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Biz EOD: Govt approves BSNL, MTNL merger; Tax collection may fall short in FY20; L&T Q2 profit up

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Biz EOD: Govt approves BSNL, MTNL merger; Tax collection may fall short in FY20; L&T Q2 profit up
Top stories from the world of business and economy.

The Union Cabinet on Wednesday approved the merger of two ailing state-owned telecom companies - BSNL and MTNL. SEBI and BSE have sought clarification from Infosys for not disclosing information regarding the whistleblower complaint. Larsen and Toubro (L&T) have reported a 6.83% y-o-y growth in consolidated net profit at Rs 2,770 crore for the second quarter of FY20. Read for more top stories from the world of business and economy:

1. Modi govt gives nod to BSNL, MTNL merger; to raise sovereign bond worth Rs 15,000 crore for revival

The Cabinet has confirmed that as part of the revival plan, BSNL and MTNL's assets worth Rs 38,000 crore will be monetised

2. SEBI, BSE ask Infosys why it didn't disclose whistleblower complaints

Infosys has launched a thorough investigation into the "unethical practices" complaints against CEO Salil Parekh and CFO Nilanjan Roy and recused them to ensure an impartial probe

3. Tax collection in FY20 may fall short by Rs 2 lakh crore

The government had budgeted for a gross tax collection of Rs 24.6 lakh crore for the current financial year against the revised estimate of Rs 22.5 lakh crore for 2018-19, an estimated 9.5 per cent growth in 2019-20

4. L&T Q2 profit up 7% at Rs 2,770 crore, order book crosses Rs 3 lakh crore

Consolidated revenue from operations jumped 15.16 per cent to Rs 35,328.45 crore for the quarter ended September 30, 2019, as against Rs 30,678.13 crore in the year-ago period

5. Hero MotoCorp Q2 profit slips 10% to Rs 884 crore, revenue from operations down 17%

"The auto major had posted a net profit of Rs 981.99 crore in the same quarter last year," Hero MotoCorp, the world's largest two-wheeler manufacturer, said in a filing to the Bombay Stock Exchange.

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