If you missed our coverage last week, here is a summary for a quick read. Do not miss our show ‘Profit This Week' every weekend.
Reliance Industries: Double Disappointment
Big boy Reliance announced its third quarter earnings that disappointed the street with gross refining margins down 32.7 per cent for the quarter, while profits fell 13.5 per cent year on year (YoY). The Reliance board has also approved a buyback of up to 12 crore shares through open market for a price up to Rs 870 per share. This move, however, is unlikely to excite shareholders.
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Vodafone: Tax Triumph
In a landmark judgment, the Supreme Court has ruled that the tax department has no jurisdiction to tax Vodafone's 2007 acquisition of Hutchison's India assets. The Supreme Court has ruled in favour of Vodafone and has set aside the Bombay High Court judgment asking Vodafone to pay income tax of Rs 11,000 crore.
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FDI in Aviation
The cabinet will now consider allowing up to 49 per cent investment by foreign carriers in domestic airlines - a move that could come as some respite to India's debt ridden aviation sector.
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The 'Powerful' Meet: Here are 10 facts about power crisis
Power Companies took their worries to the nations' top office this week and mooted the idea of a group of ministers on power. While the Prime Minister has assured them of time bound help, the power sector honchos also met to key ministries like Petroleum and Coal to voice their problems beginning with a shortage of crucial input supply.
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Tax notice for Bharti Airtel
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of Tax Deducted at Source (TDS) dues in the last four financial years. This is in connection with its overseas operations. The company called this demand unjustified and said that it would take appropriate legal recourse.
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Inflation at 2-year low
Inflation in December fell to a 2-year low of 7.47 per cent led by falling food prices. The RBI may consider a CRR (cash reserve ratio) cut in the next week on 24 January.
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