News Digest: Air India sale, ICICI-Videocon case, 2018 monsoon, and more

BS brings you top stories to keep up with the latest news

Centre may completely exit Air India, sell its residual stake to LIC
 
The Centre may completely exit Air India by selling its residual stake to Life Insurance Corporation of India (LIC) and other financial institutions, according to government sources. This move would help address investors’ concerns related to possible interference in the airline’s operation. Read more
 
 
Supreme Energy's stake in NuPower sold at market rate: Deepak Kochhar

 
Kochhar, currently managing director (MD) of NuPower Renewables, is in the middle of a controversy involving his wife and ICICI Bank MD and CEO Chanda Kochhar’s alleged conflict of interest in being part of a committee that approved the loan to Dhoot’s Videocon group. “When Pinnacle Trust bought the stake of Supreme Energy, it included a liability of Rs 640 million. The purchase was at a fair market value (prevailing price) of Rs 8.80 per share,” Deepak Kochhar said in a telephonic conversation with Business Standard. He denied any conflict of interest in the stake sale by Supreme Energy to Pinnacle Trust. Read more

 
 
Monsoon 2018 forecast: Skymet predicts normal rainfall, relief for farmers

 
Private weather forecasting agency Skymet on Wednesday predicted the southwest monsoon would be normal this year. The projection came a day ahead of the Reserve Bank of India’s monetary policy, which is widely expected to hold interest rates. But the forecast of a normal monsoon, which might propel farm growth and lower food inflation, will stoke expectations of a rate cut. Read more
 
Binani Cement lenders stick to Dalmia Bharat Cement's resolution plan

Despite terming the proposal from the promoters of Binani Cement “superior”, lenders sided with the Dalmia Bharat-led consortium’s resolution plan in a meeting on Wednesday. Read more

 
These are not the best of times to be a banker: SBI Chairman Rajnish Kumar

The banking sector has been flooded with negative news. But, State Bank of India (SBI) Chairman Rajnish Kumar, in an interview with Abhijit Lele and Vishal Chhabria, says he is hopeful about the prospects for 2018-19 due to the resolution of key bad loan accounts and improved growth in business. Read more