BUSINESS
Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia
Kumar had retired as Chairman of the State Bank of India (SBI) in October 2020. "In addition to his extensive background with regulatory authorities, investors and businesses in India, Kumar has strong experience of global business and financial markets from his work with the SBI in the UK and Canada," said an HSBC statement. During his tenure as Chairman of the SBI, he also led the strengthening of the bank's digital banking platform.
Disinvestment of NINL likely to be completed by Dec
"The disinvestment process for NINL is going on very fast. The government has received a very good response. Many big bidders have come forward and they want to take over the company," said NINL managing director, RK Jha. "We are at the advanced stage of disinvestment. Most probably by December, this company will be disinvested," Jha said.
Aluminium industry stares at critical coal shortage
Aluminium is a metal of strategic importance and an essential commodity for diversified sectors, crucial for the nation's economy. Aluminium smelting requires uninterrupted and high-quality power supply for production which can be met only through in-house CPPs. Such drastic curtailment of coal supplies will bring the industry to a standstill as it has been left with no time to devise any mitigation plan to continue sustainable operations.
Sensex soars 765 points, Nifty nears 17,000-mark
The BSE Sensex touched a new high of 56,958.27 points during the day while Nifty50 on the National Stock Exchange inched closer to the landmark 17,000 level. It hit a new all-time high of 16,951.50 points. The market rose tracking global gains post a dovish speech by Federal Reserve Chair Jerome Powell on Friday. Surge in the shares of index-heavyweight Reliance Industries also supported the domestic indices.
Taxes still high, govt needs to resolve telecom's 'pressing issues': Sunil Mittal
In an investor call, Mittal said that the government has also been asking the industry to step up investment in the digital infrastructure and the industry has been also urging the government to attend to some "pressing issues inhibiting continued investments in the sector given the negative to low returns".
Accelerated Recovery: Boeing foresees rising air passenger traffic
Accordingly, the aerospace major expects a fast paced traffic recovery on domestic routes followed by overseas ones. "In the commercial market, while near term pressure due to Covid-19 remains, the recovery is accelerating and many of the key long-term fundamentals remain intact," said Boeing India President Salil Gupte said. Passenger traffic is expected to return to 2019 levels in 2023 to 2024.
Axis Bank starts issuing AT-1 bonds under Rs 35k cr debt raising plan
In a regulatory filing on Monday, the bank said that the issuance is part of the existing Global Medium Term Notes (GMTN) programme of the bank. The Offering Circular for the GMTN programme has been updated on Singapore Exchange Limited (SGX) and the International Securities Market (ISM).
IBBI proposes amendments in liquidation norms to increase transparency
In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) noted that the regulatory framework of liquidation process has been improvised on several occasions during the last five years to address the difficulties faced by stakeholders, meet the evolving requirements and in aid of achievement of objectives of the Code.
Bharti Airtel shares rise on announcement of Rs 21K cr rights issue
Its shares on the BSE surged 2.5 per cent to hit an intraday high of Rs 609.25 per share. Around 11.45 a.m., its shares were trading at Rs 603.00, higher by Rs 9.05 or 1.52 per cent from its previous close. On Sunday, Bharti Airtel's Board of Directors approved the raising of up to Rs 21,000 crore through a rights issue. The issue price has been fixed at Rs 535 per fully paid-up equity share, including a premium of Rs 530 per share.
MSIL plans to raise model prices in September
According to a regulatory filing, vehicles' cost continue to be adversely impacted due to increase in various input costs. "Over the past year the cost of Company's vehicles continue to be adversely impacted due to increase in various input costs," the filing said.
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