Top 10 business headlines: RBI monetary policy, IL&FS net loss and more

Alphabet CEO Sundar Pichai. Phhoto: PTI
RBI set to deliver sixth straight rate cut

The Reserve Bank of India is set to deliver its sixth straight interest-rate cut Thursday, shrugging off a spike in inflation as it stays doggedly focused on supporting economic growth. Read here

An era ends for Google 

Larry Page and Sergey Brin, the Stanford graduate students who founded Google over two decades ago, are stepping down from executive roles at Google’s parent company, Alphabet, they announced on Tuesday. Read here

IL&FS net loss at Rs 22,527 cr in FY19

Infrastructure Leasing & Financial Services (IL&FS), whose defaults on its payment obligations led to a liquidity crisis in the shadow banking sector, has posted a staggering net loss of Rs 22,527 crore in 2018-19 (FY19) on a standalone basis, as against a net profit of Rs 333 crore in the previous year, according to the company. Read here

Jio follows Voda Idea, Airtel in raising tariff

Following new tariff plans announced by incumbent telecom operators, Reliance Jio has updated its tariff plans, which will be applicable from December 6. Read here

Airtel clears $3-bn fundraising via QIP

Leading telecom operator Bharti Airtel on Wednesday announced a $3-billion fund raising, including through qualified institutional placement (QIPs), mainly to pay dues linked to the adjusted gross revenue (AGR) as directed by the Supreme Court (SC) recently. Read here

Cabinet nod to Bharat Bond ETF

 
The Union Cabinet on Wednesday approved the launch of India’s first bond exchange-traded fund (ETF) which can be bought and sold like any listed security on the bourses. The ETF — Bharat Bond ETF — will be made of AAA-rated papers issued by government-linked companies to start with, and will come in two maturities — three and 10 years. Read here

FM assures release of GST compensation 

Union Finance Minister Nirmala Sitharaman on Wednesday assured states that the goods and services tax (GST) compensation due to them for August and September will be released soon. She, however, did not specify a timeline. Read here

Services sector activity grows in November

Growth returned to the services sector as activity increased in November, following two-straight months of contraction, according to a global survey released on Wednesday. Read here

SP Group sells quarter of its TCS holding

The Shapoorji Pallonji (SP) Group has sold a quarter of its stake in Tata Consultancy Services (TCS) and raised Rs 400 crore, amid credit rating agencies downgrading its debt instruments. The group will use the proceeds to strengthen its balance sheet, The Times of India reported 

Premium phone companies seek Rs 4000 cap on customs duty

High-end smartphone makers such as Apple, Oppo and Vivo have sought capping of the basic customs duty (BCD) on phones priced above Rs 20,000, at a flat rate of Rs 4,000, saying the current 20 per cent levy has not helped push local manufacturing, according to the Economic Times


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