Top business headlines: YES Bank case, China like model for MCX, and more

From AGR dues to dull growth for Indian IT companies, Business standard brings to you the top headlines of the day

1. YES Bank case: ED summons Anil Ambani, Subhash Chandra and Naresh Goyal

The Enforcement Directorate (ED) has issued summons to a clutch of borrowers of YES Bank, including Essel group Chairman Subhash Chandra, Jet Airways founder Naresh Goyal, Cox & Kings promoter Peter Kerkar, Dewan Housing Finance promoter Kapil Wadhawan, and a few more in connection with the money laundering probe against YES Bank co-founder Rana Kapoor.  Read more 

2. DoT moves SC to offer telecom firms 20-year window for payment of AGR dues

Within days of the Union Cabinet taking up a relief proposal for the battered telecom industry, the government has submitted a plea to the Supreme Court seeking significant concessions for telcos, changing the contours of the long-winding dispute over what constitutes adjusted gross revenue (AGR) and the associated liabilities of the operators. Read more 

3. One commodity, one exchange: Sebi proposes a China like model for MCX

To deepen and grow commodity markets in India with an intention to make India a price-setter than a price-taker, the Securities and Exchange Board of India has proposed, ‘one commodity, one exchange’ plan even though currently multiple exchanges are allowed to launch contract on the same commodity to create competition and give choice to investors. Read more 

4. Oil slumps below $30 as coronavirus spreads, OPEC rancor remains elevated

Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.

Top global oil producers Saudi Arabia and Russia, having failed to agree on a plan to curb supply as the fall in global economic activity destroys oil demand, and have turned on each other to start a price war. Read more 

5. Lifestyle Int'l appoints former Flipkart top executive Rishi Vasudev as CEO

Lifestyle International Pvt. Ltd, part of Dubai-based hospitality conglomerate Landmark Group, has appointed former Flipkart top executive Rishi Vasudev as the chief executive officer for Lifestyle and Home Centre. Vasudev, who till last December was responsible for the expansion of the fashion vertical, both at Flipkart and Myntra, will take on his new role from 1st June 2020 in the company. He will succeed Vasanth Kumar towards ensuring a seamless leadership transition. Read more

6. Analysts see dull growth for Indian IT companies as US combats coronavirus

With the spread of coronavirus or COVID-19 remaining unabated, major global central banks have intervened to soften the pandemic’s economic impact by reducing interest rates or by quantitative easing (infusing cheap funds). While the Reserve Bank of India (RBI) on Monday announced measures to ease liquidity in the domestic banking system, the US Federal Reserve on Sunday cut its interest rate near to zero. Read more

7. New draft rules set to clamp down on CSR activities through trusts

The government has made the norms for corporate social responsibility (CSR) more stringent. In new draft rules, greater onus has been put on companies for reporting details of their CSR activities and how such funds are used. The corporate affairs ministry has invited public comments on the draft rules by March 28. 

The proposed rules would not allow trusts and societies to undertake any CSR activities. Read more 

8. Coronavirus outbreak to take heavy toll on readymade garment exports

Readymade garment exports dropped by around 4.51 per cent to $1.437 billion in February 2019 compared to last year.

Exporters said the coronavirus (COVID-19) outbreak will impact exports for the next few months. This is because nearly 80 per cent of retail shops in western countries have shut due to the virus. Read more

9. Coronavirus scare: SBI Cards drops 10% on debut, HNIs lose Rs 200 per share

Shares of SBI Cards and Payment Services closed 10 per cent below their issue price, with the secondary market crash taking a toll on investor sentiment. Shares of the country’s biggest pure-play credit card company ended at Rs 678, down Rs 77, or 10.2 per cent, over the IPO price of Rs 755.

The weak trading debut contrasted the stellar demand seen during SBI Cards’ Rs 10,300-crore IPO earlier this month. Read more

10. Most airlines may go bankrupt by May without govt action on Coronavirus

The Covid-19 pandemic will push most airlines across the globe to bankruptcy by the end of May, aviation consultancy Centre for Asia Pacific Aviation (CAPA) has said.

This comes as the world's three airline alliances together sought support of the governments to tide over the crisis.

CAPA said only a coordinated action by governments and industry can save them, reports The Economic Times