1. Vedanta to Invest $8 Bn in 3 Years
Anil Agarwal-owned Vedanta plans to invest $8 billion (about Rs 56,000 crore) to increase the production of aluminium, zinc, lead and crude oil over the next three years.
Addressing shareholders at the company’s annual general meeting on Friday, 24 August, Vedanta Chairman, Navin Agarwal, said India currently spends $125 billion on oil imports, which accounts for 80 percent of its oil needs. As the country's largest private sector oil producer, Vedanta contributed 27 percent to the domestic production and aspires to take it up to 50 percent, he said. Towards this end, he said Vedanta will invest $3-4 billion over the next two-three years, in various growth projects.
(Source: The Hindu Business Line)
2. Tata Sons Can’t Force Cyrus Mistry Out, Yet: NCLAT
In a significant development in the Tata-Mistry court battle, the National Company Law Appellate Tribunal (NCLAT) on Friday, 24 August, restrained Tata Sons Ltd from forcing the Mistry family out of the holding company and left to a later date its verdict on staying the conversion of the Bombay House-headquartered company to a private firm.
“If the appellants (Cyrus Investments) are forced to sell their shares which may affect the merits of the appeal, as they will cease to be member(s) of the company, we direct the respondents (Tata Sons) not take any step in terms of Article 75 for transfer of shares of minority shareholders like appellants and others during the pendency of the appeal. No further interim order is required to be passed at this stage,” said the tribunal.
(Source: Livemint)
3. Nearly 1.2 Crore Jobs Created in 10 Months till June, Says Central Statistics Office Report
Nearly 1.2 crore jobs were created in the country in the 10-month period till June this year, as per a Central Statistics Office (CSO) report.
The CSO’s employment outlook report is based on the new member enrolments with retirement fund body EPFO, Employees’ State Insurance Scheme (ESIC) and NPS.
According to the report, as many as 1,19,66,126 new members joined the health insurance scheme Employers State Insurance (ESI) of the ESIC during September 2017 to June 2018, with highest number of new member enrolments in May this year at 13,18,395.
(Source: The Financial Express)
4. RCom Seeks Nod to Raise Borrowing Limits to Rs 50,000 Crore
Debt-laden Reliance Communications has sought shareholders' approval to enhance the company's borrowing limits to up to Rs 50,000 crore to meet its capital requirements.
The company said its annual general meeting is scheduled to be held on 18 September, 2018 to consider various proposals, including revising borrowing limits, alterations to the Articles of Association of the company, and private placement of non-convertible debentures or other debt securities.
(Source: The Economic Times)
5. Banks Want to Tap Database of I-T, GST Departments
To guard against a further increase in bad loans, banks are planning to dig deeper when it comes to loan appraisals by tapping the database of the Income-Tax and Goods and Services Tax (GST) departments.
This move is expected to not only minimise the chances of their falling victims to frauds and of loans turning bad, but is seen as making loan appraisals more foolproof and enabling loan decisions to be conveyed faster.
(Source: The Hindu Business Line)
6. ONGC Now Looks to HPCL to Fuel Retail Expansion Plans
The impending merger of state-run Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refineries and Petrochemicals Ltd (MRPL) may put a break on MRPL’s fuel retailing expansion plans, leaving its parent Oil and Natural Gas Corp Ltd (ONGC) to fulfil these ambitions through HPCL, said two officials aware of the development.
MRPL is a wholly owned subsidiary of ONGC and operates a 15 million tonnes per annum refinery in Mangalore, Karnataka. This January, ONGC acquired the government’s 51.11 percent stake in HPCL through an all-cash deal of Rs 36,915 crore.
(Source: Livemint)
7. Niti Aayog Suggests Slashing Import Duty, GST Rate on Gold
Government think tank Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 percent and also slash the GST rate on the precious metal from the current 3 percent.
It has also recommended the government to review and revamp the gold monetisation scheme and the sovereign gold bond scheme and introduce new gold savings account in banks besides setting up of a gold board and bullion exchanges across the country to have greater financialisation of the yellow metal.
(Source: The Financial Express)
8. Monthly Inflows into MFs Likely to Grow Over 30% in FY20: AMFI Chief
NS Venkatesh, Chief Executive Officer, AMFI, on Friday, 24 August, said the average monthly collection through systematic investment plans in mutual funds is likely to grow by over 30 percent to Rs 10,000 crore a month beginning FY20.
According to data available on the Association of Mutual Funds in India website, SIP inflows increased by nearly 53 percent to Rs 7,554 crore in July 2018, compared with Rs 4,947 crore in July 2017.
(Source: The Hindu Business Line)
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