Share market highlights: Infosys pulls Sensex, Nifty lower after whistle blower complaints spook investors

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Updated:Oct 22, 2019 3:51:19 pm

Market News Today | Sensex, Nifty highlights: Infosys shares dragged the headline indices lower on Tuesday afternoon, after whistle blower complaints led to its biggest one-day fall in over 6 years.

Both the Sensex and Nifty lost about 1% on ThursdayInfosys shares closed the session 16.21% lower at Rs 643.30 on BSE.

Market News Today | Sensex, Nifty highlights: Infosys shares dragged the headline indices lower on Tuesday afternoon, after whistle blower complaints led to its biggest one-day fall in over 6 years. Infosys shares closed the session 16.21% lower at Rs 643.30 on BSE. The Sensex ended 335 points lower at 38,964, while the Nifty closed the session 52 points lower at 11,589. Infosys shares came under the radar after whislte-blower complaints alleged corporate malpractices by CEO Salil Parekh and CFO Nilanjan Roy. A few anonymous employees of the IT giant have reportedly accused its CEO Salil Parekh and CFO Nilanjan Roy of unethical practices for many quarters. Infosys finds itself in the midst of another episode of corporate governance-related issues, post Vishal Sikka’s exit in August-17. “Infosys is one of the most owned stocks by Mutual Fund Schemes Total Value of holding at the end of September 2019 was Rs 45,000 crore. Approximately 4% of total equity holdings of MF’s,” noted investment advisor Sandip Sabharwal said. The letter to the Board and the SEC alleges that Infosys’s senior management has focused on boosting near-term revenues and profits by: 1) way of not fully recognizing certain costs such as visa costs; and 2) revenue recognition related to some large deals not being in line with accounting standards. Further, the letter claims the CEO has bypassed the regular process of reviews and approvals relating to large deals and also suggests some of the large deals have no margins, brokerage firm Emkay said.

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    15:51 (IST)22 Oct 2019
    BSE live: Infosys pulls Sensex, Nifty lower after whistle blower complaints spook investors

    Infosys shares dragged the headline indices lower on Tuesday afternoon, after whistle blower complaints led to its biggest one-day fall in over 6 years. Infosys shares closed the session 16.21% lower at Rs 643.30 on BSE. The Sensex ended 335 points lower at 38,964, while the Nifty closed the session 52 points lower at 11,589. A look at LIVE Sensex heatmap.

    15:15 (IST)22 Oct 2019
    7th Pay Commission: Modi govt gifts 7th CPC allowances to Jammu & Kashmir, Ladakh government employees

    Here’s good news for government employees in Union Territories of Jammu and Kashmir and Ladakh. They will get 7 CPC allowances from 31st October. After the passage of Jammu and Kashmir Reorganization Bill, 2019 in Parliament, Prime Minister Narendra Modi had said in his address to the nation August 8, 2019 that all financial facilities being given to employees of other Union Territories (UT), as per the recommendations of 7th Pay Commission, would soon be extended to the employees of UT of Jammu and Kashmir and UT of Ladakh.

    15:14 (IST)22 Oct 2019
    Apple begins selling locally-assembled iPhone XR in India to overcome levies

    Apple Inc has started selling its popular iPhone XR phones assembled in India, as it looks to expand its share in the world’s second-largest smartphone market where it has struggled against cheaper products from rivals. The phones are being assembled at Taipei-based contract manufacturer Foxconn’s India factory, helping the Cupertino, California-based company avoid high levies on the import of fully-built devices as well as meet local sourcing norms for opening its own retail stores in India.

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    14:50 (IST)22 Oct 2019
    PMC Bank scam: Ex-director Surjit Singh Arora’s police remand extended

    A Mumbai court on Tuesday extended till October 24 the police remand of Punjab and Maharashtra Cooperative (PMC) Bank’s former director Surjit Singh Arora, arrested in connection with the multi-crore scam in the bank. Arora was last week arrested by Mumbai Police’s Economic Offences Wing (EOW) in connection with the alleged Rs 4,355 crore scam. He was produced before metropolitan magistrate S G Shaikh, after his police remand ended on Tuesday. The court extended his police custody till Thursday. Arora is the fifth accused to be arrested in the case.

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    14:18 (IST)22 Oct 2019
    This Rs 57,000 crore investor is betting big on beaten down auto stocks; right time to buy?

