DFI to get direct access to Reserve Bank of India's funding facilities
The new government-backed development finance institution (DFI) will get direct access to funding facilities by the Reserve Bank of India, helping the infrastructure lender to raise funds at a cheaper rate. The central government may guarantee the bonds, debentures, and loans issued by the new DFI if the infrastructure lender wants. The DFI will be able to “borrow money from the Reserve Bank repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date on which the money is so borrowed against the security of stocks, funds or securities ...” Read More
After govt's intervention, Sebi eases valuation norms for AT-1 bonds
The Securities and Exchange Board of India (Sebi) on Monday relaxed the norms for valuing perpetual bonds. The norms, which had sought to value banks’ deemed residual maturity of Basel III additional tier 1 (AT1) bonds as 100-year debt from April 1, were strongly opposed by the finance ministry. In a statement released on Monday, the regulator said the maturity would be 10 years until March 31, 2022, and would be increased to 20 and 30 years over the subsequent six-month period. And from April 2023 onwards, the residual maturity of AT1 bonds will become 100 years from the date of issuance of the bond. Read More
Delhi HC stays single judge's order restraining Future Retail-RIL deal
The Delhi High Court on Monday stayed the single judge’s order restraining Future Retail (FRL) from going ahead with its $3.4-billion deal with Reliance Retail and directing the attachment of Future Group firms’ and founder Kishore Biyani’s properties in relation with Amazon’s plea asking for the enforcement of the emergency award. A division Bench of Chief Justice DN Patel and Justice Jasmeet Singh said, “…we hereby stay the order of the single judge dated March 18, 2021 till the next date of hearing,” and listed the matter for further hearing on April 30. Read More
Increase Covishield dose interval to 4-8 weeks: Centre tells states
The government has increased the time interval between the two doses of Covishield — the Oxford-AstraZeneca vaccine against Covid-19, being manufactured locally by Serum Institute of India — from four-six weeks to four-eight weeks in view of the “emerging scientific evidence”. The recommendation came from the National Technical Advisory Group on Immunisation, which revised its view on the issue, and subsequently by the National Expert Group on Vaccine Administration for Covid-19, the Union health ministry said on Monday. Read More
Nestle India digs deeper in the rural market, aims to grow business
After staging a graceful comeback from the 2015 Maggi contamination crisis, food and beverages giant Nestle India has set another ambitious target for itself. With its business growing by double digits for the past three years, the company has decided to grow its rural footprint in the next three years at least by a third. If the last time the challenge was to keep its business afloat, this time it is to sustain the growth momentum it had set for itself. With growth in its familiar den — the urban market — slowing, Nestle has placed its bet on the vast hinterlands. Read More
Centre likely to float request-for-proposal for Air India privatisation
The government may float a request-for-proposal (RFP) for privatisation of Air India, in the next 7-10 days, a move that will help the interested bidders in getting clarity on contingent liabilities of the national carrier. The RFP is in the approval process and will soon be issued by the Department of Investment and Public Asset Management (DIPAM), said a government official. It will give details on the current share of AI and AI Express in total bilateral rights, besides contingent liabilities due to retired employees. Read More
Maruti Suzuki to substantially increase vehicle prices from April
The country's largest carmaker Maruti Suzuki India (MSI) on Monday said it will "substantially" increase the prices of its entire product portfolio from next month in order to offset the impact of high input costs. The auto major said the exercise would cover its entire product range in the country. "We had emission norm conversion from April last year. It involved a lot of costs so we had thought that we would increase the prices but somehow the market situation last year wasn't so great so we did not increase prices at that time. Read More
Maharashtra hotels, resorts get lockdown blues as Covid-19 curbs return
Hotels and resorts in tourist places in Maharashtra have seen up to 30 per cent rise in cancellations and new bookings as the state reports the sharpest increase in new Covid-19 cases. Hotels had seen demand picking up in the winter of 2020, but restrictions imposed by local authorities have thwarted that. “Hotels in hill stations including Lonavala and Mahabaleshwar were seeing healthy customer growth especially on weekends. Read More
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