According to a report in Bloomberg, the Modi government may be considering shifting Dividend Distribution Tax or DDT to investors from firms. The February budget may include a proposal to tax dividends once they are paid to shareholders, rather than the current system, where the company pays the levy.

Mint reports that Sunil Munjal, chairman of Hero Corporate Services, and Hemendra Kothari, investment banker and founder of DSP Group, are engaged in talks with Yes Bank to buy stakes of 5-10% each. If successful, the two could invest up to Rs 3,500 crore in the bank. Shares of Yes Bank have been on the rise since the bank announced it received offers worth $3 billion from investors for fund raising.

The rupee opened at a two-month low against the US dollar due to weak domestic macro economic data and tracking Asian currencies which fell on fresh doubts over the US-China trade deal. India’s factory output contracted for the second straight month at 4.3% in September, recording its worst show since the present series was launched in April 2012, casting doubts on economic growth slowing to less than 5% in the September quarter.

British telecom giant Vodafone has said its future in India could be in doubt, if it is forced to pay thousands of crores in statutory dues, following the Supreme Court ruling. Vodafone chief executive Nick Read said the government needs to ease off on payment demands to ensure a future for group's India joint venture, adding that India, had been "a very challenging situation for a long time". Vodafone's operating loss from India business jumped to 692 million euros in April-September from 133 million euros in the same period last year.

Rating agency Moody's has cut its global sovereign outlook for 2020 to 'Negative' from 'Stable' , saying disruptive and unpredictable world politics will slow growth and increase the risk of economic or financial shocks. Moody's, which has already slapped downgrade warnings on Britain, South Africa, India, Mexico, Turkey, and Hong Kong, said the increasingly antagonistic environment was also likely to damage global and national institutions, which together with lower growth, raises the probability of a crisis but reduces the capacity to deal with them.

Drug major Lupin has said its board has approved selling its entire stake in Japanese subsidiary Kyowa Pharmaceutical Industry to Japan-based private equity fund Unison Capital Partners for an enterprise value of 57,361 million yen or Rs 3,702 crore. The Mumbai-based company has entered into a definitive agreement for sale of its entire 99.82 per cent stake in Kyowa, Lupin said in a statement.

Bharti Airtel aolng with Bharti Infratel and other private equity firms have submitted bids for the assets of debt-laden Reliance Communications. Reliance Jio has sought an extension of the asset sale deadline by another 10 days. Reports suggest that a total of six bids came in for the assets of Anil Ambani-led RCom. The assets include a spectrum holding estimated to be around Rs 14,000 crore, a tower business worth Rs 7,000 crore, optical fibre network worth Rs 3,000 crore and data centres worth Rs 4,000 crore.

Former ICICI Bank MD and CEO Chanda Kochhar has so far not abided by the order of the bank, to return about Rs 10 crore in cash bonuses she had received as CEO between April 2009 and March last year. Reports indicate Kochhar is yet to pay back despite reminders. The bank board on 30th January said it would claw back all the perks she got. This followed a report by a probe panel, headed by former Supreme Court judge B N Srikrishna, which indicted Kochhar for allegedly violating the bank’s code of conduct in the Videocon loan case.

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<p>Sonata Software leads the pack of gainers.</p>

Sonata Software leads the pack of gainers.

Top gainers: Sonata Software leads the pack

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