Crypto market cap losses nearly $1 trn
Bitcoin and ethereum posted their largest one-day drop since March last year on Wednesday, with losses in the market capitalisation for the entire cryptocurrency sector approaching $1 trillion. The sharp declines came after China banned financial and payment institutions from providing cryptocurrency services. Read more
IOC net rises to Rs 8,781 cr in Jan-Mar quarter Indian Oil Corporation (IOC), the nation s biggest oil firm, on Wednesday reported a better-than-expected net profit of Rs 8,781.30 crore in the March quarter, helped by a surge in refining margins as higher crude prices boosted the inventory value. Standalone net profit in January-March was at Rs 8,781.30 crore, or Rs 9.56 a share, compared with a loss of Rs 5,185.32 crore in the same period a year back, IOC Chairman S M Vaidya said. Read more
Future group revs up joint ventures as tussle with Amazon drags on The Future group is re-energising its joint ventures (JVs) with dairy major Fonterra and American food firm Hain Celestial as it prepares for life after a tough 2020. The Kishore Biyani-led group’s debt had spiralled out of control last year, forcing it to get into a nearly Rs 25,000-crore transaction with Reliance Retail. The deal, which includes sale of the retail, wholesale, and logistics assets of the Future group, has since been challenged by Amazon.Read more
NITI Aayog submits first list of about 12 PSUs for privatisation The government has kicked off its privatisation drive, with the NITI Aayog, a body headed by the prime minister, submitting its first list of about 12 public sector undertakings (PSUs) to be privatised. The organisation has submitted the list comprising PSUs in strategic sectors, which will be considered by the Department of Investment and Public Asset Management (DIPAM), and the Core
Read more about Top headlines: Bharat Biotech s Covaxin off trial, IDBI Bank out of PCA on Business Standard. Saudi Aramco s $44-billion refinery project at Nanar in Ratnagiri has become a bone of contention between the Maharashtra government and the Centre
The Air India (AI) employees’ consortium and Kolkata-based businessman Pawan Ruia have not qualified for the second round of the sale process for the national carrier. This leaves Tata Sons as the only entity that has confirmed its participation in the bidding process. While media reports said SpiceJet promoter Ajay Singh is also in the reckoning, Business Standard couldn’t verify this claim. Read more
India ready to appeal Cairn s $1.2 billion arbitration award this week A day after British oil firm Cairn Energy pressed for honouring the over $1.4-billion international award on a tax dispute, finance ministry officials said New Delhi was preparing to appeal at The Hague this week. The Union government has finalised the grounds for appeal against the award and is in the final leg of discussions with the Dutch counsels, according to officials. Based on the appeal, India will apply for a stay on the enforcement of the award at a lower Dutch court. Read more
Apple to soon make iPhone 12 in India, shift 7-10% of capacity from China iPhone 12, according to sources in the know, will be manufactured at the Hon Hai Precision Industry (Foxconn) facility in Tamil Nadu both for the domestic as well as well as the export market. The unit also manufactures iPhone 11, which is the bestseller in India, as well as iPhone XR. Read more
Suspension of IBC proceedings may not be extended beyond March 24 With just about a fortnight left for the suspension on fresh corporate insolvency cases to end, government sources have indicated that another extension is unlikely. An extension may not be economically desirable as it hampers the restructuring prospects for stressed companies, according to senior officials. Also, it would be a challenge to amend the law in such a short time. Read more