QBiz: Fewer Excise Exemptions, Wipro’s New CEO, Mega Realty Deal
Check out the latest business stories from across the papers this morning.
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1. Excise Exemptions May be Whittled in Budget: BS
The government might consider pruning the list of around 300 goods exempt from excise duty in the Budget to make up for the extra expenditure on account of higher government salaries and defence pensions in the next financial year.
The Seventh Pay Commission’s recommendation of a 23.55 percent increase in pay and allowances of government employees from January 1, will need an estimated Rs 1.02 lakh crore extra expenditure. The Centre plans to bring down its fiscal deficit to 3.5 percent of gross domestic product in 2016-17, from the 3.9 percent target this financial year.
The move will also align central taxation to the proposed goods and services tax (GST).
Read more here.
2. Neemuchwala Tipped to Succeed TK Kurein as Wipro CEO: ET
India’s third largest software exporter Wipro has initiated the process of putting a successor in place to take over from current chief executive TK Kurien whose term ends in January next year. COO and former TCS top honcho Abid Ali Neemuchwala is being considered as a frontrunner to succeed Kurien early next year.
After his term as CEO ends, Kurien may move on to a different role, possibly that of vice chairman, where he will help the company with important futuristic strategic bets and decisions, said the people mentioned above. All of them requested anonymity as these discussions are confidential.
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3. HDIL Sells TDR on Kurla Land Parcel for Rs 649.51 Crore: FE
Realty player Housing Development and Infrastructure (HDIL) has sold development rights on its land parcel at Kurla to DK Realty (India) for Rs 649.51 crore. HDIL has several projects in the Mumbai metropolitan region and has developed over 100 million sqft area of commercial, residential and retail space.
Read more here.
4. Civil Aviation Ministry in Talks to Remove 5/20 Rule for Airlines: ET
The five-year, 20-aircraft condition that airlines need to meet to fly overseas may finally go, but Vistara, AirAsia India and others may not get a free hand in deciding where to deploy their capacity.
The civil aviation ministry is holding discussions on removing the so-called 5/20 rule, and one of the options it is looking at is a condition that the airlines operate a certain percentage of their flights in the domestic sector, a senior civil aviation ministry official said.
Read more here.
5. Banks Pitch SDR Assets to Private Equity Firms: Livemint
Banks that have decided to take majority equity control in nine defaulting companies through the strategic debt restructuring (SDR) scheme have started pitching assets of these firms to private equity (PE) firms, according to four people familiar with the matter.
Under the SDR scheme, banks are allowed to convert their loans into a majority equity holding, following which they will have only 18 months to find a buyer for these assets.
Read more here.
6. SBI to Raise up to Rs 12,000 Crore Through Tier-II Bonds: ET
State Bank of India has said it will raise Rs 12,000 crore by way of issue of Tier II bonds to comply with capital needs under the Basel III rules.
The public sector lender did not prescribe the timeframe and the number of tranches through which it would raise funds, but said they would take the private placement route.
Read more here.
7. M&M to Launch Electric Sedan, Mini Truck by Feb: BS
Automobile maker Mahindra & Mahindra will commercially launch electric variants of its Verito passenger car and Maxximo mini truck by February and is in talks with cab aggregators to boost sales of more environmental-friendly cars in the country.
Mahindra will use enhanced version of the power train used in its e2o electric car for both the vehicles.
Read more here.
8. Nestle India Plans to Launch More Maggi Variants: BL
A month after Nestle India relaunched Maggi noodles in the Indian market, the company on Monday said it will launch other variants of the brand such as oats noodles and cup noodles in 3-4 months.The company relaunched Maggi masala noodles on November 9, five months after it was banned by the FSSAI following a Bombay High Court order.
Read more here.
9. Global Forecasters Expect Monsoon-Favouring La Nina to Hold Sway in 2016: ET
After the harsh effects of El Nino, La Nina may be the harbinger of good tidings on the weather front. Global forecasters from Japan to Europe expect La Nina — a phenomenon associated with stronger monsoons across Asia — to hold sway in 2016. That could be good news for India, which has faced two consecutive drought years and could do with a good monsoon to shore up an uncertain revival. However, an Indian meteorologist said it was too early to say La Nina would set in during June-September and a clearer picture would emerge by January-February.
Read more here.
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