1. GST Council Meet on 25 July, Likely to Consider Lowering Rate on EVs
The Goods and Services Tax Council, which will meet on 25 July, is expected to consider lowering of the GST rate on e-vehicles, besides other issues.
The Finance Ministry said the 36th meeting of the GST Council will be held on 25 July via video conferencing. This will be the second meeting of the Council to be chaired by Nirmala Sitharaman as Finance Minister. She presided over the first one on 21 June.
(Source: The Hindu Business Line)
2. Suzlon Gets a Bad Loan Tag From Union Bank
State-run Union Bank of India has tagged Suzlon Energy Ltd as a bad loan and more banks are expected to follow suit as the stressed wind turbine maker has struggled to repay its lenders, two people aware of the development said.
In the quarter ended 30 June, Union Bank has updated the status of the account as non-performing in the central bank’s Central Repository of Information on Large Credits database, said one of the two people cited above.
(Source: LiveMint)
3. FPIs Withdraw Rs 7,712 Cr from Stocks in July So Far
Foreign portfolio investors pulled out around Rs 7,712 crore from Indian equities in this month so far following the 'super-rich' tax announced in the budget for 2019-20, according to analysts.
FPIs had been net investors in the equity segment in the previous five months.
According to the latest data available with depositories, a net sum of Rs 7,712.12 crore has been pulled out from equities during July 1-19. However, foreign portfolio investors (FPI) pumped in Rs 9,371.12 crore in the debt segment during the period.
(Source: BloombergQuint)
4. IndiGo to Expand Board; to Have 4 Independent Directors
InterGlobe Aviation has decided to have up to 10 members on its board, including four independent directors.
The decision, taken during the company's board meeting on July 20, also comes against the backdrop of feud between co-promoters -- Rakesh Gangwal and Rahul Bhatia -- over corporate governance issues.
InterGlobe Aviation is the parent of the country's largest airline IndiGo.
(Source: Business Standard)
5. Tata Motors MD Draws Over 2-Times More Salary Than M&M's in FY19D
Homegrown auto majors Tata Motors and Mahindra & Mahindra are close rivals in the automotive market but when it comes to remuneration of their top honchos, the former is miles ahead of the latter.
Tata Motors Managing Director and CEO Guenter Butschek's total remuneration was at Rs 26.29 crore, an increase of 1.57 per cent from the previous year, according to the company's annual report for 2018-19.
On the other hand, Mahindra & Mahindra (M&M) Managing Director Pawan Goenka's total remuneration for FY2018-19 was at Rs 12.19 crore, which was at a marginal decline of 0.16 per cent from the previous fiscal, its annual report for 2018-19 showed.
(Source: PTI)
6. Aditya Puri’s Exit May Weigh on HDFC Bank Stock
Silver jubilee years could bring a sense of satisfaction or even a quarter-life crisis.
For HDFC Bank investors, it brings both.
The private lender reported stellar profitability metrics yet again and decided to distribute an interim dividend to mark its 25th year of operations. Net profit grew 21% and toxic levels for the loan book remained at one of the lowest in the industry.
HDFC Bank’s secret sauce for its pristine balance sheet is no secret at all. The bank has been a retail lender for long, with corporate loans accounting for less than half of its portfolio, unlike its peers where these loans dominate.
(Source: LiveMint)
7. Air India Freezes Promotions, New Appointments Amid Stake Sale Preparations
Air India has stopped giving promotions for its employees and recruiting new personnel as the government prepares for the disinvesment of the debt-laden airline, an official said Sunday.
The government is expected to soon start the disinvesment process for Air India, which has a debt burden of more than Rs 50,000 crore.
For the disinvesment process, the official said the airline's books of accounts till July 15, have been closed and those financials would be used while seeking bids.
(Source: PTI)
8. Spice Jet Records Highest Passenger Growth in More Than 3 Years
The number of passengers flying grew at tis fastest pace in more than three years in June as the nation’s second largest airline added capacity.
The year-on-year passenger growth of the Ajay Singh-led airline stood at nearly 37 percent last month, the highest in 38 months, according to BloombergQUint’s calculations based on the data from directorate of civil aviation. SpiceJet also reported the fastest passenger growth than India’s laregest carrier IndiGo for the second straight month.
(Source: BloombergQuint)
9. IMF, World Bank Should Consult Developing Economies Before Deciding on Them: RBI Official
Global financial institutions such as the International Monetary Fund (IMF) and the World Bank should consult developing economies before taking decisions on them, Reserve Bank of India (RBI) Executive Director Rabi Mishra said on Sunday. Instead of imposing their decisions on member states, the IMF and the World Bank should consider the realities of the developing economies, he said while speaking at the conclusion of the three-day Kalinga Literary Festival here.
Mishra said the top-down approach hardly produces any result as countries such as China does not even attend the meetings of IMF. Decisions of the global financial institutions would be more inclusive if they adopt a bottom-up approach instead of just conveying the desires of the US and UK, he said. The RBI official further said financial regulations in India insulated the economy from the global economic crisis in 2008.
(Source: Financial Express)
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