QBiz: CGST Falls 40% in April-Nov, SEBI Sends Notice to Entities

Here are the top business stories of the day.

SEBI has sent show-cause notices to at least 10 entities and individuals.

(Photo: iStock)

1. SEBI Sends Show-Cause Notice to 10 Entities for WhatsApp Leaks

The Securities and Exchange Board of India (SEBI) has sent show-cause notices to at least 10 entities and individuals in the case of unpublished financial results finding their way to private WhatsApp groups, two people with direct knowledge of the matter said.

The markets regulator, which completed its probe into the high-profile case earlier this year, has found the entities and individuals to whom the notices were sent last month guilty of releasing unpublished price-sensitive information on WhatsApp groups that have analysts and journalists as members, the people cited above said on condition of anonymity.

(Source: Livemint)

2. Central GST Falls Short of Budget Estimate by 40% in April-November

The Central GST collection fell short of the budged estimate by nearly 40 percent during the April-November period of 2019-20, according to the data presented in Parliament on Monday.

The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months, Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha. The minister added that the data was, however, provisional.

In 2018-19, the actual CGST collection stood at Rs 4,57,534 crore as against the provisional estimate of Rs 6,03,900 crore for the year, he said. In 2017-18, the CGST collection was Rs 2,03,261 crore.

(Source: The Financial Express)

3. Trouble Brews as Key Coffee Day Lender Yes Bank Stalls Blackstone Deal

Coffee Day Group’s proposed sale of its Global Village Technology Park to private equity firm Blackstone Group Llp has hit a hurdle, with the debt-laden group’s largest creditor, Yes Bank, signalling its reluctance to give approval to the ₹2,800 crore deal.

The sale of the 90-acre tech park on the outskirts of Bengaluru is to be used for repaying the debts of Cafe Coffee Day’s (CCD) associate firms and their promoters. Founder VG Siddhartha committed suicide in July.

(Source: Livemint)

4. Workers at State-Run Firms Oppose Privatisation of Bharat Petroleum

Executives at major state-run companies voiced their opposition to government plans to privatise oil refiner Bharat Petroleum Corp Ltd (BPCL) in a statement released by industry bodies on Monday.

Prime Minister Narendra Modi's government last month approved the sale of BPCL and four other state-run companies, in what is seen as the biggest privatisation push in India in decades and a way to plug a widening fiscal gap as New Delhi looks to revive a slowing economy.

(Source: NDTV Profit)

5. SBI Cuts Lending Rate, Home Loans to Get Cheaper

India’s biggest lender State Bank of India or SBI today announced a cut in one-year MCLR rate or marginal cost of funds-based lending rate by 10 bps, effective from 10 December.

With this cut, home, car and other retail loans of SBI linked to MCLR will get cheaper. After the latest cut, SBI's one-year MCLR comes down to 7.90 percent per annum from 8 percent per annum. This is the eighth consecutive cut in MCLR by SBI this fiscal.

SBI said it continues to remain the “cheapest loan provider in the country" and the latest rate cut is meant to "pass on the benefit of its reducing cost of funds to the customers."

(Source: Livemint)

6. AirAsia India Promoters Go for Aggressive Expansion Plans, Infuse Rs 466 Crore

Tata Sons and AirAsia Berhad – promoters of low-cost carrier AirAsia India – have infused Rs 466 crore into the carrier to fund its aggressive expansion plans. While Tata Sons put in Rs 237.8 crore into the budget carrier, AirAsia Investment has injected Rs 228.4 crore, according to a filing with the Ministry of Corporate Affairs.

The promoters had invested Rs 500 crore during the last round of funding in April 2019. AirAsia India, which started operations in June 2014, is awaiting the government’s permission to operate on international routes. Tatas, which also run full-service carrier Vistara in partnership with Singapore Airlines, control 51 percent in AirAsia India while 49 percent is held by Malaysia-based AirAsia Berhad.

(Source: The Financial Express)

7. Pressure on Finance Companies Due to Crisis in Shadow Banks: Moody's

Global rating agency Moody's on Monday said pressure on Indian finance companies continues to build up, with some banks heavily exposed to non-bank credit providers, hinting that India's NBFC crisis is far from over, even after a year since the troubles began when a major shadow bank IL&FS Group abruptly defaulted.

"Most Asia Pacific (APAC) banks have passed Moody's stress test on capital, except the banks in India, Mongolia, Sri Lanka and Vietnam, because banks in these jurisdictions have lower starting capital ratios and higher starting problem loan ratios," the rating company said.

(Source: NDTV Profit)

8. Yes Bank Poised to Reject $1.2 Billion Bid From Canadian Tycoon

Yes Bank Ltd is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, according to a person familiar with the matter.

At a meeting on Tuesday, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund raising, according to the person, who asked not to be identified because the discussions are private.

(Source: Livemint)

9. Jaguar Land Rover Sales Fall 3.4% in Nov

Tata Motors-owned Jaguar Land Rover (JLR) on Monday reported 3.4 percent decline in total retail sales at 46,542 units in November as compared to the year-ago period.

The sales of Jaguar brand were at 11,464 units during the month, down 23.1 percent from November 2018.

(Source: The Economic Times)