Here’s a roundup of the day’s top stories in brief.
1. Why Zee Is Paying Cash To Buy Its Own Film Division
Zee Entertainment Enterprises Ltd. is acquiring business from its wholly own subsidiary so that the arm can repay the loan it took from its parent. This isn’t illegal, and yet a bit unusual.
2. Uncertainty Swells At Srei Group
Srei Infrastructure Finance Ltd. is seeing multiple rating agencies flag concerns around its deteriorating liquidity conditions. That, when the RBI is already conducting a special audit on it.
3. The MPC’s Challenges
India’s monetary policy committee, which kept status quo on rates, faced its fair share of bouncers on inflation and low short term rates in its meeting earlier this month.
4. Nifty’s Longest Weekly Winning Streak Since 2019
India’s benchmark indices capped a seventh straight week of gains. The S&P BSE Sensex was flat today, but added 2% this week.
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5. Pandemic’s Lasting Impact Smaller Than Expected, Says Neelkanth Mishra
Credit Suisse’s India strategist has said that India Inc. has been able to reduce costs and improve their balance sheets. But there have been “disastrous” outcomes as well.
6. Labour Intensive Exports Stabilise
India’s trade economy is showing signs of normalisation with exports of labour-intensive sectors like gems and jewellery, leather and textiles starting to recover.
7. Reliance, bp Start Gas Production From R-Cluster
Reliance Industries Ltd. and its partner bp Plc of the U.K. have announced the commencement of natural gas production from Asia’s deepest project.
8. PMC Bank Evaluating Four Investment Proposals
Punjab & Maharashtra Co-operative Bank is reviewing the viability and feasibility for four proposals it received this week for potential equity investment, according to the Reserve Bank of India.
9. Riot-Hit Apple Supplier Hired More Than It Could Handle
Apple Inc.’s India supplier Wistron Corp., which saw its factory vandalised by protesting workers who alleged unpaid salaries, had quadrupled hiring this year in an attempt to ramp up production. There was one hitch.
10. Modi Defends Farm Laws
Prime minister said that the new farm laws will improve procurement and blamed opposition parties for misleading “simple-hearted” farmers.
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