News digest: Stressed power assets, rupee falls, crisis-hit IL&FS, and more

Besides stressed power assets, shipping and sugar companies had also sought relief from the RBI notification

1. Power NPAs: SC transfers all pleas challenging RBI notification to itself

In a temporary relief to stressed assets, the Supreme Court on Tuesday asked banks not to refer any case for insolvency under the February 12 circular of the Reserve Bank of India (RBI) for the next two months.

The apex court also transferred to itself all cases challenging the notification. The next hearing has been fixed for November 14. Read more...

2. I'm sure LIC will take a prudent decision on IL&FS, says Irdai chairman

The Insurance Regulatory and Development Authority of India (Irdai) has asked insurance firms to make “prudent” decisions when it comes to investing in companies downgraded by credit rating agencies.

Subhash C Khuntia, chairman of Irdai, said that in the case of a downgrade of a company’s rating, it is for insurance companies to take action and decide what to do and how to retrieve the maximum value from their investment. Read more...

3. Terrible Tuesday: Sensex sheds nearly 1,000 points in 2 days, rupee falls

The sell-off in stocks, the rupee, and bonds continued for a second day on Tuesday on fears that India’s macro fundamentals could be worsening. The widening current account deficit due to rise in oil prices, weakening rupee, and expensive valuations saw foreign portfolio investors (FPIs) pull back from domestic equities. As it is, the appeal of riskier assets has dimmed amid global trade tensions and fears of contagion due to slide in emerging market currencies. Read more...

4. Sachin Bansal, first investor in Ather, wants to relive Flipkart days

During the early days of India’s most successful start-up Flipkart, founders Sachin Bansal and Binny Bansal would head out on scooters to make deliveries. Two-wheelers were also the chosen medium of transport for thousands of delivery personnel of the online marketplace.

Perhaps, this had prompted the Bansals — not related to each other — to invest $1 million in Ather, an electric vehicle company, in 2014. On Wednesday, Sachin Bansal took delivery of the first scooter from the company, Ather 450. Read more...

5. Foreign tourists to India grow, South East Asian countries outscore: CAPA

In 2017, India received 10.2 million foreign tourists. Arrivals grew 15.9 per cent on a year-on-year basis. Excluding visitors from Bangladesh (2.2 million, of whom majority had not come for leisure) foreign tourists inflow grew 8.2 per cent in 2017. Read more...