ArcelorMittal’s entry into India’s steel market could be delayed further after the Supreme Court on Friday ordered the status quo on the distribution of funds among operational and financial creditors from the Luxembourg-based firm’s Rs 42,000-crore resolution plan for Essar Steel India. The apex court also asked the National Company Law Appellate Tribunal (NCLAT) to expedite hearing in the matter.

A two-judge Bench, led by Justice Rohinton F Nariman, was hearing a bunch of petitions moved by the committee of creditors (CoC) of debt-laden Essar Steel. The CoC challenged a direction of the NCLAT asking the resolution professional (RP) to call a fresh meeting of the committee to consider the redistribution of funds among the creditors.

Infosys on Friday posted a mixed set of numbers for the March quarter as well as the entire financial year 2018-19 (FY19) but gave a muted estimate on revenue growth for the current year, apart from slashing its operating margin forecast for the second consecutive year.

Despite clocking 9 per cent revenue growth in constant currency terms for FY19 against its guided range of 6.5-8.5 per cent for the period, the country’s second-largest information technology services company guided for only 7.5-9.5 per cent revenue growth in FY20.

Tata Consultancy Services (TCS) on Friday reported robust numbers both for the fourth quarter of 2018-19 and the full financial year, with the country’s largest IT services company crossing the $20-billion revenue mark for the first time. Growth in net profit as well as revenue exceeded Street expectations, though margin contracted a bit in the fourth quarter.

For the quarter ended March 31, TCS reported Rs 8,126 crore in net profit, a jump of 17.7 per cent over the corresponding quarter last year. Revenue, at Rs 38,010 crore, saw an increase of 18.5 per cent on a year-on-year (y-o-y) basis. When compared with the trailing quarter, net profit was almost flat, while revenue grew 1.8 per cent.

Jet Airways, started by Naresh Goyal more than 25 years ago, seems to be on the brink of closure as the lenders’ consortium, led by State Bank of India, has so far failed to infuse the committed interim fund of Rs 1,500 crore to revive the airline.

The crisis, resulting in the suspension of Jet’s international flights at least till Monday, grounding of around 90 per cent of its planes and a protest march by the employees of the airline, is learnt to have prompted the Prime Minister’s Office (PMO) to call a meeting with officials in the civil aviation ministry Friday evening.

Congress, which is betting big on the prized state of Uttar Pradesh for its revival and turnaround in electoral fortunes, is preparing a manifesto exclusively for the state.

The 'mini-manifesto' would address various burning socio-economic issues in UP, which accounts for 80 Lok Sabha seats and is key to the formation of any government at the Centre.

Indian Prime Minister Narendra Modi's ruling alliance will win a thin majority in a general election that starts on Thursday, an average of four opinion polls showed, with a focus on national security appearing to trump concerns over jobs and farm prices.

The coalition led by Modi's Hindu nationalist Bharatiya Janata Party (BJP) is expected to win 273 of the 543 parliament seats at stake, one more than the halfway mark required to rule.

YES Bank shares rose 4 per cent to Rs 270 in intra-day trade on the BSE on Tuesday after the private lender announced fundraising plan by way of issuance of equity shares.

The board of directors of the bank is scheduled to meet on April 26, 2019 to consider raising of funds by way of issuance of equity shares including but not limited through preferential issue and/or Qualified Institutions Placement (QIP)/ Global Depository Receipts (GDRs)/ American Depository Receipts (ADRs)/ Foreign Currency Convertible Bonds (FCCBs)/ or any other methods on private placement basis, YES Bank said in a BSE filing.

The CBI Tuesday opposed in the Supreme Court the bail plea of RJD supremo Lalu Prasad Yadav, who is serving jail term in connection with fodder scam cases, saying he is likely to indulge in political activities ahead of Lok Sabha polls.

The CBI, which sought nod from a bench headed by Chief Justice Ranjan Gogoi to file its response to the bail plea of Yadav, said the RJD leader is likely to get involved in political activities and misuse the grant of bail ahead of upcoming Lok Sabha polls.

Asian Paints shares were trading lower for the third straight day, down 4 per cent, at Rs 1,440 in intra-day trade on Tuesday due to higher crude oil prices, one of the key raw materials in paint manufacturing.

Meanwhile, in a regulatory filing, Asian Paints said that a fire broke out at the company's paint manufacturing facility in Vishakhapatnam, Andhra Pradesh, on Tuesday afternoon.

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping$ 79 billion back home in 2018, the World Bank said in a report Monday.

India was followed by China ($ 67 billion), Mexico ($ 36 billion), the Philippines ($ 34 billion), and Egypt ($ 29 billion), the global lender said.With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

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