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S&P downgrades outlook for Adani Mumbai discom to ‘negative’

Obligations rated 'BBB' by S&P exhibits adequate protection parameters, but adverse economic conditions are more likely to weaken their capacity to meet financial commitments.

Gautam Adani

Change of Law: Plans to bring co-ops under Concurrent List

However, several state governments and Opposition parties feel the Union government's move resulted from the ruling political dispensation's desire to acquire control of the sector, which not only has

As of March 2020, India had as many as 97,006 rural co-operative banks – which include both state cooperative banks and DCCBs, and a huge number of primary agricultural credit societies.

New Chapter: Byju’s pays $500 m for Epic purchase

The transaction comes a little over three months after the Bengaluru-based start-up acquired Indian brick-and-mortar test prep service provider Aakash Educational Services in a near $1-billion deal, o

Sero survey: Nearly 68% of Indians have Covid antibodies

The highest sero prevalence of 77.6% was seen among those between 45 and 60 years, followed by 76.7% in the above 60 age group. Around 66.7% of those between 18 and 44 years showed sero-prevalence, th

The government said 85% of the surveyed healthcare workers had antibodies against SARS-CoV-2 while a tenth remains unvaccinated.

Amazon in Supreme Court: Future can’t ignore arbitrator’s order

The company said subsequent to disregarding the EA's interim order, Future Group is “trying to camouflage its weak arguments” by using the word “nullity again and again”.

Amazon said Rule 12, Schedule I of the SIAC Rules provides that orders/directions passed by an EA are not only binding but parties must undertake to “immediately and without delay” comply with such orders/directions.

More on the plate: New raise puts Swiggy valuation at $5.5 billion

The funding includes a first tranche of $800 million infused by a clutch of investors which the firm had announced internally in April and a fresh $450 million investment made by SoftBank Vision Fund

The company claimed its daily grocery delivery service Supr Daily, which operates in major Indian cities, is reaching new users every month.

Little room for big fiscal expansion: Finance Secretary TV Somanathan

According to the official, even if some more relief measures are unveiled in the wake of the third Covid wave, the deficit could be reined in at 7% or thereabouts.

The moves helped generate savings for the Centre, of up to Rs 1.15 lakh crore in the first half of the current fiscal as per an FE estimate.

Telcos’ plea: No reassessment of AGR dues, says SC

Observing that the apex court had not just once, but twice, thrice stated that the AGR demand can’t be recomputed, a bench led by justices LN Rao, SA Nazeer and MR Shah said the judgment of Septembe

“You (telcos) all are saying the same thing. You say there are arithmetical errors and you be permitted to go to the government to get that corrected,” it said.

FY21 compensation: ‘GST transfers to states for FY21 fell short by Rs 81,179 crore’

The statement raises the question as to how the amount would be mobilised and increased the chances of a widening of the RBI-facilitated special borrowing window under which the Centre raises low-cost

In June, the West Bengal finance minister had flagged the issue of unpaid GST compensation for 2020-21, which he had estimated to be Rs 74,398 crore for all states.

Labour Pains: Export hubs face worker shortage

Export hubs of key labour-intensive industries, already struggling to cope with a liquidity squeeze, are facing a shortage of workers, as most migrant labourers keep away just when orders from crucial

The shortage — in the range of 20% to 40% of the usual workforce – threatens to derail the recent growth momentum and impair exporters’ ability to honour supply commitments on time amid a fast depletion of inventory.

Majority Stake: Blackstone’s $250-million bet on Simplilearn

Blackstone will acquire close to 70% stake in the start-up, sources said.

Paltry payout: NCLAT stays Vedanta takeover of Videocon

The matter will be next taken up on September 7 and till then the company will continue to be managed by the interim resolution professional.

The NCLT had also asked the Insolvency and Bankruptcy Board of India to see whether confidentiality was maintained during the corporate insolvency resolution process as Twin Star's bid was very close to the liquidation value, which was meant to be confidential.

Non-Compliance: Sebi, DRI probing Adani firms, says govt

“Sebi is investigating some Adani Group companies with regard to compliance with Sebi regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging

Sebi

Film-makers continue to call the shots as OTTs starved of new content

It would appear the platforms are a lot more keen to get their hands on content, than film-makers are on digital releases

Some OTT players, though, are not in a rush to ink direct-to-OTT deals.

Pegasus Project: Leaked database includes 300 Indian phone numbers

New Delhi says committed to privacy rights

Asset Creation: Central PSEs achieve 16% of annual capex target in Q1

Public sector capex — by union government, state governments and state-run entities — plays an important role in gross fixed capital formation in the country to support economic growth.

