FE Bureau
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Infosys stable, ready and relevant: Nandan Nilekani
“We have taken several steps during the year to address the concerns relating to the company’s stability. We have a stable board and everybody is united. The focus now is on relentless execution. “
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PM Narendra Modi to inaugurate AIIB meeting
Several senior officials are scheduled to come, including the chief ministers at the event, expected to help garner investments in Indian infrastructure.
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Insolvency process: Alok Industries goes to RIL-JM with big haircut
Banks have taken a huge 83% haircut on the sale of Alok Industries bagged by the Reliance Industries (RIL)-JM Financial ARC combine for just Rs 5,000 crore.
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29 firms participate in pre-bid meet for 10k MW solar auction
Participants of the meeting included representatives from Adani Green Energy, SoftBank Group’s SB Energy and global solar giant GCL.
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Hotel Leela defaults on interest payment on NCDs to LIC
The company had issued secured redeemable non-convertible debentures (NCDs) on a private placement basis aggregating to Rs 90 crore to LIC in December 2008.
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UltraTech Cement estimates capex of Rs 2,500 cr for FY19
UltraTech Cement, part of the Aditya Birla Group, has estimated a capital expenditure of about Rs 2,500 crore .
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Adhunik Metaliks unit acquisition: NCLT nod to Ghanashyam Misra & Sons’ resolution plan
The resolution plan of the applicant, GMSPL, was approved by the CoC in a meeting convened on April 25.
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Explained: Gender parity can boost economy
At present, the contribution of women to India’s GDP is 18%—one of the lowest proportions in the world—reflecting the fact that only 25% of the country’s labour force is female, says a McKinsey Global Institute (MGI) report that studied the economic cost of gender inequality and related issues.
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Forex reserves fall by $3.03 bn to $410.070 billion
Gold reserves rose by $38.9 million to $21.228 billion. Special drawing rights (SDR) from the International Monetary Fund (IMF) fell by $8.7 million from the previous week to $1.491 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion to their quota at the IMF. The reserve position in the IMF fell by $11.7 million to $2.017 billion.
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Fine Organic IPO subscribed 8.8 times on final day
The 100% offer-for-sale constitutes 25% of the post-offer paid-up capital of the company.
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RITES IPO subscribed 66.88 times on Day 3
The initial public offer (IPO) of RITES was subscribed 66.88 times on Friday.
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Kharif acreage drops 9%
The data released by agriculture ministry show that sowing area under all the kharif crops including rice, pulses, oilseeds and coarse cereals has declined to 11.6 million hectare as of June 22 against 12.84 million hectare in the corresponding period of previous year. India has received 10% lower than normal monsoon rainfall during June 1-22.
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Order to shut Sterlite Copper plant a policy decision: Tamil Nadu to HC
The Tamil Nadu government on Friday contended in the Madurai bench of the Madras High Court that its order to close down the Sterlite Copper plant at Tuticorin permanently was purely a policy decision taken at the highest level.
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Volvo aims for 25% recycled plastics in every car from 2025
The company has also urged auto industry suppliers to work closely with car-makers to develop next-gen components that are as sustainable as possible, especially with regards to containing more recycled plastics.
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India focus: Skoda to take over development of Volkswagen’s sub-compact MQB A0 platform
Skoda Auto on Friday said that it will be taking on more responsibility to help strengthen the Volkswagen group’s position in the growing Indian market in the long term, under the ‘India 2.0’ project.
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Regulator Speak: Acting on NSE co-location case, says Sebi Chairman Ajay Tyagi
The Securities and Exchange Board of India (Sebi) has initiated enforcement action in the National Stock Exchange (NSE) co-location case, chairman Ajay Tyagi said at a press conference on Thursday.
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Stressed assets: No special relief to the power sector, says RBI
The Reserve Bank of India (RBI) on Thursday held its ground and refused to give any special relief to the power sector from its February circular that mandates early detection and time-bound resolution of stressed assets.
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Trade tiff with the US: India’s retaliatory tariffs to take effect on August 4
India on Thursday notified that its retaliatory tariffs worth close to $235 million against 29 US products will come into effect from August 4.
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Commissioning dates for GST-hit solar projects extended
Responding to requests from solar plant developers, the Ministry of New and Renewable Energy (MNRE) has extended the commissioning period for projects hurt by the disruption caused by the introduction of the GST from July 2017.
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E-way bill: Government allows central registration for transporters
The government has allowed central registration for transporters registered in multiple states/Union Territories (UTs) for the purpose of generating e-way bills under the goods and services tax (GST).
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WTO, global trade witnessing real challenge, says Suresh Prabhu
Affairs at the World Trade Organisation (WTO) and the global trading system have been witnessing challenges, with countries putting roadblocks to safeguard their respective interests, commerce and industry minister Suresh Prabhu said on Thursday.
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Farm loan waiver not a permanent solution, says Venkiah Naidu
Vice-president Venkiah Naidu on Friday emphasised the need of increasing the income of the farming community and said loan waivers can’t be a permanent solution.
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Sunil Bharti Mittal to assume charge as honorary ICC chairman from July 1
Sunil Bharti Mittal, the founder of India’s largest telecom operator Bharti Airtel, will assume charge as the honorary chairman of the International Chamber of Commerce (ICC) from July 1.
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Cleartrip acquires Saudi Arabia’s Flyin
Online travel aggregator Cleartrip has acquired Saudi Arabian online travel aggregator Flyin for an undisclosed amount.
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Pepperfry bets big on own brands, open to talks with Ikea
Furniture and home products marketplace Pepperfry hopes to become a `6,500-crore company by 2020, of which `3,000 crore is expected to come from its in-house brands .
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RBI sets deadline for ATM upgrade
Irked by the slow progress made by banks in addressing security concerns around automated teller machines (ATMs), the Reserve Bank of India (RBI) on Thursday set certain compliance timelines.
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Capital Float to offer no-cost EMIs
The company says merchants have seen sales rise by up to 40% as a result of the EMI option.