    Axis Mutual Fund is looking at one of India’s most beaten-down sectors — the auto industry — to help keep it in the top ranks of the nation’s asset managers. The investor is slowly increasing exposure to select companies as it sees “some signs” of demand revival with a better-than-expected monsoon and lower corporate tax rates supporting sentiment. “We are adding auto to our portfolio,” Jinesh Gopani, head of equity for Axis Asset Management Co., overseeing about 570 billion rupees ($8 billion) of assets, said in an interview on Friday. “In another two years, the sector could come back.”

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    14:15 (IST)22 Oct 2019
    Haryana Assembly Election Result 2019: Key candidates, constituencies, dates – All you need to know

    Polling in Haryana to elect a new government ended on a peaceful note on Monday. According to the Election Commission, the voter turnout touched 68.46 per cent, which is less than the 76.54 per cent turnout recorded during voting for the 2014 assembly elections which brought the BJP to power in the state and 70.36% recorded in the Lok Sabha elections this year. In the 90-member Legislative Assembly, the BJP has 48 MLAs and Congress has 17. Several exit polls have predicted an even bigger victory for the BJP this time.

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    14:12 (IST)22 Oct 2019
    Checking the churn: New Reliance Jio plans offer 1,000 minute talk time

    Aiming to check any possible churn owing to subscribers porting out because of the ‘6 paise per minute’ charge on its voice calls, Reliance Jio on Monday came out with a set of four new tariff plans — Rs 222, Rs 333, Rs 444 and Rs 555, valid for 28 days, 56 days and 84 days (for the last two), respectively. The highlight of the plans is that the ‘6 paise’ charge for calls made to other networks has been bundled in these plans so that subscribers do not have to go for top-ups to make such voice calls.

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    14:00 (IST)22 Oct 2019
    Tax the rich more: Nobel winner Abhijit Banerjee has this growth mantra to spur demand

    How do you spur demand in an economy? By raising taxes, not cutting them, says this year’s winner of the Nobel prize for economics. Reducing taxes to boost investment is a myth spread by businesses, says Abhijit Banerjee, who won the prize along with Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University for their approach to alleviating global poverty. “You are giving incentives to the rich who are already sitting on tons of cash.” 

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    13:56 (IST)22 Oct 2019
    How to create jobs in future? JP Morgan boss Jamie Dimon has this advice on employment

    Even as the Indian youth has top-notch skills, it’s time to train people for jobs that would matter in the future, Jamie Dimon, chairman, and CEO of JP Morgan Chase told CNBC TV-18 in an interview. With this, India can effectively tackle the problem of unemployment, which is even seen in other parts of the world, he added. It’s important to research and find out the scope of jobs depending on the needs of different cities across the globe, Jamie Dimon said. Thereafter, the people coming out of the schools and colleges should be trained so that they can get good-paying jobs, the veteran banker said.

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    13:01 (IST)22 Oct 2019
    SBI, HDFC or other bank’s customer? Not happy with staff’s behaviour or bank? Do this

    Customers often face misbehaviour from bank staff but they are not always aware of what to do next. Sometimes, customers also have serious complaints against the banks. One old practice to address the grievance is to submit an application to the branch manager, explaining the grievance in detail. To this end, most of the banks also keep complaint registers at their branches. But these methods don’t always help the customer, or bring some good change in the behaviour of certain rude staff. In the digital age, there are other ways available for customers to register their grievance and get it redressed.

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    12:54 (IST)22 Oct 2019
    UCO Bank to consider issue of tier II bonds worth Rs 500 crore; key things

    UCO Bank on Monday said that its board will consider the issue of tier-II bonds worth Rs 500 crore. “We inform that Board of Directors of the Bank will consider the issue of Basel III compliant Tier-2 Bonds aggregating to Rs.500 crore at its meeting scheduled to be held on 24 October 2019,” UCO Bank said in an exchange filing. UCO Bank shares were trading at Rs 11.85, up 0.10 points, or 0.85 per cent on BSE. In the first quarter of the ongoing fiscal, UCO Bank’s net loss narrowed owing to higher net interest income. The bank recorded a net loss of Rs 601.45 crore for the three months ended 30 June compared to the loss of Rs 633.88 crore in the year-ago period. Net interest income rose 8.71 per cent to  Rs 1,334.97 crore, from Rs 1,228.02 crore in the corresponding period last year.

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    12:41 (IST)22 Oct 2019
    After HDFC Bank’s robust Q2 results, should you buy or sell stock?

