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QBiz: Ford Motor May Sell Gujarat Factory; Airfares to Rise 7-9%

Catch the latest business news in today’s QBiz.

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India
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1. Ford Motor May Sell Gujarat Factory in Emerging Market Strategy Shift

Ford Motor Co is in early discussions with at least one global automobile company to sell one of its twin factories in India, two people familiar with the matter said, underscoring a major shift in strategy for the automaker and its struggles in this intensely competitive market.

Ford is exploring the sale of its newest factory in the country, located at Sanand in Gujarat, said the people cited above. Both declined to be named as the talks are private.

(Source: Livemint)

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2. JSW Steel, Lenders to BPSL Negotiate Better Deal Terms

Lenders to Bhushan Power and Steel Ltd (BPSL) have held talks with JSW Steel Ltd, which had won the stressed steel mill bid under the insolvency code, as the acquirer is not entirely happy with the takeover terms cleared by the bankruptcy court.

Banks are trying to improve the final terms for JSW Steel, which had made two key demands, but were not entertained by the Delhi bench of the National Company Law Tribunal (NCLT).

(Source: Livemint)

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3. India Will Protect Its Interests in RCEP Deal, Says Goyal

India will protect its national interest while signing the Regional Comprehensive Economic Partnership (RCEP) agreement but one or two domestic industries cannot hold the free trade agreement hostage, Trade Minister Piyush Goyal said on Wednesday.

“Prime minister Narendra Modi has directed me to enter RCEP negotiations while taking all steps to protect the domestic industry. At the same time, we have to keep in mind the opportunity to increase business activities of new technology, new foreign investment and opening up of the services sector, new market access to Indian exporters. Otherwise, Indian exporters will be at a disadvantage," Goyal told reporters after hearing concerns of exporters on trade remedial measures.

(Source: Livemint)

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4. Airfares Set to Rise 7-9% as Jet Crisis Squeezes Capacity Additions

Air passengers are likely to shell out the highest fares for domestic travel this fiscal with the ticket prices expected to spike 7-9 percent during the period because of limited capacity additions since the grounding of Jet Airways, rating agency Crisil Research said on Wednesday, 11 September.

Crisil also forecast domestic passengers traffic to grow 6-8 percent in FY20, as against a healthy 19 percent growth registered in the year ended March 2019, on account of non-revival of Jet Airways, which ceased all operations in April due to liquidity crisis and is now under insolvency proceedings.

(Source: Business Standard)

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5. 10-Year Bond Yields Rise, May Become Tough for Banks to Pass on Rate Cuts

The domestic 10-year bond yields spiked following cues from the US bond market, where yields rose to a month’s high and oil prices firmed up.

The domestic 10-year bond closed at 6.68 per cent, from its Monday’s close of 6.58 per cent. The market was closed on Tuesday due to a religious holiday.

“The rise is due to overseas yields firming up, otherwise there is no fresh domestic factor,” said a senior bond trader. There was a little bit concern about the finance minister talking about lowering goods and services tax (GST) on automobiles, which could potentially push up borrowing here in the domestic market, said the dealer.

(Source: Business Standard)

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6. Airtel Launches ‘Xstream Fibre’ With 1Gbps Speed for Rs 3,999 a Month

Bharti Airtel on Wednesday, 11 September, launched its broadband offering, 'Airtel Xstream Fibre' promising 1Gbps speed for Rs 3,999 a month, raising the competitive heat in a market that has recently seen commercial roll-out of Jio's fibre based services.

"Starting today (on Wednesday), Airtel Xstream Fibre is available to Homes, SOHO (Small Office Home Office) and small commercial establishments in Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Mumbai, Pune, Bangalore, Hyderabad, Chennai, Chandigarh, Kolkata, Indore, Jaipur and Ahmedabad," Bharti Airtel said in a statement.

(Source: Business Standard)

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7. Don't Use NCLT on Daily Basis to Resolve Stressed Assets: Govt to Banks

The government on Wednesday, 11 September, asked banks to put in all efforts to resolve bad loans themselves and approach National Company Law Tribunal (NCLT) only in the absence of any alternative.

Minister of State for Finance and Corporate Affairs Anurag Thakur said NCLT route should not be used by bankers to resolving stressed accounts on a daily basis.

"I would request bankers to try and resolve stressed assets in the right earnest and refer cases to NCLT only if satisfied resolution outside the NCLT process is not available," Thakur said at the 72nd annual general meeting of Indian Banks' Association (IBA).

(Source: Business Standard)

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8. Auto Sector Crisis: Govt in Consultation With States on GST, Says Nitin Gadkari

Union Minister Nitin Gadkari on Wednesday, 11 September, said the Centre is in consultation with the state governments and will take a call on whether or not to reduce the GST rate on automobiles. However, the final decision to reduce the rate can only be taken by the GST Council.

According to the Minister of Road Transport & Highways and Micro, Small and Medium Enterprises, the Union Ministry of Finance has been in consultations with various state governments and could bring in a rate reduction via the GST Council.

"I am confident that the Finance Ministry with discussion with the state governments and if it is possible, they are very positive, they will take a decision (sic)," the minister said at the launch event of the BSVI variant of Honda Motorcycle and Scooter India's Activa.

(Source: NDTV)

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9. Centre Proposes To Lower Majority Stake in Some State-Run Firms: Report

The government proposes to offload substantial stake in at least 10 blue chip companies this year to meet its higher disinvestment target, even though the exercise will bring down its holding in these state-run firms to below 51 percent level, official sources said here on Wednesday.

The minimum government holding required for an entity to qualify as a central public sector enterprise (CPSE) is 51 percent.

The sources said the Department of Investment and Public Asset Management (DIPAM) would soon start consultations with the Power, Petroleum and Heavy Industries Ministries to initiate the disinvestment process for some CPSEs under their administrative control where government stakes are slightly more than 51 percent.

(Source: NDTV)

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