Moneycontrol Selects: Top stories this evening

Explore our selected compilation of the most important business stories.

Here is a compilation of the evening's most important stories. Explore essential details from each article and follow the provided links for a more comprehensive understanding of each story.

Maharashtra labour department issues notice to TCS over 'unfair' transfer practices

The Labour Department of Maharashtra Government has issued a notice to information technology (IT) giant Tata Consultancy Services (TCS) over its transfer practices. The move comes after Pune-based union Nascent Information Technology Employees Senate (NITES) had filed a formal complaint with the Ministry of Labour and Employment against TCS for its “unethical transfer practices". Read more here

GST collections rise 10% YoY in December to Rs 1.65 lakh crore

The government's Goods and Services Tax (GST) collections climbed 10 percent year-on-year in the last month of 2023 to Rs 1.65 lakh crore, the Ministry of Finance said on January 1. At Rs 1.65 lakh crore, the December GST collections is 2 percent lower than the Rs 1.68 lakh crore collected in November. This is the tenth month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark. Read here

Yield on short-term debt instruments rises 15-20 bps in December on tight liquidity

The yield on the short-term debt instruments such as commercial papers and certificates of deposit rose around 15-20 basis points (bps) in December on tight liquidity conditions in the banking system. Read here

Wadia Group asserts no impact on finances from Go First bankruptcy
The Nusli Wadia-led Wadia Group has asserted that the bankruptcy of its budget airline Go First in May last year will not hinder its capacity to raise funds for other businesses within the group in the future. A spokesperson for the group responded to a query from Moneycontrol, saying, "The credit ratings of all Wadia Group companies are robust." Read here

China stimulus may suck flows from India; defence & renewable energy are the sectors to watch: Andrew Holland

Market veteran Andrew Holland feels expenditure and investment in defence and renewable energy sectors are among the key themes that will drive gains in 2024. In a recent conversation with Moneycontrol's Nandita Khemka, Holland shared why he’s bullish on banks, and also discussed a potential threat from China to emerging market flows. Read here

RBI meets target as December 27 saw more than 1 million CBDC transactions

The Reserve Bank of India (RBI) has met its target of hitting a million daily transactions in the retail segment of its Central Bank Digital Currency (CBDC) by the end of 2023. Read here

Auto sales roundup in 2023: Hyundai, MG Motor India posts growth, Maruti Suzuki sees dip and more

Domestic car sales witnessed strong growth past year with automakers
logging bumper numbers compared to 2022. Buoyed by festive demand, car sales reached record highs in September 2023 and the momentum carried them through November and December. Overall, it was a strong showing for the Indian auto industry throughout the year. A quick look at how the auto industry performed in 2023. Read here