In this issue

December 02, 2022

RCAP BIDS LOWER THAN INDEPENDENT VALUATIONS

The auction of bankrupt Reliance Capital (RCap) has hit a roadblock with the independent valuation reports by Duff and Phelps and RBSA Advisors valuing the company 70 per cent higher than the offers received from potential acquirers.

1 min

Resolution, distribution may be separated in IBC

The government is considering an amendment to the Insolvency and Bankruptcy Code (IBC) to separate the process of resolution of a bankrupt firm from the distribution of funds received from the successful bidder to enable a faster takeover of the distressed company, a senior government official told Business Standard.

2 mins

Govt proposes 1 licence for all insurance biz

Suggests allowing insurers to sell other financial products

3 mins

November car sales zoom to record high

This was the best November ever for carmakers, with cumulative despatches at India's top 10 passenger vehicle makers jumping 31.7 per cent year-on-year (YoY) to 310,807 units last month as better availability of semiconductors enabled them to produce more.

2 mins

'Considering options on Electrosteel; it cannot be a small capacity plant'

Metals and mining giant Vedanta entered the steel sector in 2018 with the acquisition of Electrosteel Steels, one of the early cases to be resolved under the Insolvency and Bankruptcy Code (IBC). In a conversation, ANIL AGARWAL, founder and chairman of Vedanta Resources, tells Ishita Ayan Dutt, that he wants Electrosteel's capacity to increase to 15-20 mt from 3 mt at present.

2 mins

TVS, Bajaj all charged up, notch up 10K registrations

India's incumbent two-wheeler players, led by TVS Motors, are flexing their muscles, having crossed the registration of 10,000 electric two-wheelers for the first time in November this year, according to data from Vahan, the website of the ministry of road transport and highways.

2 mins

Adani to refinance ACC, Ambuja debt worth $3.5 billion

The Adani group is in talks with several foreign banks to refinance $3.5 billion of bridge loans taken for the acquisition of Ambuja Cement and ACC this year.

1 min

SERUM, BYJU'S TOP BURGUNDY-HURUN UNLISTED FIRMS' LIST

Serum Institute of India and edtech firm Byju's have topped the list of India's most valuable unlisted companies, according to the 2022 Burgundy Private Hurun India 500 study.

1 min

Adani Green raises $200 mn to refinance debt

Adani Green Energy (AGEL) on Thursday said it raised a Japanese Yen (JPY) denominated facility to refinance its debt.

1 min

Independent valuations 70% more than RCap bids

The auction of bankrupt Reliance Capital has hit a roadblock with the independent valuation reports by Duff and Phelps and RBSA Advisors valuing the company at 70 per cent higher than the offers received from potential acquirers.

1 min

More price increase unlikely this financial year, says Britannia MD

Britannia is unlikely to increase prices of its products any more in FY23 as inflation is just 1 or 2 per cent more than in the previous quarter and some of the raw material prices have already cooled off, its Executive ViceChairman and Managing Director Varun Berry said on Thursday.

2 mins

Jindal, Adani line up more projects in Odisha

Major business groups, such as Sajjan Jindal, Adani, Lakshmi Mittal, Tatas, Anil Agarwal, and Essar, on Thursday announced big-ticket projects and investments in Odisha, some of which were underway.

1 min

Railways ferries 124-mt freight, clocks 5% rise since last year

The Indian Railways, which was witnessing freight growth upwards of 8-9 per cent every month this financial year (2022-23, or FY23), saw its second consecutive month of tepid growth in November.

2 mins

RBI creates ₹1.71 cr of digital rupee for retail pilot

Central bank aims to involve 50,000 merchants, customers in the next few days

2 mins

Manufacturing PMI in Nov hits a3-month high

India's Purchasing Managers' Index (PMI) for manufacturing rose slightly to 55.7 in November from 55.3 in October to post a three-month high amid an increase in new orders and production, and a slowdown in inflation. The headline figure is above its long-run average of 53.7.

1 min

GST mop-up moderates to ₹1.45 trillion

Goods and services tax (GST) collection came down in November to ₹1.45 trillion as against ₹1.52 trillion in October, but remains more than the ₹1.4-trillion mark for the ninth straight month, the official data released on Wednesday showed.

