Top 10 business headlines: Sovereign bond issue, IndiGo crisis, and more

From sovereign bond issue to Medanta's acquisition, Business Standard brings you the top headlines that made news on Monday

Govt may issue sovereign bonds in phases, first lot to be of $3-4 billion

In a bid to set a benchmark and create a market for its planned overseas sovereign bonds this year, the Narendra Modi government is likely to make its first tranche of the maiden issue no less than $3-4 billion. The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York and others. Read more...

MFs differ with banks over DHFL resolution, may opt for the DRT route

Mutual funds (MFs) that have exposure to beleaguered Dewan Housing Finance Corporation (DHFL) are likely to break ranks with banks and are weighing the option of going to the Debt Recovery Tribunal (DRT) to settle matters. A meeting is now scheduled between banks and MFs to find a path that can secure the interests of both sets of players. Read more...

India’s exports fall 9.7% to $25 billion in June as key sectors fare poorly

Export growth hit a 41-month low in June as poor performance plagued all major foreign exchange earners including petroleum oil, gems and jewellery, and engineering goods. Imports also dipped by 9.06 per cent, a 34-month low in June. Consequently, the trade deficit went down by nearly 8 per cent to $15.28 billion in June, a three-month low. Read more...

Mindtree employees worry over work culture shift as L&T takes charge

For most Mindtree employees, it’s business as usual on the main campus in Bengaluru despite the company going through a change of ownership. The only concern for them is whether L&T, with majority control, will maintain the work culture of Mindtree or try to impose its own on this mid-tier information technology firm. Read more...

How mistrust, tussle for control led to feud between two IndiGo co-founders

The two men met in the late 80s when Rahul Bhatia was a general sales agent for an American airline in India and Rakesh Gangwal worked at the same airline in the US. By the late 1990s, the two had struck up a friendship that eventually became a deep bond. So when Bhatia wanted to set up IndiGo Airlines, it was only natural that he would ask his friend Gangwal, who had built up a formidable reputation in the American aviation industry, to join him. Read more...

BHEL struggles in next-gen market as slowdown continues in power sector

Once having a monopoly on the supply of equipment and services to thermal power units in India, Bharat Heavy Electricals (BHEL) is now struggling to find a market for itself. Tough times are likely to continue for BHEL, one of the country's largest engineering and manufacturing companies, in view of late diversification and slowdown in the power sector. Read more...

Q1 results preview: Poor sales likely to dent earnings of auto companies

Earnings of automobile companies in the April-June quarter (Q1) of 2019-20 (FY20) are likely to be severely hit by poor sales volumes in the three months. The sales in this quarter are among the worst in over a decade. Read more...

Byju’s valuation soars by $2 billion since start of latest funding round

The valuation of Byju’s surged by $2 billion to $5.5 billion in its ongoing Series F funding round, an unprecedented jump within a single round, as investors clamoured for a piece of the education startup that has reported dizzying growth, said the LiveMint report.

PSP Investments ties up with ADIA & NIIF to invest in GVK Airport Holdings Ltd

Canada’s Public Sector Pension Investment Board (PSP Investments) is joining forces with the Abu Dhabi Investment Authority-National Investment and Infrastructure Fund consortium to buy 49% of GVK Airport Holdings Ltd for about Rs 6,000 crore, people directly involved in the deal said, reported Economic Times.

Manipal Hospitals set to buy Medanta for Rs 6,000 crore

Barring a last-minute hitch, Manipal Hospitals is all set to acquire one of the leading hospital chains in the country, Medanta, for Rs 5,500-6,000 crore with almost all the hurdles having been cleared for the takeover, including necessary due diligence of the healthcare major, reported HinduBusiness Line.