Top 10 biz headlines: IL&FS case, PV sales fall, 5G spectrum sale, and more

From 5G spectrum sale to IL&FS case, Business Standard brings to you stories that made the headlines on Tuesday

IL&FS case: After auditors, credit rating agencies face govt heat

The Ministry of Corporate Affairs (MCA) is planning to act tough against some of the top credit rating agencies in relation to the IL&FS case, according to sources in the know. These agencies had rated the debt instruments of IL&FS Financial Services (IFIN), which went bust. READ ON...

Auto industry seeks govt intervention as PV sales skid to decade low

Vehicle sales in India — a key indicator of the economy — continued to slump with a decline of 8.62 per cent in May. READ ON...

EU's anti-trust authority blocks merger plan of Tata Steel, ThyssenKrupp

The EU's powerful anti-trust authority on Tuesday blocked the merger of German industrial conglomerate Thyssenkrupp with Indian steel giant Tata, an expected veto that kills the deal. READ ON...

Future of 5G will depend on how govt chooses to structure spectrum sale

First, the good news. Last week, newly-appointed communications minister Ravi Shankar Prasad pushed the pedal on 5G and made two announcements: permission for the long-delayed trial runs by telcos will be given in 100 days; and, the much-anticipated sale of spectrum, which would include 5G spectrum, will be conducted this year. READ ON...

MJ project gets approval; RIL, BP to invest Rs 35,000 cr in KG basin

Mukesh Ambani-led Reliance Industries (RIL) and its partner BP Plc on Tuesday announced the sanction of the MJ project in the KG D6 block off the east coast of India. The three new projects by these companies are expected to get investments to the tune of Rs 35,000 crore. READ ON...

Rumour-mongering hitting Reliance Group's interests, says Anil Ambani

Anil Ambani, the chairman of debt-ridden Reliance Group, on Tuesday blamed “unwarranted rumour-mongering” for the sharp fall in shares of his group firms in recent weeks and said he was committed to meeting “all future debt servicing obligations in a timely manner”. READ ON...

SBI's new home loan product is transparent, but volatile in nature

A big step towards adopting external benchmarks for home loans was taken when the State Bank of India (SBI), the country’s largest bank, announced last week that it would begin to offer a product linked to the repo rate from July 1. The repo rate is the interest that the Reserve Bank of India (RBI) charges for lending money overnight to banks to help them meet their shortfalls. READ ON...

Wait gets longer for more than 25,000 homebuyers of Jaypee Infratech

More than 25,000 homebuyers of Jaypee Infratech’s beleaguered projects may have to wait till the end of this year to see any work start on the stalled towers. Lenders are learnt to have turned down the proposal submitted by NBCC (India) to acquire the company, according to people in the know. READ ON...

TPG Capital-Manipal set to seal Medanta deal

Buyout firm TPG Capital and Manipal Hospitals are set to announce the purchase of Dr Naresh Trehan’s Medanta chain of hospitals as soon as next week, in one of the largest acquisitions in the Indian healthcare industry, two people aware of the development said, reports LiveMint.

Govt looking at tariff, non-tariff measures to reduce steel imports

The government is looking at both tariff and non-tariff measures to reduce “unnecessary’’ imports of steel products and boost exports in order to address the problem of under-utilised capacity in the steel sector, reports The Hindu BusinessLine.