BUSINESS
Credit Suisse downgrades steel stocks despite local industry’s optimism
Credit Suisse says the steel sector remains vulnerable to risks such as a crackdown on prices in China, which is entering a weak-demand phase, while output remains strong.
BUSINESS
Bombay HC dismisses Coca-Cola India unit's writ challenging GST show-cause notice
Similar plea was quashed by Gujarat High Court in 2019. HCCBPL had availed CENVAT credit on the service tax paid on transportation charges incurred for moving its products from its factories and depots to its customers' places, which it was not entitled to under GST rules, according to taxman.
BUSINESS
Questioned by proxy advisory firm, JSPL defers EGM for related party power deal
JSPL’s plan was to sell 96.43% in its power business, Jindal Power Ltd (JPL), to a privately held company by its promoter Naveen Jindal. The deal value of Rs 3,015 crore has raised shareholder protests. Sources now say the company will come out with a new structure for shareholder approval.
BUSINESS
Over 2,000 home buyers still stranded as Jaypee Infra’s insolvency case lurches towards a resolution
An apex court ruling creates hurdles for homebuyers of JIL, who have not filed claims in the system till December 2019; NCLT offers some hope, asks IRPs to consider all claims
BUSINESS
International steel demand intact, domestic demand may come back by June 15, says JSPL MD, VR Sharma
JSPL will be a net debt free company in this financial year; we will not borrow any money from banks for expansion, but will depend upon our internal accruals. In the last financial year, JSPL alone made Rs 7,154 crores of net profit. and we can manage expansion with this growth, he says
TRENDS
SEBI receives confronting views from institutional investors, corporates on proposals about independent directors
While MFs back the SEBI discussion paper calling for a strong regime for independent directors, companies say they are already finding it difficult to get independent directors on board.
INDIA
Cyclone Tauktae blacks out parts of coastal Maharashtra, many still without electricity
Many people in coastal areas spent the night without electricity. Distribution companies say they have quickly restored supply to hospitals and oxygen plants, and will soon set things right for others.
BUSINESS
Best time for broking industry in 30 years – Angel Broking MD Dinesh Thakkar
New investors entering the market and high participation by people from smaller towns has made the broking business very exciting for Angel Broking’s MD Dinesh Thakkar. He also supports regulatory moves on overleveraging and expects machine learning and artificial intelligence to replace human intervention to some extent.
MARKETS
SAT gives relief to NSE, allows the exchange to release co-location income from escrow account
However, NSE has to keep money worth Rs 420 crore in interest bearing account.
BUSINESS
Sebi proposes framework for gold exchange; yellow metal to be traded as e-gold receipt
The proposed gold exchange would infuse transparency in gold transactions and over a period of time enable India to emerge as a global price setter for the commodity
TRENDS
COVID-19 | IIT alumni launch philanthropic initiative to raise funds for medical infrastructure
The alumni groups have come together to provide critical medical equipment like oxygen concentrators, cylinders, para monitor machines and other support supplies to government hospitals.
TRENDS
SEBI’s proactive steps provide booster dose to capital market in pandemic times
From developmental work to strengthening the regulatory or compliance framework, the SEBI, MIIs and Intermediaries seem to have worked well together, despite the constraints, to ensure minimum hindrances in the stock market and related activities.
BUSINESS
Vedanta’s Sterlite plant sends out first load of medical oxygen
The Supreme Court had on April 27 allowed the Sterlite Copper plant in Thoothukudi, which was shut down in May 2018 over pollution concerns, to reopen to produce oxygen.
BUSINESS
Sebi proposes to give easier exit to shareholders post-IPO, change 'promoter' definition: Here is what experts say
Moneycontrol has spoken to legal experts and market observers to obtain their views on the discussion paper. Most are of the opinion that the regulator’s proposals would have a favourable impact on the Indian equity market.
BUSINESS
Exclusive| We plan to turn IIFL Finance into a retail-only NBFC, says chairman Nirmal Jain
Jain talks to Moneycontrol about IIFL group’s digital transformation, tapping the international market for funds, taking on rivals in the crowded discount brokerage space and more.
BUSINESS
Do your due diligence before sending show cause notices on service tax defaults: CBIC tells officers
Tax-related associations say the department has issued notices even to many businesses which are exempt from service tax for the year 2015-16. Experts say that not all differences in data between income tax and service tax amount to tax evasion.
BUSINESS
Lockdown forces sharp fall in cement demand; signals slowdown in construction activity
Industry pins its hopes on lifting of temporary state imposed restrictions; government has major infrastructure projects like Bharat Mala in the pipeline
BUSINESS
COVID-19 second wave | Sebi gives listed companies more time to report results
The market regulator has also extended the time period for filing annual secretarial compliance report to June 30.
BUSINESS
Sebi may tighten noose on exchanges for tech glitch by penalising management: Source
In the past, Sebi had imposed a disincentive amount of Rs 50 lakhs on National Stock Exchange for a techanical glitch. Though there is no fixed amount for the monetary disincentive currently, it’s clear that the regulator wants to formalise penalties at a higher amount to avoid such mishaps in future.
BUSINESS
Zomato IPO: Food delivery platform aims to raise Rs 8,250 crore, Info Edge will sell a part of its investment
Food delivery app Zomato has placed an IPO order with the Securities and Exchange Board of India.
BUSINESS
COVID fallout: Sebi may not allow brokers to work from home if call recording is not in place
ANMI wants 16 other relaxations due to severe pandemic conditions; regulator is cautious about front running cases and unauthorised trade without client information, which does not favour investors.
BUSINESS
Loss-making companies still holding AGMs at the last minute: IiAS report
In the seventh edition of its study on the association between the timing of AGMs of Nifty 500 companies and their financial performance, the advisory firm continues to contend that the rationale offered by many companies for delaying their AGMs due to their ‘large size and complex business’ is untenable.
BUSINESS
Companies in critical sectors manage to vaccinate employees below eligible age of 45
Authorities have allowed companies in critical sectors such as ports and power to vaccinate employees even if they are not old enough to be normally eligible. Companies say they are diligently abiding by the rules in their vaccination drives.
BUSINESS
Tax evasion: Byju’s parent faces scrutiny by GST intelligence wing
Edtech unicorn Byju’s faces two cases for alleged tax evasion of around Rs 43 crore and has been asked to respond to show-cause notices detailing the alleged violations.