    Even as the economy slows down, HDFC Bank is expected to post growth going ahead, analysts said. The private sector lender is well positioned on account of its strong capital position, Reliance Securities said in a note. “Its strong capital position, digital leverage, and impeccable asset quality performance across cycles should continue to aid return ratios with RoA/RoE at 1.9%/16% for FY21E. At CMP, the stock trades at FY21E multiple of 3.5x. We continue to maintain our positive stance on the bank,” the brokerage also said.

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    12:37 (IST)22 Oct 2019
    Festive cheers: About 90% of consumers want to shop during Diwali despite slowdown

    While consumer sentiment has remained downbeat for some months now, about 90% of Indian consumers are willing to spend during the ongoing festive season, a recent study showed. For consumers, the preferred shopping channel remains the online platform with over three-fourth of shoppers saying that they would purchase products online, a study by Retailers Association of India (RAI) and LitmusWorld said on Monday. Further, there has been increased adoption of plastic money by consumers and the preferred mode of payment is credit cards, with about 55% consumers saying that they will choose credit cards over the debit card. 

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    12:34 (IST)22 Oct 2019
    Infosys fiasco: Nandan Nilekani assures full investigation

    Chairman and co-founder Nandan Nilekani pledged a full investigation, saying the allegations had gone before the company’s Audit Committee. The memo dated Sept. 20 was the latest in a series of whistle-blower complaints that wrought havoc at Asia’s second most valuable IT services firm, triggering the exit of previous CEO Vishal Sikka after a confrontation with co-founder Narayana Murthy. The company, a symbol of India’s technological boom, had gained more than 15% of market value this year as it stabilized the business with a transition toward automation.

    12:32 (IST)22 Oct 2019
    MRPL recruitment 2019: ONGC subsidiary notifies vacancy for 233 posts with salary benefits up to Rs 38,000

    The Mangalore Refinery and Petrochemicals Limited (MRPL), an ONGC subsidiary, has invited applications for a total of 233 posts across positions. Interested candidates can apply at the official website, mrpl.co.in. Submission of online applications is currently underway and will continue till November 9. The cutoff date for deciding the maximum permissible age and post qualification work experience shall be November 9. Candidates need to pass the written test followed by skill test, physical test and document verification process to be eligible for final selection. The written test will be conducted at centres in Karnataka. The dates of the test are yet to be announced.

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    12:28 (IST)22 Oct 2019
    Amid stock market volatility, this sector may offer good value to investors

    Even as the stock markets see volatility, FMCG or consumer durables segment provides a good value to the retail investors, says a veteran fund manager. The sector looks all the more attractive in the ongoing slowdown as the recovery is expected to be visible here going forward, Dheeraj Singh, Head of Investments, Taurus AMC told Ashish Pandey of Financial Express Online in an interview. It would take a couple of more quarters for the recovery to set in, he added. Adding, he said that it’s important that an investor builds a portfolio comprising quality stocks that would provide healthy risk-adjusted returns even after accounting for short term volatilities.

    Read full interview here

    12:24 (IST)22 Oct 2019
    Infosys allegations could severely damage company's brand

    The allegations “could severely damage the company’s pristine brand if true, especially in the IT services industry,” Bloomberg Intelligence analyst Anurag Rana wrote. “It could also hurt short-term sales, as clients may look for other providers for newer projects.” Nilekani had only just proclaimed last year that Infosys had become “boring again.” The allegations come as Infosys and larger rival Tata Consultancy Services Ltd., which build software and provide services to some of the world’s largest banks and retailers, navigate an increasingly difficult business environment. The industry is grappling with a trend toward automation and rapid technology changes. (From Bloomberg)

    12:21 (IST)22 Oct 2019
    Infosys Q2 profit rose 6% on-quarter to Rs 4,019 crore (Recap)

    Infosy has reported a 6% sequential (on-quarter) rise in net profit to Rs 4,019 crore while revenues increased to Rs 22,629 crore, implying a growth of 3.8% on a sequential basis. Infosys also raised the lower end of FY 20 revenue guidance. “Our performance was robust on multiple dimensions – revenue growth, digital growth, operating margins, operational efficiencies, large deal signings and reduction in attrition,”  CEO Salil Parekh said. 

    12:05 (IST)22 Oct 2019
    Diwali bonanza for shareholders: After TCS, Infosys announces dividend; check record, payment dates

    Shareholders of Infosys and TCS have something to look forward to in the coming festive season, as these IT behemoths have declared an interim dividend. IT major Infosys has declared an interim dividend of Rs 8 per share, while TCS has announced a total dividend of Rs 45. Interestingly, both of these dividends will be paid by the end of this month. India’s largest IT behemoth Tata Consultancy Services declared a special dividend of Rs 40 per equity share of Re 1 each of the company, and Rs 5 as interim dividend. TCS announced that these dividends will be paid on October 24, 2019 to the equity shareholders.

