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Top 10 biz headlines: Boeing crisis, LIC’s investment portfolio, and more

Boeing 737 Max crisis: From TCS to Infosys, IT firms may take a $1-bn hit

IT outsourcing contracts of more than $1 billion currently executed by Indian companies are at risk of termination because Boeing has halted the production of its flagship Boeing 737 Max jets with effect from January. Read more.

Yield on LIC’s investment portfolio slipped to 8-year low of 7.59% in FY19

Poor industrial growth and the downward pressure on bond yields and interest rates have begun to take a toll on the investment portfolio of Life Insurance Corporation of India, probably the country’s single-largest investor in fixed income securities and the equity market. Read more.

Indian Railways may rationalise fare, cut freight rates to boost economy

The railways may cut freight rates in a bid to boost economic growth, besides “rationalising” passenger fares. While Railway Board Chairman V K Yadav refused to say if passenger fares would see an increase, he hinted that freight rates might be reduced. Read more.

Slowdown blues: Bank credit growth may fall to 6.5-7% in FY20, says Icra

With the Indian economy caught in a slowdown, bank credit is expected to expand at a muted 6.5-7 per cent in 2019-20 (FY20) from 13.3 per cent in FY19, rating agency ICRA said in a report. This will be the lowest in 58 years, mainly on account of lower working capital requirements by companies and risk aversion among lenders. Read more.

Ashok Leyland, Citicorp Finance ink MoU for commercial vehicles’ financing

Hinduja Group’s flagship firm Ashok Leyland on Thursday said it has partnered with Citicorp Finance India Ltd for financing commercial vehicles. Read more.

Mukesh Ambani family case: I-T department seeks details from seven nations

The income-tax department has sought detailed information from its counterparts in seven countries in connection with an on-going investigation against members of the Mukesh Ambani family under provisions of the Black Money Act, 2015, for what it alleges undisclosed foreign income and assets. The seven countries are the US, the UK, Switzerland, St. Lucia, Mauritius, Luxembourg and Belgium. Read more.

Air India stops issuing tickets on credit to govt bodies owing over Rs 1 mn

Debt-laden Air India has stopped issuing tickets on credit to officials of various government agencies such as the CBI and the Enforcement Directorate, which owe it more than Rs 1 million each, a senior official of the national carrier said on Thursday. Read more.

E-commerce platform ShopClues narrows losses to Rs 68.58 crore in 2018-19

E-commerce platform ShopClues narrowed its losses to Rs 68.58 crore in the year ended March 2019 compared to the previous financial year. The company, which is registered as Clues Network, had registered a loss of Rs 208.14 crore in 2017-18, according to documents sourced by business intelligence platform Tofler. Read more.

Voda Idea expansion may be on hold

In order to conserve money to meet a late January deadline to pay up thousands of crores in statutory dues Vodafone Idea is believed to have put its fresh 4G expansion and modernisation plans, reports The Economic Times.

RBI tells banks to cap stake in insurance companies at 30%

The RBI, in its attempt to to shield banks from risks arising out of their non-banking businesses and steer focus to boosting credit growth in a slowing economy, has asked lenders to cut their stakes in insurers to 30%, according to sources in a report by LiveMint.

Source: Business Standard