New Delhi

Natural gas may come under GST earlier than expected

Natural gas may become the first of the five petroleum products to be included in the Goods and Service Tax (GST) regime ahead of an earlier agreed schedule, as the Centre and states come to a common ground on universal application of the new indirect tax system.

LIC faces top deck vacuum

Insurance behemoth LIC is likely to face a big crisis in senior management positions, as the entire top deck will retire by the middle of next year. Sources privy to the development told FC that LIC, the largest market player in the country, is all set to shed its top brass by the middle of 2019. Current chairman V K Sharma retires in December this year.

HCL Technologies to consider share buyback on July 12

HCL Technologies on Monday said its board is scheduled meet on July 12 to consider a proposal for buyback of equity shares.

The announcement comes within a month of Tata Consultancy Services, the country’s largest software exporter, declaring a Rs 16,000-crore share buyback programme. It has offered to buyback shares at a premium of over 15 per cent at Rs 2,100 apiece.

Details of HCL Technologies’ share buyback are expected to be firmed up on July 12 at its board meet.

Liberty says it got CoC nod to acquire Adhunik plant

UK-based Liberty House, part of Sanjeev Gupta's global GFG Alliance, on Monday said it has received approval of the committee of creditors (CoC) to acquire and revive Adhunik Metaliks' steel plant at Chadrihariharpur near Rourkela in Odisha.

The plant currently has steelmaking capacity capable of being expanded to one million tonnes per annum, the company said in a statement.

Mid-cap IT stocks rally on earnings hope

Mid-cap IT stocks rallied sharply in the last hour of trade on Monday and outperformed the large-cap IT stocks ahead of the earnings season that begins from Tuesday.

Mid-sized IT firm Hexaware Technologies rallied 21.95 per cent in last half an hour of trade before last minute profit-taking reduced the gains to 13.07 per cent. The stock touched an intra-day high of Rs 557.40 on the BSE before finally closing at Rs 508.95.

Mistry to appeal against order

Ousted Tata Sons chairman Cyrus Mistry on Monday said he would appeal against the order of the National Company Law Tribunal (NCLT) that dismissed pleas challenging his removal.

A statement from Mistry's office described the NCLT, Mumbai, ruling as "disappointing although not surprising".

"We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority," the statement said.

Mistry to appeal against order

Ousted Tata Sons chairman Cyrus Mistry on Monday said he would appeal against the order of the National Company Law Tribunal (NCLT) that dismissed pleas challenging his removal.

A statement from Mistry's office described the NCLT, Mumbai, ruling as "disappointing although not surprising".

"We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority," the statement said.

Ajmal eyes expansion in India

UAE-based Ajmal Perfumes is looking at a major expansion in India. After being ranked 37 among 100 most powerful Indians in the Gulf in Arabian Business, Abdullah Ajmal, who holds the distinction of being the first of the third generation of his family to join the business of perfumes and is a consulting perfumer at Ajmal Perfumes, feels India offers tremendous opportunities.

He plans to start 300 outlets of the perfumery in India in next three years.

Tata shares rise after NCLT ruling

Shares of Tata group companies ended in the green on Monday after the National Company Law Tribunal (NCLT) dismissed Cyrus Mistry's pleas against Tata Sons for removing him as chairman.

The scrip of Trent rose as much as 4.58 per cent to close at Rs 324 on the BSE, while that of Tata Global Beverages went up by 3.07 per cent to settle at Rs 275.05.

Voltas shares grew 2.44 per cent to end the session at Rs 532.25, Tata Metaliks moved up 2.27 per cent to Rs 708.40, Tata Communications advanced 2.11 per cent to Rs 602 and Tata Power gained 2.09 per cent to Rs 73.20.

Q1 to see highest revenue growth in three years

Corporate India will deliver the highest quarterly revenue grow-th in three years at 12.8 per cent in the April-June period, but high oil prices will narrow profit margins by 0.20 per cent, a Crisil report said on Monday.

This would be the third consecutive quarter of double-digit growth, but the performance of the previous two quarters could have been attributed to the low base resulting from demonetisation and GST implementation, the rating agency said.

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