Top headlines: RIL offers Amazon stake in retail arm, SC relief on NPAs

Shares of Reliance Industries (RIL) hit a record high of Rs 2,344, up 8.4 per cent on the BSE in the intra-day trade on Thursday
Reliance to offer $20-bn stake in retail business to Amazon: Report
Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Inc., according to a person with knowledge of the matter. Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction, the person said. Mumbai-based Reliance Industries is willing to sell as much as a 40% stake in the subsidiary to Amazon, the person said, asking not to be identified because the information is private. Read More...

Reliance Industries hits record high; m-cap crosses Rs 15 trn mark
Shares of Reliance Industries (RIL) hit a record high of Rs 2,344, up 8.4 per cent on the BSE in the intra-day trade on Thursday, with its market-capitalisation (market-cap) crossing Rs 15 trillion mark for the first time ever. It surpassed its previous high of Rs 2,198.70, touched on July 27, 2020 in the intra-day trade. At the end of day, the fully paid RIL’s shares, however, gave up some of the intraday gain but still managed to close 7 percent higher at Rs 2,314.65 per share with a market cap of Rs 14.67 trillion. Read More...

SC extends relief on NPAs after govt tells interest issue being looked into
The Supreme Court Thursday extended its interim order that no account is to be declared NPA till further orders after the Centre said an expert panel has been set up to look into the issue of interest being charged by banks on instalments deferred during the moratorium period due to the COVID-19 pandemic. The top court granted two weeks to the Centre and Reserve Bank of India (RBI) to file the affidavit and place before it the decisions taken in this regard. Read More...

IAF inducts Rafale in Golden Arrows squadron, all eyes now on deployment
Amid palpable tension at the Line of Actual Control with China, the Indian Air Force inducted the newly acquired Rafale fighter jets into its fold on Thursday. The jets that flew into India from France on July 29 have been inducted into the Golden Arrows squadron of the IAF at the Ambala airbase. Defence Minister Rajnath Singh without naming China said that the induction of Rafale is a strong message to eyes being raised towards the territorial integrity of India. This induction is especially critical for the atmosphere being created on our borders. Read More...

Covid-19: Serum Institute to halt trial of Oxford vaccine after DCGI notice
In a major turn of events, the Indian drug regulator on Wednesday issued a show cause notice to Serum Institute of India (SII), which had earlier said it would proceed with clinical trials of AZD1222, the vaccine candidate developed by the University of Oxford, despite a halt on the same by AstraZeneca in the UK. On Tuesday, the British-Swedish drug major had decided to stop trials after a participant fell sick with an unexplained illness. Read More...

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel