Top headlines of the day: KM Birla on Voda Idea, onion prices, & more

1) Vodafone Idea will shut shop if govt doesn't provide relief: KM Birla

Vodafone Idea Ltd, India's third largest mobile service provider, will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday. "If we we are not getting anything then I think it is end of story for Vodafone Idea," Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues. Read here

2) Indian economy a victim of Modi govt's shock therapy, says Chris Wood

The Indian economy is a victim of Narendra Modi government’s shock therapy since he assumed power in 2014 and conservative investors can assume that it may take four quarters more for it to rebound, and be pleasantly surprised if the recovery comes earlier, wrote Christopher Wood, global head of equity strategy at Jefferies in GREED & fear, his weekly note to investors. Read here

3) Onions burn holes in consumer pockets, touch Rs 140 a kg in some cities

Pinching hard on consumers' pockets, retail onion prices have surpassed the Rs 100 per kg mark in most cities across the country and in some places it is ruling at Rs 140 a kg, as per the official data maintained by the Consumer Affairs Ministry. Read here

4) Cash cows sold, cash guzzlers remain: Rocky ride ahead for Chandra's Essel

Essel Group, led by media mogul Subhash Chandra, is in for a rocky ride after losing control over two of its biggest cash cows — Zee Entertainment and Essel Propack. Both companies accounted for the bulk of the group companies combined post-tax profits last financial year and were debt-free on a net basis, unlike the rest, shows an analysis of its financials.Read here

5) 5% GST slab may be increased to 6%: Panel considering ways to boost revenue

The panel for shoring up muted goods and services tax (GST) collection is examining slab restructuring by increasing the 5 per cent rate to 6 per cent to begin with — a move that can result in additional revenues of Rs 1,000 crore per month. The 5 per cent slab covers essential commodities like basic clothing, footwear, and food items. Read here

6) Four Hyderabad vet rape case accused shot dead by police; reactions pour in

All four accused in the rape-and-murder of a 25-year-old woman veterinarian last month were killed by police on Friday morning, triggering a chorus of praise for what many saw as speedy justice but also raising concerns over extra-judicial executions.

The incident took place around 6.30 am when the accused, lorry workers aged between 20 and 24, were taken to the scene of the crime near Hyderabad for a reconstruction of events as part of the investigation, a senior police official said. Read here


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