QBiz: RCom Stocks Fall, 18K Villages to Get Power and More 

Check into the latest business happenings for the week.

Updated
Business
4 min read
Anil Ambani. (Photo: Reuters)

1. Modi in UK: PM Hard Sells India as Investment Destination to CEOs

Top CEOs from India and the UK pitched for a more transparent and consistent decision-making regime as also a uniform treatment of corporates across the world, as Prime Minister Narendra Modi vowed to “ceaselessly” work towards integrating the Indian economy with the world.

A reconstituted India-UK CEOs Forum, during its first meeting, identified six overarching themes as important areas of collaboration to take forward — smart cities and the digital economy, healthcare sector, education and skills, engineering, defence and security, and financial and professional services.

Read more here.

2. Sun Pharma Laboratory to Raise Rs 2,800 Crore from Banks: ICRA

Sun Pharma Laboratories, a subsidiary of Sun Pharmaceutical Industries, plans to raise as much as Rs 2,800 crore in long-term and short-term funds from banks, according to local ratings firm ICRA, as the drug maker gears up to enter new markets and speed up the process to fix problems at its manufacturing units.

Read more here.

3. Nokia Networks’ India Unit Hiring More Women for Core Business Functions

Finnish telecom gear maker Nokia Networks has said its Indian unit is hiring more women for core business functions such as research and development, service delivery, manufacturing, sales and marketing, mirroring a global trend towards improving gender diversity at the workplace.

This year, about 20 per cent of the hires in Nokia India have been women.

Read more here.

4. Bhiwadi Pips Jewar to House Second Airport in Delhi NCR

Bhiwadi in BJP-ruled Rajasthan is set to house the second airport in the National Capital Region of Delhi, following the civil aviation ministry’s approval to the project on Thursday that dashed all hopes of Jewar in Greater Noida where the erstwhile Mayawati government in Uttar Pradesh had proposed an airport years ago.

The project will require a waiver of the clause that bars an airport to come up within 150 km radius of the existing Delhi airport, which has been built and is being operated by GMR Infrastructure-led consortium Delhi International Airport Ltd (DIAL).

Read more here.

5. Power for 18,000 Villages in 1,000 Days: PM Modi

Prime Minister Narendra Modi has said that 18,000 villages in India that are not connected with electricity will get this basic facility within the next 1,000 days.

As many as 18,000 villages need electricity. There are not even electricity poles. In the next 1,000 days we will ensure they get it.

“The pace and direction of progress in India is such that the fruits of development will be seen very soon,” Modi said in Hindi, in his much-awaited address to 60,000 British Indians at the iconic Wembley Stadium here.

Read more here.

6. Foreign Flows into India 7th Highest

While foreign flows into India’s equity markets in 2015 may have been the worst in the last four years at just $4.32 billion, the amount is nevertheless the seventh highest among countries tracked by Bloomberg. Further, this is the third largest fund flow among Asian and emerging markets after Brazil and Taiwan.

As such, experts say, the Indian market continues to be a favoured destination for foreign funds given its fairly strong macroeconomic prospects and potential for growth.

Read more here.

7. Automakers Seek Finance Ministry Help

The country’s automobile industry has knocked on the doors of the finance ministry for a legislative amendment to the Central Excise Act so that the sales tax incentives provided to it by various state governments do not get added to the assessable value of the product for payment of excise duty.

In the absence of such an amendment, the excise duty outgo by the industry would increase and negate the very purpose of providing sales tax incentive, automakers argue.

Read more here.

8. Promoters of Ratnagiri Gas and Power Plan to Infuse Rs 2,000 Crore in Beleaguered Utility

The promoters of Ratnagiri Gas and Power and its lenders plan to infuse as much as Rs 2,000 crore in the beleaguered utility after the regulator cleared the way for the Indian Railways to buy electricity from the gas-based plant.

The funds from State Bank of India, ICICI Bank, IDBI Bank and promoters NTPC and GAIL will be used to hike capacity of the LNG terminal to five million tonnes by 2018 from three million tonnes currently, upgrade the plant system and build a breakwater so that the terminal can operate throughout the year.

Read more here.

9. RCom Stock Falls 14% in a Week

The stock of Reliance Communications (RCom), part of the Anil Ambani Group fell 14.4 per cent and lost market value worth Rs 2,775 crore in a week as brokerages cut the wireless telephony company’s earnings estimate for the rest of the financial year.

The stock fell seven per cent on Friday to Rs 66 a share, with a total market value of Rs 16,460 crore. The fall in market value would be bad news for Russian telecom company Sistema, which announced an all-stock merger with RCom early this month.

Read more here.

Published: 
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!