Top headlines: Employees bid for Air India, WPI inflation rises in Nov

Business Standard brings you top news of the evening

209 Air India employees submit EoI for 51% stake in national carrier

A group of 209 Air India employees has submitted an expression of interest for the national carrier in partnership with a private financier. The bid process is being led by Meenakshi Mallik, who is the current commercial director at Air India. “We have submitted an EoI along with a partner who will give us financial backing,” Malik confirmed to Business Standard refusing to disclose further details as they are confidential. While the bidding conditions of Air India allows bid by employees, disinvestment guidelines mandate that the company will not be able to partner any private company. It has to partner with either a bank or a financial institution. Read more

November WPI inflation at nine-month high even as food prices moderate

The wholesale price index-based inflation rate rose to a nine-month high of 1.55 per cent in November even as the rate of food price rise narrowed substantially to 3.94 per cent from 6.37 per cent in October. In fact, onion, which bore the brunt of rising inflation rate in recent months, saw deflation or fall in prices in November at the rate of 7.58 per cent. November was the fourth month in a row with WPI inflation. Before that there was deflation or fall in prices for months at a stretch. Read more

Ola to invest Rs 2,400 cr for 'world's largest' e-scooter factory

Ride-hailing firm Ola said on Monday it planned to invest Rs 2,400 crore to set up a factory for electic scooters in Tamil Nadu, adding it would be world's largest. The SoftBank-backed company aims to make India a manufacturing hub for electric vehicles. Ola has signed a memorandum of understanding with the Tamil Nadu government for this facility. Upon completion, the factory will create almost 10,000 jobs. It will be the world’s largest scooter manufacturing facility, which will initially have an annual capacity of 2 million units. Read more

Apple probing if Wistron facility in India flouted supplier rules: Report

Apple Inc is probing if its Taiwanese contractor Wistron Corp flouted supplier guidelines at a violence-hit iPhone manufacturing facility near Bengaluru, the Economic Times said, citing people familiar with the development. Over the weekend, several media reports said workers upset about working hours and payments trashed a Wistron factory and about a 100 people were detained. Wistron is one of Apple's top global suppliers. In India, its makes iPhone 7 and the second generation iPhone SE devices. Read more

Burger King more than doubles in stellar market debut. Should you stay put?

Shares of Burger King India (BKIL) made a strong market debut at the bourses on Monday as the stock of the quick-service restaurant (QSR) more-than-doubled against its issue price. The stock ended at its 20 per cent upper circuit limit of Rs 138.40, a 131 per cent premium over its issue price of Rs 60 on the BSE. On the NSE, the stock ended at Rs 135, up 125 per cent against its issue price. The stock got listed at Rs 115.35, a 92 per cent premium over its issue price on the BSE. On the NSE, it debuted at Rs 112.50, a premium of 87.5 per cent. Read more