1.Watch: Lok Sabha Okays GST Bill, Paves Way for Uniform Tax Regime - PTI
The long-pending Goods and Services Tax (GST) bill was approved by Lok Sabha on Wednesday after a walkout by Congress even as the government vowed to compensate states for any revenue loss and assured them that the new uniform indirect tax rate will be much less than the 27 per cent recommended by an expert panel.
Commending the bill, Finance Minister Arun Jaitley said this is a “very important moment” because the whole process of indirect taxation in India will change once the GST is implemented.
2.Sensex Crashes to Lowest Level of 2015, Tanks 723 points - PTI
Stock market witnessed a bloodbath on Wednesday with the Sensex tanking 723 points -- its second biggest single day fall since the Narendra Modi government took over -- on huge sell-off by FIIs on concerns over GST and other reforms.
Sensex nosedived 722.77 points to end at 26,717.37; Nifty tanks 227.80 points to close at 8,097. Both the indexes fell to their lowest level since December 17.
3.India Slips to 10th Spot in Global M-cap Ranking – Business Standard
The total worth of all listed Indian companies is less than the total market capitalisation of Switzerland-listed ones. It was the reverse at the end of the 2014, when India was at the number nine spot in global rankings. India has now dropped to number 10, as per Business Standard.
The reasons for buying into India are less strong than earlier. People bought into India as one of the major beneficiaries of low crude prices; this is no longer as true as it was last year.
Read the rest of the Busines Standard article here.
4.Despite Slowing 2-Wheeler Market, HMSI Prepares to Add Capacity, Models, Network – Business Standard
For Honda Motorcyle and Scooter India (HMSI), the country’s second largest two-wheeler manufacturer, its present capacity constraint has been opportune. A slowing rural market, impacted by damage to the rabi crop and projections of a sub-normal monsoon, is putting the brakes on two-wheeler sales in general
A capacity constraint can be a boon or bane, depending on the sector a company operates in.
Read the rest of the Business Standard article here.
5.Norway’s Telenor in Talks to Acquire Videocon Telecom – ET
Telenor, the Norwegian parent of Indian telecom carrier Uninor, is in talks to buy a majority stake in Videocon Telecom. But a Rs 500-crore liability that the Venugopal Dhoot-owned company has towards the government remains a major sticking point and potential deal-breaker.
Videocon, which is easily one of India’s smallest telecom operators, has permits in MP Chhattisgarh, UP (East), UP (West), Bihar Jharkhand, Gujarat, Punjab and Haryana, but its near-10 million mobile customers are primarily scattered across four states Punjab, Madhya Pradesh, Gujarat and Haryana.
Read the rest of the Economic Times article here.
6.No Bang for Jabong, Loses 55p of Every Rs Earned – ET
Lifestyle online retailer Jabong more than doubled its revenue to Rs 811 crore during calendar year 2014 but deep discounting led to a five-fold increase in losses to Rs160 crore.
E-commerce in India is at an early stage as companies have to go through years of operating losses, given high initial investments as well as the incentives they provide in the form of discounting to attract consumers online.
Read the rest of the Economic Times article here.
7.India Inc’s Pledged Holdings Reach Rs 1.94 lakh crore – PTI
The value of shares pledged by the promoters of NSE-listed companies in the country reached Rs 1.94 lakh-crore level at the end of last fiscal year, a surge of 27 per cent from a year ago.
Share pledging is typically done by promoters to raise funds either in the same company or for financing other projects.
Read the rest of the article here.
8.Airtel Gets DoT Clearance for 4G in Delhi, Mumbai
Bharti Airtel is all set to pip Rel Jio and be first off the block with its 4G services in Delhi and Mumbai, having secured clearances to launch in 11 more cities, according to sources in Department of Telecommunications (DoT). Airtel is already offering 4G in 19 cities, and its push into the two most important metros could force Reliance Jio to accelerate its own launch.
Read the rest of the Hindustan Times article here.
9.FIPB Can Now Clear FDI Proposals up to Rs3,000 crore - Indian Express
In a move aimed at boosting FDI inflows to the country, the Cabinet on Wednesday enhanced the powers of FIPB to take decisions on foreign investments worth up to Rs 3,000 crore, up from the Rs 1,200 crore allowed as per the FDI Policy, 2014. The decision will help in speedier clearance of foreign direct investment (FDI) proposals, one of the key concerns of investors.
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