News digest: Farmers call off protest, insolvency plans, markets, and more

Resolution plans under the Insolvency and Bankruptcy Code (IBC) are likely to get easier approvals from creditors' committees, with a govt panel agreeing to recommend that only 60 per cent of these

Maharashtra farmers call off protest after Fadnavis bows to their demands

The farmers’ agitation in Maharashtra was called off on Monday evening after the state government conceded most for their demands and agreed to implement the conditions agreed upon in the next six months. A 12-member delegation representing farmers met a ministers’ committee in the afternoon. It was given a letter, signed by the chief secretary, in which the government agreed to address complaints and appeals under the Forest Act, 2006, in the next two months and relax some of the conditions for loan-waiver eligibility. The government also agreed to issue ration cards to farmers in tribal areas immediately to help them prove their land claims. Read more…

Govt panel to suggest fewer creditor votes to pass insolvency plans

Resolution plans under the Insolvency and Bankruptcy Code (IBC) are likely to get easier approvals from creditors’ committees, with a government panel agreeing to recommend that only 60 per cent of their members needed to pass these. At present, the requirement is 75 per cent votes. In a meeting on Monday, the panel, headed by Corporate Affairs Secretary Injeti Srinivas, also decided to recommend “creditor” status to homebuyers in insolvency cases of real estate companies, a source said. Homebuyers of Jaypee Infratech projects had moved the Supreme Court, after the company went in for insolvency resolution. Read more…

Sensex posts biggest single-day gain in over 20 months on global cues

The Indian benchmark indices posted their biggest single-day gain in over 20 months amid a sharp rally in global markets on the back of positive US economic data. The Sensex gained 610 points, or 1.83 per cent, to close at 33,917 — the highest gain since July 11, 2016. The Nifty 50 index gained 194.5 points, or 1.9 per cent, to close at 10,421, its biggest single-day gain since May 25, 2016.  The broader markets, too, remained positive with the BSE mid- and small-cap indices gaining 0.76 per cent and 0.56 per cent, respectively. Read more…

11 Airbus A320 Neo aircraft grounded, affects Indigo, GoAir flights

Indian aviation regulator DGCA on Monday grounded 11 Airbus A320 neo aircraft due to recurring engine malfunction. Of the 11 aircraft, eight belong to IndiGo and three to GoAir. The malfunction has occurred with a certain sub-population of engines manufactured by Pratt & Whitney.The problem stems from a component in the engine that can show early signs of wear, and is located in an area that must withstand high pressure. Read more…

IIP rises to 7.5% in Jan, retail inflation eases to 4-month low of 4.4%

Industrial activity expanded 7.5 per cent in January, up from 7.1 per cent in December. This is the third straight month that industrial output has expanded by more than 7 per cent, suggesting economic activity is gaining as the effects of demonetisation and the goods and services tax (GST) dissipate. Retail inflation, measured by the consumer price index (CPI), moderated to a four-month low of 4.4 per cent in February, aided by a fall in the price of pulses and moderation in vegetables, led by onion. The CPI rise was 5.07 per cent in January. However, core inflation (sans food and fuel items) remains elevated at above 5 per cent. This could leave little room for the MPC to ease the policy rate of interest. Read more…