RIL on Thursday became India’s first company to cross $200 billion in market value, with shares surging nearly 166% since mid-March, driven by its retail and telecom operations. Meanwhile, reports have said the company plans to sell about $20 billion worth of stake in its retail business to Amazon.com Inc.
Auto Stocks: Automobile dealers are worried that they may be saddled with huge stocks after the festival season, despite the recent rebound in sales. Dealer stocks of two-wheelers and passenger vehicles are expected to rise to at least 35-40 days by the festival of Navratri which falls in mid-October this year as automakers boost supplies in anticipation of a pick-up in sales.
Bank Stocks: The finance ministry on Thursday said it has set up an expert committee to assess the impact of waiving interest payments on loans under moratorium and suggest measures to provide relief to borrowers. The Supreme Court has extended an interim loan moratorium to 28 September and told banks not to tag any loans as non-performing until further orders.
Yes Bank: Yes Bank on Thursday said it has fully repaid Reserve Bank of India (RBI) the entire 50,000 crore of Special Liquidity Facility it had availed. Chairman Sunil Mehta, at the AGM, also said there were no plans to merge with the State Bank of India.
Hindalco: Will be back to pre-covid levels by second half of FY21, Aditya Birla Group chairman Kumar Mangalam Birla said at the company's AGM held on Thursday. He added that Novelis' capex for FY21 has been fixed at $450-500 million while Hindalco's domestic capex at 1,500 crore.
Manufacturing: India plans to offer incentives worth 1.68 trillion rupees ($23 billion) to attract companies to set up manufacturing in the country, Bloomberg has reported. The government will offer production-linked incentives to automobile manufacturers, solar panel makers, and specialty steel to consumer appliance companies.
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