Top headlines: LIC valuation, Ola to recall units, and more

Read out the top news headlines and other important topics for the day and related information in the section below.

Rajiv Kumar's exit from NITI Ayog in just over seven years is set to add a new chapter to the affairs of the think tank. While the stakes of Future Group's promoter Kishore Biyani fell consistently across group companies since December 2019 after Amazon infused funds in a Future Ggroup promoter entity and the group companies showed hints of financial distress due to their stores closed due to Covid-19 pandemic. Read more about these topics and other top headlines for the day below.

Valuation of IPO-bound LIC based on global peers' m-cap, return prospects

The market valuation of the country’s biggest insurance firm, Life Insurance Corporation (LIC), has been pegged at Rs 6 trillion after taking into account the market value of global insurers, such as Shenzhen-based Ping An Insurance, and growth prospects of LIC's return on embedded value (RoEV), according to a government official. Investors, in their consultation with the government, cited the market cap of Ping An Insurance, which is around 0.7 times its embedded value. Read more

Early bird Q4 results hint at slowdown for India Inc in upcoming quarters

The early bird results for the January-March 2022 quarter (Q4FY22) hint at a slowdown in corporate sector growth in the upcoming quarters. The combined net sales of the 81 early bird companies in the Business Standard sample were up 15.1 per cent year-on-year in Q4FY22; this was less than the 15.9 per cent YoY jump reported in Q3FY22. The slowdown could be much stronger for the domestic market-focused companies, including those in the banking, finance, and insurance (BFSI) space. Read more

Will Rajiv Kumar's exit change the rules of the game in NITI Aayog

In his first Independence Day Speech as Prime Minister, Narendra Modi announced Planning Commission was replaced with a new body called the NITI Aayog (acronym for National Institution of Transforming India). NITI Aayog was created to give new direction to the economy, but with Rajiv Kumar stepping down as the second vice chairman in just over seven years adds a new chapter to the affairs in the think tank. The Aayog will have third vice-chairperson from the next month. Read more

Future group shareholders stare at possible wipeout of investments

Future group promoter Kishore Biyani's stake fell consistently across group companies since December 2019 after American retail major Amazon infused funds in a Future group promoter entity and the group companies started showing signs of financial distress due to closure of stores due to Covid-19 pandemic.

As lenders take Future group companies to the bankruptcy courts to recover their dues under the Insolvency and Bankruptcy Code, the shareholders of Future group companies are staring at complete wipeout of their investments as secured lenders get top priority in any potential recovery, say lawyers. Read more

Ola to recall 1,441 units of S1 after getting govt's rap on knuckles

Ola Electric became the latest among electric scooter (e-scooter) makers to have started the exercise of recalling a specific batch of its model after a rap on the knuckles by the government. The Union Minister of Road Transport & Highways Nitin Gadkari on Thursday advised electric vehicle (EV) companies to act responsibly by identifying and recalling defective batches without waiting for orders or guidelines from the ministry. The Bengaluru-based start-up is conducting pre-emptive diagnostics and health check on 1,441 scooters, it said in a statement on Sunday. Read more