Top 10 biz headlines: IndiGo crisis, bond yield hits lowest level, and more

From IndiGo crisis to Jet Airways' resolution plan, Business Standard brings you the top 10 business stories that made news on Tuesday

Jet Airways lenders to set rules this week to weed out casual bidders

Lenders to Jet Airways will vote this week to decide who all can bid for the bankrupt airline, as they don’t want any frivolous players in the race, the committee of creditors (CoC) discussed in its first meeting on Tuesday. Read more

10-year bond yield hits lowest level since demonetisation, closes at 6.33%

Yields on the 10-year government bonds have fallen to their lowest since demonetisation, a movement sharp enough to leave their corporate bond counterparts far behind.

The 10-year bond yield closed at 6.33 per cent on Tuesday, the lowest since December 6, 2016. The bond yields had plummeted in 2016 due to huge liquidity in the banking system after the government demonetised high-value currency. Read more

Suzlon defaults on $172-mn bonds, in talks with investors for stake sale

Wind energy major Suzlon Energy did not pay its bondholders for $172-million in foreign currency convertible bonds (FCCBs) which were due on Tuesday, the company disclosed to the BSE exchange. The $172 million was part of a bond series first restructured in 2014. Read here

Fares to US, Europe set to drop as Pak opens airspace for civilian aircraft

In a relief to the aviation industry and passengers, Pakistan has decided to open its airspace for civilian aircraft almost five months after shutting it. Pakistan airspace is a key transit corridor for carriers flying from India to Europe, and the USA and vice versa. The closure had forced airlines to take longer routes, thereby incurring higher cost. Read more

Tax relief on cards? Finance Bill may ring-fence FPIs from 'super-rich tax'

Coming under criticism for the Budget proposal to levy a surcharge on the “super-rich” and its impact on foreign portfolio investors (FPIs), the government will likely ring-fence FPIs from the effects of the tax by tweaking the relevant portion of the Finance Bill.

This means the “super-rich tax” stays, but there will now be provisions in the Bill to ensure FPIs structured as a trust don’t feel the effect of it. Read here

IndiGo promoters' war: No listing norm violation, Bhatia may tell Sebi

Rahul Bhatia-founded InterGlobe Enterprises (IGE) is expected to tell the Securities and Exchange Board of India (Sebi) that the articles of mutual agreement signed with IndiGo co-promoter Rakesh Gangwal have been recognised in the market watchdog’s listing and disclosure regulations as having the force of law. Under the mutual agreement, control is vested with the IGE group. Read more

AION Capital not keen on picking up equity stake in cash-strapped DHFL

Private equity fund AION Capital, a joint venture between ICICI Venture and Apollo Global Management, is in talks to buy the retail loan portfolio of Dewan Housing Finance Company Ltd (DHFL), and is not keen on picking up an equity stake in the financially strapped firm. The move by AION, which, along with Cerberus Capital, is one of the key private equity funds interested in investing in DHFL, could affect promoter Kapil Wadhawan’s search for a strategic investor in the company. Read here 

Outlook on profit growth has turned gloomy globally, thanks to trade wars

The backdrop for the June quarter results season is anything but bright. A tri-annual survey conducted by IHS Markit in June said optimism among Indian companies regarding output and profitability has further faded. Read more

'Economic independence of H-1B spouses will be dented if their right to work is revoked'

A recently released research paper, points out that if the right to work, currently available to dependent spouses of a certain category of H-1B workers (viz: those who are on track for a green card) is revoked, their economic independence will be severely impacted. Read here

Locals in Maharashtra village keen to sell their land for Ratnagiri Refinery project

While the Maharashtra government has decided to shift the proposed mega oil refinery project from Nanar village in Ratnagiri district owing to local opposition, about 1,000 families, owning 7,000 acres in the area, are keen to sell their land for the project. Read more