India News

Tata Motors stock falls 6% amid concerns over free cash flow, Donald Trump’s threat

Shares of Tata Motors closed in the red on Monday wiping out more than Rs 5,000 crore from its market valuation, partly because brokerages raised concerns over the firm’s free cash flows due to the higher-than-expected capex and lower volumes. Moreover, US President Donald Trump’s tweet on June 22 escalated the worries of investors. Trump threatened to impose a 20% tariff on all US imports of cars assembled in Europe unless it removed import duties and other barriers to US goods.

I-T department attaches 1,500 benami properties worth Rs 43 billion

Over 1,500 ‘benami’ properties worth Rs 43 billion have been attached in the past 18 months by the Income Tax Department.

The properties have been attached in wake of the ‘benami legislation’ that was passed during the same time. According to a Business Standard report, Jaipur and Mumbai top the list, with attachments of 200 properties each.

Trump's trade war, boiling oil prices may push rupee towards 70/$ by this year end

US trade protectionism is the new normal and will continue to be so in the near future with Trump threatening the world with trade sanctions.

While China has been the biggest victim, even countries like Japan, Mexico, Canada and EU have fallen prey to the trade war. All the major trading partners of US have reacted by threatening to retaliate by imposing counter tariffs on US.

After bullet train, Centre plans new high-speed rail project

The Union government doesn't see any stress in land acquistion for the Mumbai-Ahmedabad bullet train project and is planning another high-speed rail project.

"The environmental and social impact studies are either complete or are near completion. I personally don't see any stress in getting the land," Union railway minister Piyush Goyal said on the sidelines of Asian Infrastructure Investment Bank (AIIB) annual meeting.

Performance in 2018: Bajaj Auto chief concerned over decline in volumes

Bajaj Auto’s performance in fiscal 2018 could have been much better had it not been for declining motorcycle sales in the domestic market, chairman Rahul Bajaj wrote in a letter to shareholders in the company’s 11th annual report.

“This was not on account of the market as a whole, nor due to an overall lack of demand for all types and makes of motorcycles. Indeed, fiscal 2018 saw domestic sales of motorcycles grow by 13.7 per cent in volume,” wrote Bajaj, while expressing his concern.

SBI set to rope in strategic advisor, to focus on capital conservation

The country’s largest lender, State Bank of India, plans to rope in a strategic advisor to conserve capital, increase return on assets and optimise the balance sheet. This comes in the backdrop of a decline in net loss to Rs 65.47 billion in 2017-18 due to a sharp rise in provisions for bad loans.

According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.

HPCL, MRPL boards set to take up the proposal for merger by August

The boards of Mangalore Refineries and Petrochemicals (MRPL) and Hindustan Petroleum Corporation (HPCL) are set to take up the proposal for merger of the two companies by August. After the acquisition of majority stake in the HPCL by Oil and Natural Gas Corporation (ONGC), it was expected that ONGC may look at further synergy in business by merging the two subsidiaries.