Top 10 biz headlines: Indigo promoters' war, IL&FS scam impact, and more

File Photo: An IndiGo Airlines cabin baggage security check tag is pictured on a passenger's luggage at Bengaluru International Airport in Bangalore | Photo: Reuters
IndiGo promoters' war reaches Sebi: Rakesh Gangwal raises governance issues

IndiGo, India’s largest airline, is facing its worst crisis as promoters Rahul Bhatia and Rakesh Gangwal have made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene. Read more here

TCS Q1 net profit rises 10.8% to Rs 8,131 crore; revenue up 11.4%

Market leader Tata Consultancy Services (TCS) has performed steadily in the first quarter of 2019-20 by sustaining double-digit growth. Read more here

IL&FS impact: Govt considers rating reforms to separate review, approval

With the role of rating agencies in the Infrastructure Leasing & Financial Services (IL&FS) scam under the scanner, the government is considering a slew of reforms to separate their review and rating approval functions to ensure there is no conflict of interest. Read more here

Financial stress in aviation sector hits in-flight connectivity plans

Financial stress in the aviation sector is likely to delay the ambitious in-flight connectivity services in the country, it is learnt. Hughes Communication, Tatanet Services, Indo Teleports and BSNL-Inmarsat, the four companies to have got the licence earlier this year are in waiting. Read more here

Higher gold prices, low growth in Q1 take the shine off Titan stock

High valuations and low growth in the June quarter (Q1) led to a steep 12 per cent fall in the Titan Company stock. Investors could not stomach the subdued performance by the company’s core jewellery segment, which accounts for over 80 per cent of overall revenues. Read more here

Deposit Rs 18,000 crore and you're free to go abroad: HC to Naresh Goyal

The Delhi High Court on Tuesday refused to allow Jet Airways’ founding Chairman Naresh Goyal to travel abroad for now. A single-judge Bench of Justice Suresh Kumar Kait observed that if Goyal was ready to give a bank guarantee worth Rs 18,000 crore, he would be free to go abroad. The observation by the court came on submission of the Ministry of Corporate Affairs’ (MCA’s) lawyers, who told the court that the Serious Fraud Investigation Office (SFIO) was probing a case of misappropriation of nearly Rs 18,000 crore by Jet Airways and Goyal. Read more here

Q1 earnings preview: Combined net profit of Nifty50 firms may decline 2.5%

The financial year 2019-20 (FY20) is likely to start on poor note for Corporate India, with brokerages expecting a contraction in earnings and stagnation in revenue for India’s top listed companies. The combined net profit of Nifty50 companies (excluding oil and financials) is likely to decline by 2.5 per cent year-on-year (YoY) during the April-June 2019 (first quarter, or Q1) quarter — their worst showing in the last nine quarters. Read more here

Malaysia’s Tenaga plans to set up a green energy platform in India

Malaysian government-owned Tenaga Nasional Berhad is exploring the option of setting up a renewable energy platform in India, a person aware of the development said, underlining India’s image as a clean energy champion. Read more here

Buyback tax prompted by instances of tax arbitrage on listed shares: CBDT

The Central Board of Direct Taxes (CBDT) has virtually ruled out a rethink on the Budget proposal to introduce buyback tax on listed companies, stating that the move was aimed at closing the tax arbitrage adopted by listed companies. Read more here

About $94 billion worth NRI deposits come up for maturity in FY'20

The Indian Rupee is staring at a shaky year ahead as nearly $94 billion of Non Resident Indians' deposits mature. While all deposits may not leave the shores, some could go back given the narrowing of interest advantage that India had over the West. Given that short term deposits of NRI have been gaining over long term deposits, the fall in interest rates may play a significant role. Read more here

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