Top 10 business headlines: Finance Commission report, Karvy crisis, & more

From Infrastructure requirements in India to Alto sales landmark, here are the top business headlines of the day.

1) 7-Eleven tweaks convenience store format for India

The city of Mumbai will see the roll-out of the first of the global 7-Eleven stores in February-March next year, but the format will be different from a conventional convenience store that stocks everyday items and is open round-the-clock for contingency buying. Read here

2) Status of 15th Finance Commission's interim report 

The Fifteenth Finance Commission is expected to submit an interim report to President Ram Nath Kovind on Saturday, November 30. The report is likely to have recommendations on the divisible tax pool — the funds that are divided between the Centre and the states, and among the states — for 2020-21 only, Business Standard has learnt. Read here

3) Bankers concerned over knock-on effects of Karvy plights 

Banks and financial companies including ICICI Bank and HDFC Bank have met senior officials of the stock exchanges and raised concern over their exposure to Karvy’s companies, said two people privy to the development. Read here

4) RBI raises alarm bells on Mudra loans

Reserve Bank of India (RBI) Deputy Governor M K Jain on Tuesday expressed concern about the rising stress in Mudra loans. Speaking at a SIDBI event on microfinance, Jain said with the growing mobilisation of financial services, banks must enhance the capabilities of borrowers so that individuals in the new income group could not merely avail the offered services but are also capable of demanding preferred products and service suitable to their needs and choices. Read here
 

5) Finance panel asks Centre to reduce centrally sponsored schemes

The government needs to radically overhaul centrally sponsored schemes by either making them 100 per cent centrally funded or transferring them to states with untied grants. In order to make them more effective, their design and implementation should also go for a complete rejig. Read here

6) Infrastructure needs Rs 235-trillion investment in 10 years, says CRISIL 

The country’s infrastructure needs investment of Rs 235 trillion in the next decade, says CRISIL Infrastructure Advisory (CIA). It expects Andhra, Telangana and Haryana to take a lead in road sector projects, together contributing half the total investment expected in the next 10 years in this segment. Read here

7) Maruti Suzuki India small car Alto's big landmark

Maruti Suzuki India (MSI) on Tuesday said its popular entry level small car Alto has crossed 3.8 million sales milestone. Launched in 2000, Alto crossed the 1 million sales mark in 2008 and in 2012 it reached the 2 million milestone. In 2016, the model crossed 3 million sales, the company said in a statement. Read here

8) New liberalised fuel policy requires licenses for 100 outlets
 

India's new liberalised petrol pump norms require licensees to set up a minimum of 100 outlets with at least 5 per cent of them in remote areas. Read here

9) Indian Oil may bid for BPCL stake in Numaligarh Refinery

Indian Oil Corporation Ltd (IndianOil) may emerge as one of the contenders for Numaligarh Refinery Ltd (NRL) once the Centre initiates its disinvestment process. The Centre recently announced plans to divest Bharat Petroleum Corporation Ltd’s (BPCL) 61.65 per cent shareholding in NRL, along with the transfer of management control, to a Central public sector enterprise operating in the oil and gas sector. The Hindu Business Line reported.

10) Spinny looks to raise fresh funds in round that values it at $150 mn

Online used car retailer Spinny is closing a $50 million funding round with three new investors coming into an oversubscribed round, despite a wide-ranging automobile sales slump in India, according to The Livemint