1 min

CAD may shoot up as net exports hit 9-year high

Net exports came in highest since April-June quarter of 2013

2 mins

RBI conditional nod to Advent, Carlyle's stake buy in YES Bank

The Reserve Bank of India (RBI) has issued conditional approval to funds affiliated to global private equity investors Carlyle and Advent International with regard to the planned acquisition by each of them of 9.99 per cent of share capital of YES Bank.

2 mins

IMD forecasts warm winter, crop yields may feel the heat

Brace for some warmth this winter as the India Meteorological Department (IMD) in its December-February forecast on Thursday said that the minimum and maximum temperatures could remain 'normal' to 'above normal' over most parts of Northwest and Northeast India.

1 min

G20 presidency a watershed moment: PM's principal secy

The prime minister's principal secretary P K Mishra (pictured) on described India taking over the G-20 presidency as a \"watershed Thursday moment\" and said it is our responsibility to showcase the country in \"the most rightful ways befitting her stature and glory\".

1 min

₹ gains as Fed hints at slower US rate hikes

The rupee and government bonds strengthened sharply on Thursday after Federal Reserve Chairman Jerome Powell hinted that going forward, the US central bank may reduce the pace of what has been an extremely aggressive policy tightening cycle so far in 2022.

1 min

Russia maintains hold; price cap threat looms

OIL SUPPLIES TO INDIA | India won't be able to use Western tankers, insurance if it doesn't adhere to cap

2 mins

Citi deal may be pushed back to May: Axis CEO

Axis Bank is trying to ensure the completion of its purchase of Citibank's retail business by March 1 next year, but there is a possibility that the process could spill over to May, the domestic private lender's MD, CEO Amitabh Chaudhry (pictured) said.

1 min

Telegram shares user info with HC in copyright case

Telegram a popular freemium cross-platform messaging application (app) has disclosed the administrator names, phone numbers, and internet protocol (IP) addresses of the channels sharing study materials of KD Campus and their teacher Neetu Singh for competitive examinations before the Delhi High Court (HC) on November 24.

2 mins

Musk's Neuralink implant hopes to chips in human brain in 6 months

Firm developing implants that may restore movementin the paralysed

1 min

EU agrees on $60/barrel price cap on Russian oil

Restrictions an attempt to squeeze Kremlin's crude oil revenues

2 mins

Want a 4-day work week? Show this study to your boss

The first large-scale study of a four-day workweek has come to a startling close: Not one of the 33 participating companies is returning to a standard five-day schedule.

1 min

TikTok's new challenge luring young kids to their deaths

Blackout challenge, also called the 'pass-out challenge', encourages kids to hold their breath until they fall unconscious, sometimes with the help of objects

1 min

Next pit stop: Nifty at 20K, Sensex 66K in near term

It was a busy November for markets as they navigated through a maze of developments that included US Federal Reserve's (Fed) stance on rate hikes, inflation data back home, softening crude oil prices and the end of September quarter earnings season, which was mostly in line with expectations. Dollar index fell around 4.3 per cent in November, making this its biggest one-month drop since June 2010.

2 mins

Tata Play becomes first to take pre-filing route for IPO

OFFER DOCUMENT OPEN TO SCRUTINY ONLY BY REGULATOR, EXCHANGES, AND NOT THE PUBLIC | THE WALT DISNEY COMPANY-LED FIRM EYEING A ₹3,000-CRORE INITIAL PUBLIC OFFERING

2 mins

Proposed gas price tweak a short-term relief for CGDs

May marginally hurt gas producers like ONGC, OIL, say analysts

2 mins

FTAs and their discontents

India's balance of trade has worsened with countries with which it has signed free trade agreements

4 mins

Day 1: IIT Guwahati gets top foreign job offer of ₹2.4 crore

Indian Institute of Technology (IIT) Guwahati bagged the highest international offer of ₹2.4 crore on Thursday, kicking off the first day of final placements with optimism in a post-pandemic year marked by layoffs and hiring freeze.

2 mins

Data hack derails daily life at AIIMS

Staff forced to log manually, as patients grapple with test delays; admin reaches out to IT firms

3 mins

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