    Check dates here

    11:54 (IST)22 Oct 2019
    Infosys Q2 results recap: Key figures in a nutshell

      • Infosys revenues came in at Rs 22,629 crore, implying a growth of 9.8% YoY and 3.8% QoQ
      • The operating profit stood at Rs 4,912 crore, increase of 0.4% YoY and 9.9% QoQ. The Operating marginwas 21.7%.Basic EPS came in at 9.46, flat YoY and registering growth of 7.1% QoQ
      • Q2 20 Digital revenues rose to $1,230 million (38.3% of total revenues), year-on-year growth of 38.4% andsequential growth of 10.7% in constant currency.

    11:32 (IST)22 Oct 2019
    One year of Statue of Unity: Lakhs of tourist visit world’s tallest statue, tickets worth crores sold; check details

    Statue of Unity- the world’s tallest statue- is set to mark its first anniversary on October 31st. The statue, which was inaugurated by Prime Minister Narendra Modi on October 31st, 2018, has witnessed lakhs of footfalls making it one of the most prominent tourist destinations both in Gujarat as well as in India. The statue was dedicated to the nation on the 143rd Birth Anniversary of India’s first Union Home Minister and deputy Prime Minister Sardar Vallabhbhai Patel.

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    11:30 (IST)22 Oct 2019
    Airtel wants fees on incoming calls from other networks till 2022

    Telecom operator Bharti Airtel in its submission to sector regulator Trai has favoured charging incoming calls originating from network of other mobile phone service provider till 2022. Vodafone Idea and state-owned BSNL have also favoured levying of the interconnect usage charge (IUC), currently 6 paise per minute, on every incoming calls from network of other operators. However, Jio has opposed continuation of the charges. Trai had proposed to move from the current IUC regime to the BAK (bill and keep), regime where no operator will charge for mobile call transmission, from January 1, 2020. However, the regulator recently floated consultation paper on whether there is a need to defer the date of removing mobile call termination charges.

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    11:26 (IST)22 Oct 2019
    Public Provident Fund rules: Here are little-known facts that you must know before investing in PPF

    Public Provident Fund (PPF) is a savings scheme, one among the nine other small saving investment schemes offered by India Post. Now banks also offer PPF. It can be opted for regular deposits and can be started with a minimal investment amount of Rs 500. This scheme comes with a maturity period of 15 years and also offers tax deduction under section 80 (C). From 01.07.2019, the interest rate offered is 7.9 per cent per annum (compounded yearly). PPF suits risk-averse investors who are satisfied with moderate but guaranteed returns. Despite its popularity, many investors are not aware of many important facts associated with the PPF account.

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    11:25 (IST)22 Oct 2019
    Stock corner: ‘Buy’ Reliance Industries, consumer business drove showing

    Reliance Industries (RIL) reported in-line standalone revenue of Rs 871.4 bn (-9% y-o-y, flat q-o-q) in Q2FY20. Ebitda came in at Rs 136.7 bn (-8% y-o-y, flat q-o-q) versus our estimate of Rs 136.4 bn owing to the lower-than-expected refinery throughput of 16.7mmt, despite a better GRM of $9.4/bbl (flat y-o-y, +16% q-o-q). Lower depreciation, combined with higher other income and higher interest cost resulted in a beat of 9% in standalone PAT of Rs 97.0 bn (+10% y-o-y, +7% q-o-q). The company recognised the entire MAT cut in the quarter with an effective tax rate of 20.8% versus 25.4% in Q1FY20.

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    11:19 (IST)22 Oct 2019
    Festive cheers: About 90% of consumers want to shop during Diwali despite slowdown

    While consumer sentiment has remained downbeat for some months now, about 90% of Indian consumers are willing to spend during the ongoing festive season, a recent study showed. For consumers, the preferred shopping channel remains the online platform with over three-fourth of shoppers saying that they would purchase products online, a study by Retailers Association of India (RAI) and LitmusWorld said on Monday. Further, there has been increased adoption of plastic money by consumers and the preferred mode of payment is credit cards, with about 55% consumers saying that they will choose credit cards over the debit card. 

