BUSINESS
Rising effective tax rate creates headroom for further corporate tax cuts
The effective corporate tax rate in 2017-18 has risen to 29.5percent, a good three percentage points higher than a year ago and is the highest in the past five years
BUSINESS
ArcelorMittal-Essar Steel: Takeaways for investors and the IBC process
Under the new resolution plan, banks will have to take a haircut of around 40 percent
ECONOMY
Budget Snapshots | On Budget eve, PMI for June shows economy getting worse
The Budget will tell us what the government’s plans are to get the economy out of a rut.
BUSINESS
Electric Vehicles | Build the charging infrastructure, they will come
The Economic Survey believes that adequate charging infrastructure for electric vehicles is more important than even tax incentives
BUSINESS
Corporate Corridor | A sharpened anti-profiteering sword signals trouble for consumer companies
Not only is the government extending the anti-profiteering authority's tenure, it has given it more powers that could hurt business confidence. Investors in consumer companies should watch out for the risk posed by the tweaks.
BUSINESS
Corporate Corridor | US-China talks a relief for metals but not enough to revive optimism
That the US and China have agreed to resume trade talks is good but not enough to rid the uncertainty that has gripped the metals sector
ECONOMY
Budget Snapshots | Policy measures expected to address consumption slowdown
The upcoming Budget is expected to take measures to address the slowdown in private consumption.
MARKETS
Markets | Tech start-up founders get a superior voting rights carrot but the sticks are many
Sebi has allowed technology companies to issue shares with superior voting rights to founders to encourage them to list in India. That carries risks for minority shareholder rights but Sebi has put some safeguards in place
BUSINESS
Corporate Corridor| Rising royalty payments are a global phenomenon but minority investors in India to get a veto
If the royalty rule does take effect, it will mark minority shareholders of foreign-owned companies getting a rare upper hand
BUSINESS
Policy Block | The sword of anti-profiteering continues to hang over India Inc
An extension of the anti-profiteering authority's tenure is a risk for Indian business, and investors should remember to not get too excited when GST rates are cut
BUSINESS
HDFC FMP episode: Shareholders, big or small, the buck stops at your doorstep
Minority shareholders earn dividends and capital gains but in return bear the risk of a capital loss and being an owner, however small their stake may be
BUSINESS
Corporate corridor | Investors to note: A storm of grade AS 116 is headed your way
The June quarter earnings season will see some disruption due to a new accounting standard for leases taking effect from 1 April. Investors should keep a watch out for unusual changes in the numbers and financial ratios
BUSINESS
Corporate governance | Making independent directors swot for exams is futile, application is what counts
Ultimately, the responsibility for holding a light to a company’s actions rests on its minority shareholders, chief among them institutional shareholders.
BUSINESS
Corporate corridor | Colgate’s shareholders should press for a royalty that bites less
Colgate is asking minority shareholders to approve royalty payments to its parent. A lower royalty outgo would give it more firepower in its battle to retain its market supremacy
BUSINESS
Corporate corridor | JSW Steel should steer clear of British Steel, even if it’s served on a platter
For JSW Steel to step in where others have tried and failed, appears to be foolhardy
BUSINESS
Budget Snapshots | Government capex will not move the needle in FY20
The government has little firepower left to kickstart investment. Instead, it needs to give incentives to the private sector to increase capex
BUSINESS
100-Word Take | Tata Steel fortifies Bhushan Steel buy with Energy addition
Tata Steel adds heft to its Bhushan Steel acquisition with a successful bid for Bhushan Energy
BUSINESS
Sector AgeNDA | Climbing out of the consumption slowdown
Consumption was the one engine that kept the growth flag flying. The new government must ensure the slowdown, if it is indeed one, is temporary
POLICY
Sector AgeNDA | Mining: Government needs to untie the many knots holding back growth
Mining has the potential to create jobs, support industrial growth and lower the trade deficit. But the government needs to pick up the slack to spur growth
BUSINESS
Sector AgeNDA | Healthcare: focus on affordability is a risk for valuations
The government wants to co-opt the private sector in its mission for affordable healthcare, but on its terms
BUSINESS
Corporate corridor | Norsk Hydro’s alumina refinery caps removed, raises prospect of lower costs
Norsk Hydro's Alunorte alumina refinery is finally allowed to function at full capacity. What this could mean for Indian aluminium companies
INDIA
Deal track | Tata Consumer: Watch out, there’s a new challenger in the FMCG jungle
Tata Global wants to be a diversified FMCG company. Acquiring Tata Chemicals’ foods business was just a step towards that goal
BUSINESS
Deal track | Tata Steel’s European JV break-up pushes it into a corner
Tata Steel’s European business is back to square one. Its management needs to identify alternative plans soon, and this time failure is not an option
BUSINESS
Corporate corridor | ITC's valuations could benefit from some new thinking
ITC’s valuations reflect the uncertainty on taxation and regulation at its flagship cigarettes’ business. A new chairman will have the opportunity to press the reset button
