Top biz headlines: Solid start to Samvat 2076, GVK gets Rs 7,614 cr, & more

Markets start Samvat 2076 on a positive note; Sensex gains 192 points

Samvat 2076 started on a positive note for the equity markets with the benchmark Sensex ending the ceremonial one-hour-long trading session with a gain of nearly 200 points on Sunday. Across-the-board buying was seen with the broader market mid- and small-cap indices outperforming the benchmarks. After gaining as much as 344 points, the Sensex settled at 192 points, or 0.5 per cent, higher at 39,250, while the Nifty 50 index logged gains of 0.38 per cent, or 44 points, to end at 11,628. Read more

Govt plans to privatise 6 more airports, invest revenue in remote areas

The Centre has decided to privatise six more airports – Bhubaneswar, Indore, Trichy, Amritsar, Raipur, and Varanasi – as early as January next year. A draft cabinet note proposing to put up the airports for sale has been circulated and the Cabinet is likely to approve it by the first week of December. Read more

Govt plans to make commonly used drugs available at local retail outlets

If you have fever, you need to go to a pharmacy to get even a paracetamol, a common drug for fever and pain. But, the government plans to soon make such drugs available at local retail outlets, with their labelling containing important information — preferred dosage and side effects — in local languages. Read more

AGR shock for Vodafone-Idea balance sheet as promoters may not fund dues

The promoters of Vodafone Idea have indicated they are not liable for the Rs 28,300-crore dues imposed on the company because of the Supreme Court decision on the adjusted gross revenue (AGR) for mobile operators. This is likely to adversely impact Vodafone Idea balance sheet as the company will have to raise funds on its own books. According to the apex court judgment, telecom operators have three months to pay the AGR dues. Read more

Railways hails cab aggregators for parking slots; Uber, Ola not interested

A revenue churning plan for Indian Railways (IR) that would have hitched a ride with cab service aggregators Uber and Ola seems to have got derailed.

According to sources in the know, the two companies have informed IR that they will be unable to continue managing the designated spaces allotted by the national transporter for parking in key stations such as Bengaluru and Mumbai. Read more

GVK to sell 79% stake in airport business to 3 investors, raise Rs 7,614 cr

The GVK group will raise Rs 7,614 crore by selling 79.1 per cent stake in its airport business to three investors to pare debt and stave off the Adani group’s proposed acquisition in Mumbai airport. The group on Sunday announced signing off a definitive agreement with the Abu Dhabi Investment Authority (ADIA), PSP Investments of Canada, and the National Investment and Infrastructure Fund (NIIF) for selling stake in its airport business holding company. Read more

Jio's move to charge for off-network calls may help telcos raise tariff

After announcing that subscribers will have to get additional top-up recharges to make off-net calls to compensate for interconnect usage charges (IUC) paid by the operator, Reliance Jio has launched plans that come bundled with IUC usage. Read more

Mumbai pharma company gets licence for breakthrough TB drug

Global nonprofit drug developer TB Alliance has tied up with domestic company Macleods Pharmaceuticals to develop and commercialise its ‘breakthrough’ drug Pretomanid. The move will make treatment of tuberculosis (TB) simpler, accessible and affordable.

“The licensing agreement with Macleods will allow the company to market Pretomanid," Mel Spigelman, president and CEO, TB Alliance told The Times of India. 

FPIs infuse over Rs 3,800 crore into capital markets in October so far

Indian capital markets witnessed a net inflow of over Rs 3,800 crore by foreign portfolio investors in October so far on the back of steps taken by the government to revive domestic demand coupled with positive global cues. Read more

Cautious but confident, IndiGo betting big on international sector

Half of the total growth that domestic aviation market leader IndiGo expects this financial year will be in international sectors, said the airline’s chief commercial officer William Boulter. IndiGo has chalked out a cautious but well thought out approach for its international foray, he added. Read more