News digest: GST Council meet, IIP growth slows to 3.8%, and more

Big GST reset: Only 50 items stay in 28% slab, eating out to get cheaper

Consumers will be paying less for a wide range of items from shampoo to furniture from November 15 as the GST (goods and services tax) Council on Friday decided to cut the indirect tax from 28 per cent to 18 per cent on these and further down to 12 per cent on another two (wet grinders, and tanks and armoured vehicles), leaving only 50 items in the peak rate category. Read more

Axis Bank to raise Rs 11,600 cr from Bain Capital, LIC

Mumbai-based lender Axis Bank is set to raise Rs 11,626 crore ($1.8 billion) to further strengthen its capital base by selling shares and warrants to a group of investors, including Bain Capital and top Indian insurer Life Insurance Corp (LIC). Read more

September IIP shows a slowing at 3.8% growth

The country’s Index of Industrial Production rose 3.8 per cent in September, compared with the revised 4.5 per cent in August (a nine-month high) and 5.7 per cent in September last year. Read more

Most names on RBI’s second list to land in NCLT: SBI chief Rajnish Kumar

Most companies in the Reserve Bank of India’s (RBI’s) second list of stressed accounts will land up in the National Company Law Tribunal (NCLT) for resolution, according to State Bank of India (SBI) Chairman Rajnish Kumar. Read more

‘M’ goes off the menu at McDonald’s

The golden arches, the most striking symbol of the McDonald’s brand, have gone missing from its products in a few markets. For about a week now, most of the fast-food chain’s restaurants in the National Capital Region have been selling burgers, beverages, wraps, and nuggets without the signature ‘M’ on their wrappers.

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