1. Tata Steel’s Net Debt Rises Over Three Times at Rs 28,471 Crore in FY19
Tata Steel’s standalone net debt for the full year ended March 2019 more than trebled to Rs 28,471 crore, from Rs 8,769 crore a year ago, because of a decrease in current investments along with cash and bank balances.
The company witnessed a net decrease in cash and cash equivalents of Rs 4,044 crore for 2018-2019, against a net increase of Rs 3,684 crore in the previous year, according to the 112th annual report for FY19.
The gross debt, at over Rs 1 lakh crore, was higher by Rs 8,669 crore over the previous year.
(Source: Financial Express)
2. Air India Suspends Its Regional Director for Allegedly Shoplifting at Sydney Airport
Air India has suspended its Regional Director for East, Rohit Bhasin, for allegedly shoplifting a wallet from a duty free shop at Sydney airport, officials said.
Bhasin was rostered as one of the commanders (pilots) of AI301 flight, which was set to depart at 10.45 am (local time) on June 22 from Sydney airport for Delhi.
(Source: The Economic Times)
3. Huawei Files Lawsuit Against US Commerce Department Over Seized Equipment
Huawei Technologies filed a lawsuit against the US Commerce Department on Friday, challenging whether telecommunications equipment it sent from China to the United States, and then back to China, is covered by Export Administration Regulations, according to a court filing.
The lawsuit is the latest salvo in a battle between the US government and Huawei. Washington says the Chinese company's telecommunications gear could be used by Beijing to spy. Huawei denies that is the case.
(Source: The Economic Times)
4. Expecting a Boom in E-Vehicles Industry, ITIs Move to Skill Youth in the Segment
The Directorate-General of Training (DGT) under the Ministry of Skill Development and Entrepreneurship (MSDE) is planning to launch a course on e-vehicles in its Industrial Training Institutes (ITIs).
“As of now, we can foresee an increase in the number of e-vehicles in the next few years. The aim is to train youth to repair, install and assemble them,” an official told BusinessLine.
The course – initially to be of short duration – will be launched in five to ten ITIs within the next four months.
(Source: BusinessLine)
5. Amazon, Invest India to Handhold International Brands Looking to Invest in India
E-commerce major Amazon India and Invest India – national investment promotion and facilitation body – are looking to attract international brands to explore investments in India and facilitating such investments.
As part of a joint initiative, Amazon and Invest India will present various business and investment opportunities to foreign brands to boost foreign investments in the country, Amazon said in a statement.
(Source: Financial Times)
6. NBFC Crisis Not a Systemic Risk: Uday Kotak
A slowing growth in the GDP and the limited fiscal space are some of the challenges that India is facing, and there is a need to take bold steps to reform the financial sector, the real and social infrastructure, remove bottlenecks in different segments and unleash the economy, according to Uday Kotak.
The veteran banker, however, does not believe that the current crisis in some non-banking financial companies (NBFCs) is posing a systemic risk. He also stressed the need to repair and nurture the financial institutions.
(Source: BusinessLine)
7. NCLT Lacks Jurisdiction to Ban Us, Say Deloitte & KPMG
Deloitte Haskins & Sells and BSR & Associates, a KPMG network firm, said the National Company Law Tribunal (NCLT) didn’t have the jurisdiction to decide on the government’s demand for a five-year ban against the auditors of IL&FS Financial Services (IFIN).
Auditors can’t be put in the same category as independent directors and senior management, they argued.
The government had moved the NCLT on 10 June seeking a ban.
(Source: The Economic Times)
8. Reliance Leads Six of 10 Most Valued Firms to Lose Rs 53,459 Cr in Market Cap Last Week
Six of the 10 most valued domestic companies suffered a combined erosion of Rs 53,458.8 crore in market valuation last week, with Reliance Industries Ltd (RIL) taking the steepest hit.
Tata Consultancy Services (TCS), HDFC Bank, HUL, HDFC and ITC were the other blue-chips that witnessed a drop in their market capitalisation (m-cap) for the week ended Friday, while Infosys, SBI, Kotak Mahindra Bank and ICICI Bank finished with gains.
RIL’s valuation plummeted Rs 23,929.9 crore to Rs 8,10,889.80 crore.
(Source: Financial Express)
9. IndusInd Bank Promoters to Infuse Rs 2,700 Cr via Warrants
The Hindujas will pump another Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial, a senior official from the private sector lender has said.
The merger between the bank and the micro-lender, which will be effective 4 July, is accretive from a profit, margin and return on equity perspective.
(Source: BusinessLine)
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