News Digest: NTPC to buy stressed assets, Akbar quits, stocks fall, & more

From NTPC buying stressed assets to resignation of M J Akbar, BS brings you the top stories

NTPC set to buy stressed assets
NTPC, India’s largest power utility, has received support from banks for funding its plan to buy assets landing in insolvency courts. The state-owned power generator is learnt to have evaluated all the 32 stressed coal-based units and shortlisted eight to nine of them, totalling 10 gigawatts (Gw). Read More
 
Share buyback may hurt finances of PSUs
The government’s plan to meet divestment target through share buybacks by large public sector undertakings (PSUs) is likely to put additional burden on their already strained balance sheet. Listed PSUs (excluding banks and oil & gas companies) reported net debt to equity ratio of 0.7x in FY18 (on average), which is the highest in FY18 and up from 0.54x a year ago. Read More

 

RIL logs in to Hathway, DEN
Reliance Industries (RIL), the country’s largest company by market capitalisation, said on Wednesday it was acquiring majority stakes in Hathway Cable & Datacom and DEN Networks for Rs 52.30 billion. Read More
 
#MeToo impact: Akbar resigns
M J Akbar, minister of state for external affairs who was accused by more than a dozen women journalists of sexual harassment and inappropriate conduct, caved in and resigned on Wednesday. Akbar has filed a criminal defamation case in court against Priya Ramani, one of those who named him as a culprit, and the first hearing of his complaint is scheduled for Thursday (October 18). Read More

 
Stock market falls as NBFC liquidity fears resurface
The benchmark indices fell sharply from their day’s high on Wednesday as liquidity fears weighed on investor sentiment and dragged down shares of non-banking financial companies. Read More
 



Adani ties up with French energy major Total
Gautam Adani-led Adani Group will enter the petroleum retail business with French energy major Total SA. The two have signed an agreement to invest in downstream. This will include a foray into retail, with the duo opening 1,500 outlets to supply compressed natural gas (CNG) and develop various liquefied natural gas (LNG) projects. Read More