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To remain updated with latest in the economy, business and market, is a must for management students. This not only increases their awareness level but also helps them in formulating/updating their business and or investment strategy in real time. To keep students updated, C-FAC sends daily News Headlines every morning to the students, faculty, staff and other stakeholders. Under this head We'll post daily news headlines in the morning.
   

 

 

Christ - Financial Analysis Cell (C-FAC)

News Headlines - 04.10.2018

 

Walmart submits to I-T dept details of tax deducted from each Flipkart investor:  Income Tax authorities, which had previously asked Walmart to explain the logic behind its tax deductions on the USD 16 billion Flipkart deal, have the option to seek more clarifications from the US retailer once they study the reply. Walmart on September 7 paid Rs 7,439 crore tax on payments it made to buy out shares of 10 major shareholders of Flipkart but had not done so for another 34 who exited the Indian e-commerce company in the USD 16 billion deal.

 

 

Bank of Maharashtra closes 51 branches to cut costs: All the branches were in urban centres and have been identified for the action as they were declared nonviable and were incurring huge losses, said the official of the Pune-headquartered bank.

 

 

Need to regulate Committee of Creditors: NCLAT Chairperson: Bankruptcy court NCLAT Chairperson Justice Sudhansu Jyoti Mukhopadhaya on Wednesday said there should be rules "to regulate the conduct of the Committee of Creditors (CoC) and its members".Mukhopadhaya also stressed on the need for more powers to the Insolvency and Bankruptcy Board of India (IBBI), which regulates the insolvency proceedings. The number of insolvency cases has risen following action against banks' NPAs

 

 

Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall: The benchmark indices settled around 1.5 per cent lower amid a weak rupee, which slipped below 73 per dollar mark for the first time to hit an all-time low of 73.34 in intraday deals.The Indian currency dropped to a record low in intraday trade on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points.

 

 

Govt's rescue of IL&FS to succeed only if lenders take big haircut: The federal government on Monday replaced the board of IL&FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through Indian financial markets.The beleaguered company's debt pile had grown to more than Rs 900 billion ($12.33 billion) as it rode a lending boom among so-called non-bank financial companies (NBFCs), or the shadow banking sector, which manage an aggregate loan book of nearly $300 billion.

 

 

Amid farmers' protest, govt hikes wheat MSP by Rs 105 a quintal for 2018-19: The Union Cabinet, chaired by Prime Minister Narendra Modi, in its meeting on Wednesday approved minimum support prices (MSP) of rabi crops, they said.The MSP of wheat was Rs 1,735 per quintal in the 2017-18 crop year.

 

 

GSTN makes PIN code must for transporters, businesses for e-way bill: Quoting of PIN codes, according to officials, will help in calculating the correct distance and determine the validity of the electronic way or e-way bill, which is used by businesses to transport goods worth over Rs 50,000 both within and outside a state. So far, businesses and transporters are required to broadly mention the distance and place of loading and unloading of consignments for generating e-way bill.

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