OPINION, P8 ECONOMY, P3 COMPANIES, P6 EDITORIAL SUMMONS Q3 EARNINGS Panel asks Twitter CEO Dorsey to appear before it on Feb 25 Ajay Singh-led SpiceJet’s profit plunges 77% For income,education matters,not caste,but politicos milk the latter SC nixed operational creditors' pleas, but Essar case still far from IBC resolution KOLKATA, TUESDAY, FEBRUARY 12, 2019 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL.XXVIII NO. 88, 18 PAGES, `6.00 (NORTH EAST STATES & ANDAMAN `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W SENSEX: 36,395.03 ▼ 151.45 NIFTY: 10,888.80 ▼ 54.80 NIKKEI 225: 20,333.17 ▼ 418.11 HANG SENG: 28,143.84 ▲ 197.52 `/$: 71.17 ▲ 0.14 `/€: 80.53 ▲ 0.35 BRENT: $61.92 ▼ $0.18 GOLD: `32,913 ▼ `130 BEARS TIGHTEN GRIP THE INCOME tax department on Monday claimed to have busted a nexus of hawala operators who were running a money laundering racket in the national capital estimated to be worth `20,000 crore, reports PTI. Official sources in the department said a "series of" raids and surveys were conducted over the last few weeks in old Delhi. SUUTI to sell stake in Axis Bank THE FINANCE ministry through the Specified Undertaking of the United Trust of India (SUUTI) will sell up to a 3% stake in Axis Bank through the offer for sale mechanism on Tuesday and Wednesday, the bank said in a notification on Monday, reports fe Bureau in Mumbai. YOOSEF KP Mumbai, February 11 AS MANYAS59oftheBSE-500 stocks slumped to 52-week lows on Monday, exacerbating theone-yearlongbearishtrend in India’s stock markets. Weak corporate earnings for the December 2018 quarter and the uncertain environment ahead of the general elections are prompting investors to take risk off the table. Last Friday, the number of stocks with a market capitalisation of `1,000 crore ormore hit a two-year low, in a reflection of how poorly the majority of stocks have performed. Indeed, flows into equity schemes of mutual funds have been sluggish in December andJanuaryasreturnsonmost schemes have been very poor. Corporate profits in Q3FY19 have been more than disappointing with a host of Vedanta New India Assurance GIC of India Emami IDBI Bank Coal India -19.7-20.7 1-year fall (%) Motherson Sumi -13.8 -15.5 -19.1 MRF Future Retail NTPC JSW Steel IN THE NEWS I-T sleuths unearth `20,000-crore hawala racket Weak Q3 earnings, uncertainty ahead of general elections make investors averse to risk M&M 59 BSE-500 stocks hit 52-week lows INSOLVENCY Essar Steel promoters move NCLAT SC rejects operational creditors’ plea; NCLT reserves order INDU BHAN New Delhi, February 11 EVEN AS THE Supreme Court on Monday dismissed the petitions of operational creditors of bankrupt Essar Steel, which includes Indian Oil ■ InJanuary NCLThad dismissed the plan put forward by Essar Steel promoters ■ 31 operational creditors of Essar Steel had moved NCLT asking for better payment terms fromArcelorMittal or consider Essar's offer Corporation,the promoters of the company — Ruias — moved the National Company Law Appellate Tribunal ■ The NCLAThad said only one operational creditor can argue and not all ■ Thiswas challenged by the operational creditors in the SC (NCLAT) against the January order of the Ahmedabad bench of the National Company Law Tribunal (NCLT) Continued on Page 2 SPECIAL FEATURE -27.2 -31.4 -32.7 -41.8 -44.6 80C -51.4 -51.9 heavyweights, including Tata Motors and Vodafone-Idea, reporting large losses. While revenueshaverisenreasonably well, higher expenses have eaten into profit margins leaving the growth in net profits very small. With demand for consumer goods being subdued and cash flows under pressure, companies are feeling the pinch. Sales of passenger vehicles fell for the third straight month in January, data from SIAM (Society of Indian Auto- which had rejected its plea for placing an offer for resolution of the company. Meanwhile, the NCLT Ahmedabad bench,whichwas hearing the petition of the operational creditors who complained that the plan of ArcelorMittal approved bythe committee of creditors (CoC) gives them a raw deal, has reserved its order. mobile Manufacturers) showed. While the Reserve Bank of India (RBI) adopted a dovish stance trimming the reporateby25basispointslast Thursday, investors remain unconvinced that loan rates will trend down meaningfully giventhelargeextrabudgetary borrowings by the government. The anticipated global slowdown could further hurt India’s already faltering exports. Continued on Page 2 Tax-saving deductions beyond Section 80C Food for all PM Narendra Modi serves food to children during an event to mark the 3 billionth meal by the Akshaya Patra Foundation, in Vrindavan, Uttar Pradesh, on Monday Individuals should look at other sections that give additional taxsaving exemptions such as NPS, health insurance, donations to approved charitable institutions and education loan ■ Personal Finance, P13
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