technology services centre of Tata Consultancy Services. It is not yet clear whether Wipro will have an all-women centre. (Image: Reuters)

  • Adani gets Australia nod: India's Adani Enterprises Ltd was on Sunday granted approval by Australia's Queensland state government to proceed with a proposed A$10 billion ($7.7 billion) project in the Galilee Basin. Queensland Premier Annastascia Palaszczuk said in a statement that the approvals gave Adani permission to mine coal reserves estimated at 11 billion tonnes and to build haul roads, workshops, power lines and pipelines associated with the mine.
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  • Arun Jaitley: Taking a dig at ruling BJP over the contentious issue of excise duty on non-silver jewellery, Delhi Chief Minister Arvind Kejriwal asked Prime Minister Narendra Modi to "leave" Union Finance Minister Arun Jaitley's side if he did not want to lose the support of traders.
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  • EPFO cracks whip: The Employees’ Provident Fund Organisation (EPFO) has cracked the whip on firms failing to ensure remittance of the provident fund, pension and insurance amounts on behalf of their regular contract workers and those employed through contractors. Having found laxity by the contractors, especially those in the construction sector and in textile and leather clusters in depositing the amounts after claiming huge EPF sums from the principal employers, the EPFO has fixed the responsibility of remittance with the latter.
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    'UK steelworkers' pensions could be slashed under Tata plan': Tens of thousands of steelworkers in the UK could have their pensions slashed by up to 20 per cent under plans by Tata to wash its hands of the 15 billion pounds British Steel retirement scheme, media reported today. The Indian conglomerate is understood to be in negotiations with the government and the Pensions Regulator over putting the scheme, which has about 130,000 active and retired members, into the Pension Protection Fund (PPF), which would mean workers suffer cuts to their retirement savings of as much as 20 per cent.

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    In a first, Income Tax Dept launches e-appeal filing system: In yet another step aimed at reducing human interface between taxman and the taxpayer, the Income Tax department operationalised a facility for e-filing of the first appeal before a tax officer. The department said the facility of filing the appeal form, like filing Income Tax Returns (ITRs), can be done using a digital signature from now on, while the Electronic Verification (EVC) facility for the same using the Aadhaar, mobile number and email id will be activated soon on the official web portal of the tax department - (Reuters)

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    Vijay Mallya's craft beer firm brews fresh funding in US: Away from the furore over huge loan default in India by Vijay Mallya-led UB Group, its US-based brewery arm has secured a complex funding that it intends to repay later with a 'bridge loan' from its parent. California-based Mendocino Brewing Company, which sells a number of beer brands including Kingfisher in the US, has got Mallya as its Chairman and is owned by UB Group through a complex shareholding structure. In a regulatory filing with the US markets regulator SEC (Securities and Exchange Commission), Mendocino has disclosed having issued a 'promissory note' to Delaware-based Catamaran Services, Inc, in the principal amount of $325,000 (over Rs 2 crore). (PTI)

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