Top 10 biz headlines: Will Budget have a tax relief on share buybacks?

Firms await relief from 20% share buybacks tax

The 20 per cent tax on share buybacks, introduced in the last Budget, has altered the way companies reward their shareholders. Read here

Rajiv Bajaj says 'overregulation' killing auto industry

The automobile industry is facing a protracted slowdown because of “overregulation”, and the upcoming Budget is unlikely to address its woes, Rajiv Bajaj, managing director of Bajaj Auto, said on Tuesday. Read here

Tatas readying Rs 14,000 crore for AGR dues

The Tata group holding firm, Tata Sons, is readying around Rs 14,000 crore from banks and internal accruals to pay the adjusted gross revenue (AGR) dues of Tata Teleservices to the government before the January 23 deadline set by the Supreme Court expires. Read here

Jio, UVARC emerge top bidders for RCom assets 

Mukesh Ambani’s Reliance Jio Infocomm and Delhi-based UV Asset Reconstruction Company (UVARC) are learnt to have emerged the highest bidders for the assets of Reliance Communications (RCom) and its subsidiaries, according to banking sources. Read here

Govt to frame job policy afresh

The government is likely to come out with a fresh national employment policy (NEP) amid concerns over the high unemployment rate in the country. Read here

Wipro Q3 profit drops 3.2% 

IT firm Wipro on Tuesday largely met Street’s Q3 FY20 estimates with the firm posting growth in revenues and operating margin. However, net profit at Rs 2,463 crore came below the analysts’ expectations, a decline of 3.2 per cent when compared with the year-ago quarter. On a quarter-on-quarter basis, net profit declined 2.33 per cent. Read here

Wholesale inflation rises to 7-month high

The wholesale price-based inflation rate rose to a seven-month high of 2.59 per cent after prices remained almost flat for the previous three months. Read here

Inflation expert Michael Patra is new RBI deputy governor

Michael Debabrata Patra, 59, has been appointed the Reserve Bank of India (RBI) deputy governor for three years. The post fell vacant after Viral Acharya resigned on July 23 last year. Read here

Govt seeks Rs 19,000 crore dividend from oil cos

The government is seeking a record Rs 19,000 crore in dividend from state oil companies — about 5 per cent more than last year— to shore up its finances, the Economic Times reported. ONGC and Indian Oil, the biggest in the club, have been asked to pay about 60 per cent of the total.

India’s most ambitious distribution reform scheme likely in Budget

The National Democratic Alliance (NDA) government’s plan for India’s most ambitious distribution reform scheme involves reducing electricity losses to less than 12 per cent , negating tariff gaps and having compulsory prepaid smart metering across the power distribution chain including 250 million households, according to LiveMint

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