    Full story

    11:13 (IST)22 Oct 2019
    Loan sell-downs help NBFCs, HFCs raise Rs 2.4 lakh crore in one year: Icra

    Sales of loan pools have emerged as a chief source of funds for non-bank lenders. Since the IL&FS crisis in September 2018, non-banking finance companies (NBFCs) and housing finance companies (HFCs) together have raised as much as Rs 2.36 lakh crore through sell-down of their loan assets, according to a note by ratings agency Icra. This unprecedented increase in sell-down volumes reflects the choking up of traditional on-balance sheet borrowing channels such as loans, bonds and commercial paper issuances, the agency said.

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    10:54 (IST)22 Oct 2019
    How India’s oldest Mutual Fund scheme has turned Rs 1 lakh into Rs 1 crore

    India’s oldest Mutual Fund (MF) scheme, UTI Mastershare Unit Scheme, has completed its 33 years of wealth creation journey on October 15, 2019 and is going strong. Launched in October 15, 1986, this large-cap fund has generated a consistent Compound Annual Growth Rate (CAGR) of 15.627 per cent, thus converting less than Rs 1 lakh (precisely Rs 82,988) invested on the date of inception to Rs 1 crore on its 33rd anniversary day. So, in absolute terms, the fund has generated 120.5 times returns since its inception and Rs 1 lakh invested at its inception on October 15, 1986 is now valued at Rs 1.2 crore as of October 15, 2019.

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    10:49 (IST)22 Oct 2019
    INX Media case: Supreme Court grants bail to P Chidambaram

    The Supreme Court n Tuesday granted bail to former Finance minister P Chidambaram in the INX Media case. The Congress leader was arrested by the CBI from his Delhi residence on August 21 in connection with a corruption case. The CBI recently chargesheeted Chidambaram, his son Karti and others including some bureaucrats, for alleged irregularities in granting the Foreign Investment Promotion Board (FIPB) clearance to INX Media group to receive overseas funds.

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    10:45 (IST)22 Oct 2019
    These two Sensex stocks may brighten your portfolio this Diwali

    Even as the stock market posted a robust rally in the last one week amid the ongoing festive season, various brokerages have come out with their top stock picks for this Diwali. Notably, the 30-share Sensex has returned about 11% since last Diwali, while the broader Nifty has returned about about 10.40% in the same period. Accortding to brokerage firm Anand Rathi, the recent steps taken by the government suggest that rather than taking shortcuts or populist measures, the government is taking administrative and structural measures, which would improve the long-term performance of the economy.

    Check the stocks here

    10:43 (IST)22 Oct 2019
    PAN Card address change: Mere mentioning in Income Tax Return (ITR) not enough, rules Supreme Court

    Has your address mentioned in the PAN database changed? It is important to get the address in PAN database updated. If this is not done, the Income Tax Assessing Officer would be right in sending notice under Section 143 (2) of the Income Tax Act 1961 on the old address and you cannot escape by claiming you didn’t receive the notice on your new address, according to a latest Supreme Court judgement. There is no need to panic for those who don’t have any discrepancies in their ITR. Notice under Section 143 (2) is sent to the assessee when the Income Tax department finds any minor or major discrepancies in the ITR. These discrepancies may include under-reporting or over-reporting of losses.

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    10:40 (IST)22 Oct 2019
    Bank workers to go on strike as talks with govt fail; operations of these five PSU banks will be hit

    Two bank workers unions – All India Bank Employees Association (AIBEA) and Bank Employees Federation of India (BEFI)- have decided to go ahead with the strike on Tuesday after their meeting with chief labour commissioner in New Delhi failed on Monday. The meeting was attended by two representatives each from the AIBEA and BEFI and one representative from Indian Banking Association (IBA) and a deputy secretary-level official from the finance ministry. However, the meeting failed to break the deadlock between the government and the bank unions as they decided to go ahead with their one-day strike on Tuesday against the single issue of their opposition to the merger and consolidation announced by the Modi government in August this year.

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    10:38 (IST)22 Oct 2019
    Delay in govt nod to postpone Bharti Infra-Indus Towers merger

    Telecom infrastructure firm Bharti Infratel is going to miss the October 24 deadline to complete the merger of mobile tower giant Indus Towers with it due to a delay in government permission, according to a regulatory filing. The company has set up a panel to assess the impact of the delay in the merger and recommend action to be taken in the best interest of the firm and its shareholders. “The scheme (merger of Bharti Infratel and Indus Towers) contemplated the closing by October 24, 2019 (long stop date), by which time a large number of processes and conditions precedent were required to be completed…The board noted that all the requisite government approvals have not been received till date and conditions precedent and processes not completed. It therefore concluded that it is not possible to complete the scheme by the long stop date,” the filing said.

