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Biz EOD: Auto sales decline continues; fresh AGR blow coming; coronavirus blow to diamond industry

Catch top stories from the world of business and economy with BusinessToday.In's end of day report

twitter-logo BusinessToday.In   New Delhi     Last Updated: February 20, 2020  | 22:22 IST
Biz EOD: Auto sales decline continues; fresh AGR blow coming; coronavirus blow to diamond industry
Top stories from the world of business and economy.

Manufacturers anticipated advance purchases ahead of the BS-VI rollout, but customers seem to be postponing their decisions. Telecom companies including Vodafone Idea and Airtel are set to face another major blow as telecom department is in the process of calculating Adjusted Gross Revenue (AGR) dues for FY18 and FY19. ICRA has revised its outlook for Indian cut and polished diamond industry from stable to negative in the light of coronavirus pandemic and weak demand in key markets. Read for more top stories from the world of business and economy:

1. Auto retail sales decline 7% in January; no pre-buying to beat BS-VI price hike

Onset of new emission norms is expected to make petrol vehicles more expensive by Rs 20,000 for cars and Rs 6,000 for two-wheelers and Rs 100,000 for diesel vehicles.

2. Fresh AGR blow coming! Telcos' dues to go beyond Rs 1.47 lakh crore

DoT is in process of calculating pending AGR dues since FY17; this could raise another round of litigation battle between telecom companies and government.

3. Coronavirus blow to India's diamond industry! ICRA downgrades outlook amid weak demand

China and Hong Kong region accounts for 35 per cent of India's overall cut and polished diamond exports, which have been under pressure amid the coronavirus outbreak and weak demand.

4. Firm gets GST notice to pay up 'Rs 5.9858630140000004'

This leaves taxpayers in a fix - GST notice demands money in 16 decimal points, even though bank systems do not recognise more than 2 decimal points.

5. CRISIL slashes Vodafone Idea's debt rating over AGR blow

Primary reason for downgraded rating is lack of relief from Centre after SC on February 14 refused to grant relief in AGR case; Vodafone Idea has to pay Rs 53,000 crore as AGR dues.

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