News digest: Binani insolvency, stock markets, Sterlite plant, and more

From Binani insolvency to Sterlite plant closure, BS brings you up to date with the latest news

  Binani lenders vote for UltraTech’s offer
 
The Committee of Creditors (CoC) of Binani Cement on Monday voted in favour of UltraTech’s Rs 79.60 billion offer. All 100 per cent votes were cast in UltraTech’s favour since the Aditya Birla Group firm, in its proposal, agreed to take care of all the legitimate claims of all stakeholders, said sources who attended the meeting. Read More
 
Markets extend gains as oil prices cool off

The stock markets extended gains on Monday as investor sentiment improved following a 6 per cent slump in global oil prices.
Gaining for the third day, the Sensex ended at 35,165.5, up 241 points, or 0.7 per cent. The Nifty rose 83.5 points, or 0.8 per cent, to 10.688.7. Both the indices have rebounded 2.5 per cent in the last three trading sessions. In the preceding week, they had dropped 3.4 per cent each amid a sharp uptick in oil prices and drop in the rupee’s value against the dollar. Read More

 
TN orders permanent closure of Sterlite unit

The Tamil Nadu government on Monday ordered the closure of Vedanta Group's Sterlite copper plant at Thoothukudi. The development comes after 13 people were killed last week in police firing during protests. Read More
 
Carmakers steer new models away from taxi segment
 
Rajesh Goel, senior vice-president and director (sales & marketing) at Honda Cars India, wants to keep the new Amaze away from buyers in the taxi- and fleet-segments. In a similar way, Tata Motors has discouraged sales of the two latest cars — the Tigor and Tiago — to the taxi segment.

Carmakers have turned cautious and no longer want to drive personal-segment buyers away from a product in their pursuit of commercial sales. Read More
 
Won’t follow US curbs on Iran, says  Sushma
 
India on Monday said it has not abided by the US sanctions on Iran or Venezuela in the past, neither will it this time. Addressing her ministry’s annual press conference here, External Affairs Minister Sushma Swaraj indicated India-Iran trade will continue, as it did the last time the US imposed sanctions on Tehran, and that India will also continue to trade with Venezuela. Read More