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    10:35 (IST)22 Oct 2019
    Nobel laureate Abhijit Banerjee says government’s stringent commitment to low inflation resulted in farm distress

    Nobel laureate Abhijit Banerjee on Monday said the government’s stringent commitment to low inflation has resulted in farm distress by adversely impacting support price for agricultural produce. Striking a note of caution, he said Prime Minister Narendra Modi has more faith in corporates than him. “I think Mr. Modi has more faith in the corporate sector than I do. The recent tax cuts show that someone in the administration believes that you have to give corporate sector lots of money to get growth. I do not believe that,” Banerjee, who has been awarded this year’s Nobel Prize for Economics along with two others, said here.

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    10:33 (IST)22 Oct 2019
    No government jobs for those with more than two kids in Assam

    The Assam Cabinet on Monday decided that no government jobs will be given to persons having more than two children after January 1, 2021. The important decision was taken at a Cabinet meeting held late Monday evening that also adopted a New Land Policy, which will give three bighas of agricultural land to landless indigenous people and half a bigha for constructing a house. A communique from the Chief Minister Sarbananda Sonowal’s public relations cell stated that those having more than two children will not be considered for government jobs with effect from January 1, 2021 as per the small family norm.

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    10:29 (IST)22 Oct 2019
    Stock corner: Maintain ‘buy’ on SBI Life, growth to remain a concern

    SBI Life’s VNB margin improved by 100bps y-y in 1HFY20 with 400bps of positive impact from higher share of protection and non-PAR savings business and ~300bps of negative VNB margin impact coming from interest rate impact. We believe that a good part of the ~300bps margin impact on account of interest rate was one-off: Annuity products were repriced slower in H1FY20 but the company is repricing its annuity products faster now; and for guaranteed return (non-PAR savings products), part of the positive impact of the hedges is not reflected in VNB margins while the negative of reducing spreads is captured in the VNB.

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    10:27 (IST)22 Oct 2019
    BSE live: Infosys shares still down 13%; fall to 6-year low

    Infosys shares see biggest plunge in over 6-years afters alleged whislte blower compaints. The shares are trading 13% lower at Rs 667 on BSE. Earlier, the stock plunged to 16% to slump to the day's low at Rs 667.40 on BSE. 

    10:24 (IST)22 Oct 2019
    Tech Mahindra remains sole stock with Buy rating in IT space

    "We have currently a Hold rating on both Infosys and TCS along with underweight positions in sector EAP although a higher UW on TCS. HCL Tech remains the lone Buy-rated stock for us as we continue to see near-term revenue growth moderation - more so for Tier-II techs vs. Tier-I techs - posing risks to consensus expectations for FY21 as well," Emkay said in a note. 

    10:23 (IST)22 Oct 2019
    IUC: It’s an all-out war between Reliance Jio and rest of telecom operators

    It’s an all-out war between Reliance Jio and rest of the telecom industry regarding review of interconnect usage charges (IUC), which currently stand at 6 paisa per minute. The incumbent operators including Bharti Airtel, Vodafone Idea, BSNL and MTNL support delaying the implementation of ‘bill and keep’ (BAK) regime, under which IUC will become zero, while Jio wants the original schedule to be followed.

    10:15 (IST)22 Oct 2019
    Resolution under IBC: Banks may get pre-NCLT window

    Banks will likely have window to scout for prospective buyers of stressed assets for their expeditious resolution even before the bankruptcy process is initiated. This facility is set to be in place as part of a host of amendments being planned for the Insolvency and Bankruptcy Code (IBC), which is being reviewed by the government and the Insolvency and Bankruptcy Board of India (IBBI).

    Full story

    10:12 (IST)22 Oct 2019
    How can govt ask Amazon, Walmart for supplier data?

    The government’s blow-hot-blow-cold policy approach towards global multi-brand e-retailers such as Amazon and Flipkart is perplexing since, apart from the fact that it is supposed to be trying to attract FDI, the same rules don’t seem to apply to local e-retailers, many of whom also have foreign investors, even if not at the level of the retailing subsidiary. It doesn’t help that these changes—the government insists they are merely clarifications of existing rules—come after global retailers have spent billions of dollars ($16bn in the case of Walmart’s Flipkart acquisition) to set up operations here, and have lakhs of employees as well as local suppliers.

    Full story

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