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Fresh look at original Essar bids

The National Company Law Tribunal has allowed the initial resolution applicants for bankrupt Essar Steel to rectify their bids and asked the committee of creditors (CoC) to decide on their eligibility.
Our Special Correspondent Apr 20, 2018 00:00 IST

TCS takes Street by surprise

Tata Consultancy Services (TCS) on Thursday topped Street estimates by reporting a 4.50 per cent rise in net profit at Rs 6,904 crore, helped by strong demand for digital services and large contract wins. The country's largest IT services firm also cheered both its shareholders and employees by announcing a 1:1 bonus and a 120 per cent variable pay, respectively.
Our Special Correspondent Apr 20, 2018 00:00 IST

UltraTech dares tribunal

UltraTech on Thursday dared the company law tribunal to pass the resolution plan backed by Dalmia Bharat that could potentially cause a loss of Rs 1,020 crore to the creditors of bankrupt Binani Cement and proposed an open courtroom auction with its rival bidder to decide who would get the distressed asset.
Our Special Correspondent Apr 20, 2018 00:00 IST

Panel to vet Fortis offers

The board of Fortis Healthcare, which has seen interest from four suitors, on Thursday decided to accept only binding offers even as it formed an expert committee to evaluate the proposals and make a final recommendation by April 26.
Our Special Correspondent Apr 20, 2018 00:00 IST

Mixed show by IndusInd

Mid-sized private sector lender IndusInd Bank on Thursday reported a 27 per cent rise in March quarter net profit at Rs 953.09 crore despite a surge in non-performing assets as the bank for the first time disclosed a Rs 1,350-crore divergence in its bad loan reporting for 2016-17.
Our Special Correspondent Apr 20, 2018 00:00 IST

Hawkish tilt to MPC stance

The Reserve Bank of India (RBI) could take a more hawkish tone starting as early as June despite easing inflation, minutes of the monetary policy committee's (MPC) meeting that took place this month showed.
OUR SPECIAL CORRESPONDENT Apr 20, 2018 00:00 IST

Push for NPA review

The finance ministry wants the Reserve Bank of India to relax its rule that pushed any stressed asset towards resolution even if the monthly payment for the loan became overdue by just a day.
Jayanta Roy Chowdhury Apr 20, 2018 00:00 IST

Air India sale turf wide open

The central government on Thursday said that bidders for ailing state- run Air India need not only be airlines.
Our Special Correspondent Apr 20, 2018 00:00 IST

RBI firm on loan default rules

Reserve Bank deputy governor N.S. Vishwanathan on Wednesday stoutly defended the stringent rules on stressed assets - an indication the central bank may not relax the one-day delay norm as sought by North Block and the banking industry.
Our Special Correspondent Apr 19, 2018 00:00 IST

Magma gets fresh dose of funding

Magma Fincorp has raised Rs 500 crore from institutional investors to support the growth of the company.
A Staff Reporter Apr 19, 2018 00:00 IST

Warning on false tax refund claims

The income tax department on Wednesday cautioned salaried taxpayers against claiming false refunds by inflating deductions.
Our Special Correspondent Apr 19, 2018 00:00 IST

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