With the Union government’s thrust on investment-led economic growth revival, the finance ministry has recently asked the central public sector enterprises (CPSEs) and other agencies to accelerate the pace to achieve the FY22 capex target by the third quarter itself.

Spectre of disruption haunts monsoon session; Govt lists 26 Bills in 19 planned sittings

Another Bill which is not listed but could be taken up during the monsoon session is the Personal Data Protection Bill, 2019; the Joint Parliamentary Committee on the Bill is expected to submit its re

Observers of legislative processes have taken a dim view of a growing trend of high-impact Bills securing Parliament's assent without much parliamentary debate or scrutiny (see chart), but government managers contend that efficiency of law-making should not be held hostage to 'unseemly politicking'.

5G devices should support all spectrum bands: Bharti Airtel to Dept of Telecommunications

"However, the provision of 5G services in such existing multiple spectrum bands can only happen with the availability of handsets if the minimum features to supports 5G services are ensured,” the co

The context of Bharti writing to DoT on uniform guidelines is that currently most of the handsets launched by the device manufacturers in India for 5G support 3.5 GHz only, whereas 5G services can be provided using multiple existing bands and new radio interface.

Cooperation Ministry: Cooperatives’ financial heft seen behind Centre’s bid for greater control

There are about 8.5 lakh co-operatives in the country with roughly 38 crore members. Of these, 1,539 are urban cooperative banks (UCBs) and 97,006 rural ones with a combined asset size of as much as R

There are about 8.5 lakh co-operatives in the country with roughly 38 crore members. Of these, 1,539 are urban cooperative banks (UCBs) and 97,006 rural ones with a combined asset size of as much as Rs 17-18 lakh crore, an official source told FE.

Export hubs face worker shortage, as migrants stay away

The norms under the Emergency Credit Line Guarantee Scheme (ECLGS), especially on 10% additional loans, should be relaxed to facilitate greater lending to those units that don’t want to go for a loa

Export hubs of key labour-intensive industries, already struggling to cope with a liquidity squeeze, are facing a shortage of workers, as most migrant labourers keep away just when orders from crucial western markets start to pour in.

Q1 performance: HDFC Bank profit up 16.1% to Rs 7,730 crore

Misses street estimates due to low biz volumes amid pandemic

Other income of the bank grew 54.3% y-o-y at Rs 6,288.5 crore. The four components of other income were fees and commissions of Rs 3,885.4 crore, foreign exchange and derivatives revenue of Rs 1,198.7 crore, gain on sale or revaluation of investments of Rs 601.0 crore.

Digital payments are the new normal: UPI-based payment apps, digital wallets now eye smaller towns

As per data by EY, UPI-based digital transactions have increased by 110% in volume and 109% in value, from June, 2020 till June, 2021.

With consumers increasingly opting for digital transactions over cash ones, and with the simultaneous growth in e-commerce and internet penetration in India, digital payments are expected to continue on an upward trajectory.

India, Africa to drive refurbished smartphone market, says report

Due to the sharp deceleration in H1 2020, mainly due to Covid, the refurbished smartphone market saw a rise in demand and supply in H2 2020.

“Global refurbished smartphone market saw healthy growth across most regions in H2 2020. The market more than made up for the slump in H1 2020 with a modest 4% increase in 2020 compared to 2019 volumes. Counterpoint expects a higher increase in 2021,” the agency said.

Covid fear: Supreme Court asks Uttar Pradesh govt to reconsider Kanwar Yatra plan

Solicitor general Tushar Mehta, appearing for the Centre, submitted that the “state must not permit movement”. Even the Uttarakhand government told the Bench that it had already cancelled all phys

Senior counsel CS Vaidyanathan, appearing for the UP government, argued that it would allow a symbolic yatra and that only devotees who have been fully vaccinated could participate.

Mega Debut: Paytm ready for Rs 16,600-crore mega IPO

Files DRHP for the issue; large, high-profile investors to sell part of their shares

Paytm has said that it is currently a foreign-owned and controlled company and would continue to be so after the IPO in accordance with the consolidated FDI policy and foreign exchange rules and would be subject to Indian foreign investment laws.

Reliance Retail Ventures buys 41% in Just Dial for Rs 3,497 crore

As per the agreement signed on Friday, Just Dial founder VSS Mani will continue to be the managing director and CEO of the company.

Of the 40.95% acquired by Reliance Retail, the company has received a preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33% post preferential share capital at price per share of Rs 1,022.25.
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