Top headlines: Setback for FRL from lenders; Titan Q3 net zooms 91%

Business Standard brings you the top headlines on Thursday

Future Retail's lenders call for its assets to be put up for auction

Lenders to Future Retail , the company being fought over by Reliance Industries and Amazon.com Inc, have told Supreme Court that its assets should be put up for auction after it missed payments.

They also said they have started classifying loans to the country's second-largest retailer as non-performing and would have to make combined provisions of Rs 8,000 crore-Rs 9,000 crore due to the non-payment. Read more

Titan Q3 net zooms 91% to Rs 1,004 cr, revenue up 37% on robust demand

Titan saw its December quarter (Q3) net profit zoom 91 per cent to Rs 1,004 crore compared to the year-ago period, even as revenue from operations rose 37 per cent to Rs 9,903 crore riding on strong consumer demand in the same period.

With the jewellery division doing well, and other divisions also witnessing growth over pre-pandemic levels, the total income for the quarter was Rs 9,570 crore, including bullion sale of Rs 54 crore, a growth of 31 per cent compared to total income of Rs 7,324 crore in Q3 of FY21 that included bullion sale of Rs 340 crore. Read more

LIC's embedded value set at over Rs 5 trn: DIPAM Secretary

State-run Life Insurance Corporation of India's (LIC) embedded value has been finalised at more than Rs 5 trillion, a government official who is overseeing what is expected to be the country's largest IPO said on Thursday.

Investors are eagerly waiting for the government to indicate LIC's embedded value - a measure of future cash flows in life insurance companies and the key financial gauge for insurers - when it releases the initial public offering (IPO) draft prospectus, expected in a matter of days. Read more

Corporate rejig: Emami founders pave way for gen next to take over control

Consumer brand leader Emami Limited Thursday said its key management control will be passed on to the next generation and its founders, R S Goenka and R S Agarwal will step down from their positions.

Their sons Mohan Goenka and Harsha Agarwal will take over as vice-chairman and managing director of the company.

Mohan Goenka is the eldest son of R S Goenka and Harsha Agarwal is the younger son of R S Agarwal. Read more