In a rare instance in the Insolvency and Bankruptcy Code (IBC) regime, US-based investment fund Deccan Value Investors (DVI) has triggered the force majeure clause in Amtek Auto debt resolution case, citing deteriorating performance of the corporate debtor in the wake of the Covid-19 pandemic. Read More
Covid-19 impact: New lending formula for road projects on the anvil
The Union government is working on new norms on lending for hybrid-annuity projects after operators suffered losses due to pandemic-induced lockdown. In order to reduce risks in road construction projects and also cushion banks, the government is looking at an average of the marginal cost of funds-based lending rates, or MCLRs, of several lenders for such contracts. Read More
Luxury car mkt projected to reach 2018 level by 2022: Lexus India president
Lexus India, the luxury vehicle division owned by Japanese auto major Toyota, which came to India in 2017, has been the last mass luxury brand to enter the country after Mercedes, Audi, BMW, and Jaguar. Country head P B Venugopal tells Pavan Lall that hybrid roll-out is going to dominate the firm’s product strategy. Read Interview
Centre plans 7 more bullet train projects at Rs 10-trillion cost
The government is planning to invest Rs 10 trillion into seven new bullet train projects across the country even as the Covid-19 pandemic is set to delay the first such high-speed project — Mumbai to Ahmedabad — in India. The new routes will cover a total of 4,869 kilometres (km), including Delhi-Varanasi (865 km), Mumbai-Nagpur (753 km) among others. Read More
DGCA, airlines & 24-hr confusion over in-flight photography ban diktat
Multiple airlines informed the DGCA that they were amending their in-flight announcements to include an additional line about ban on mobile photography and related disciplinary actions. This came as an angry regulator warned airlines with two-week suspension of routes if they don’t enforce a ban on on-board photography leaving CEOs scratching their heads on how to stop mobile photography and anxious flyers asking if clicking a selfie may lead them being included in the dreaded ‘no-fly list’. Read More
Durables firms prepare for Dussehra-Diwali amid slow economic recovery
Companies — including durables and electronic players — that depend on the festive season for their sales said August and September are ticking up well. This has prompted them to prepare for the Dussehra-Diwali period that kicks in next month. This optimism comes amid warning notes by economists who said that the economic recovery remains weak. Read More
Paracetamol curbs amid Covid-19 pandemic dent sales during monsoon
Paracetamol, a common pain and fever medication sold over the counter, has seen a significant fall in sales in the last few months. Sales of paracetamol are typically high during monsoon when cold and flu ailments are common. However, owing to government legislation (state level) and monitoring of cold and flu drugs, sales of paracetamol at the retail level has suffered this year. Read More
Mutual funds huddle to play Sebi's googly on multi-cap schemes
The Rs 27-trillion domestic mutual fund (MF) industry will soon get into a huddle to decide how to play the Securities and Exchange Board of India’s (Sebi’s) googly on multi-cap schemes. Sources say the scheme merger, label change or requesting Sebi to introduce a new category are among the options mulled by asset managers. Read More
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