1) Economists estimate GDP boom of five.5-five.6% in Q1 FY20 amid the slowdown
Amid the slowdown in diverse sectors, specialists believe the Indian financial system grew via five.5-6 in step with cent inside the first zone (Q1) of the modern-day monetary 12 months (2019-20 or FY20). The decreased range of those projections approaches the economy has slowed further. In the fourth quarter (Q4) of 2018-19 (FY19), it grew five. Eight consistent with cent. The better range points to a mild restoration.
Growth was at a 20-sector low in Q4FY19. GDP numbers for Q1FY20 are scheduled to be launched on August 30. (Read extra right here)
2) CG Power stock crashes 20% after probe famous fraudulent transactions; MCA orders probe
An internal probe initiated at CG Power and Industrial Solutions (CG Power), an enterprise promoted by way of Gautam Thapar’s Avantha institution, has unearthed multiple fraudulent related-celebration transactions, the business enterprise informed the exchanges. CG Power said it’d start detailed forensic research into the matter. The corporation’s stock crashed near to twenty consistent with cent to Rs 14. Eighty soon after the revelations.
At a 12-hour-lengthy board meeting, which began on Monday afternoon and ended inside the early hours of Tuesday morning, members of the organization’s board mentioned a threat and audit committee (RAC) file, which indexed diverse irregularities. These blanketed understated liabilities and advances at each the company and the organization level. The record additionally stated the internet worth of the organization had additionally been understated owing to unauthorized write-offs. (Read extra right here)
CG Power and Industrial Solutions are under the lens of the Ministry of Corporate Affairs (MCA), which has ordered an inspection into the affairs of the corporation, stated a senior government legit. (Read extra here)
3) RoC advised putting Airtel-Tata Tele merger on hold
The Department of Telecom (DoT) has requested the Registrar of Companies (RoC) in Delhi and Mumbai to “withhold any further movement” in regards to the Bharti Airtel and Tata Tele merger because the department has “now not given written approval yet” to the transaction, in a pass that might put off the passage of the excessive-profile deal, the Times of India reported on Wednesday.
4) DHFL resolution: Banks may additionally convert debt into equity, says Union Bank
Resolving the crippled loan lender DHFL’s over Rs ninety,000 crore debt is “not so clean” and banks are thinking about changing their great into equity, Union Bank of India said Tuesday.
Rajkiran Rai, the handling director, and leader govt for the state-run UBI, which is the lead-lender to the crippled housing financier, Tuesday clarified that if the banks take fairness stake in the agency, it will likely be for a short-time period, that’s until they get a suitor.
DHFL owes over Rs 45,000 to banks, and the relaxation to other financiers such as mutual finances, pension price range and insurers, which aren’t regulated by using RBI. (Read extra right here)
five) Bharti Airtel might not buy 5G spectrum and ‘steeply-priced’ seven hundred MHz airwaves
In the imminent spectrum auctions, Bharti Airtel won’t buy the coveted 5G spectrum and the “steeply-priced” seven-hundred MHz premium airwaves. It plans to bid for airwaves within the 800, 900, and 1800 MHz bands for which its licenses have both expired or are approximate to expire. “Airtel’s spectrum licenses in the 800, 900 and 1800 MHz bands have both expired or are expiring. The company would require greater airwaves in those bands. It has informed the Union authorities (the Department of Telecommunications) approximately the identical,” stated a person inside the recognize. (Read greater here)
6) Tata Group units sights on 5 boom engines
Tata Sons, the protecting enterprise of the $110-billion organization, has resolved the high leverage at its flagship companies and is now turning its cognizance in the direction of funding increase throughout groups, Chairman N Chandrasekaran advised the Economic Times. According to the record, it has set a target of making sure that as a minimum five of the group’s 10 verticals make contributions 10-15 consistent with cent each to the Tata Group’s income, even as TCS contributes the majority of the profits at the gift.