Top headlines: 3 MPC members to get extension; LIC IPO unlikely this fiscal

From Infosys hinting at acquisitions to Centre seeking Parliament nod for additional Rs 1.67 trillion expenditure, here are top headlines this morning

Three external members of MPC may get a short extension next week

The government is exploring the possibility of granting a short extension to the three external members in the rate-setting Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) beyond their four-year term ending next week. The pandemic situation has prompted the move even as the search committee is looking for fresh external candidates, according to the government sources. Read More

We're open to making large acquisitions: Infosys CEO & MD Salil Parekh

Infosys is on a much stronger wicket today than where it was a few years ago, despite the impact of the Covid-19 pandemic on the business, says its CEO & MD SALIL PAREKH. In an interview to Bibhu Ranjan Mishra & Sai Ishwar, Parekh talks about the company's plans with regard to salary hike deferment, fresher hiring, acquisitions, and much more. Read More

LIC IPO unlikely this fiscal year due to delay in valuation process

The much-awaited initial public offering (IPO) of Life Insurance Corporation of India (LIC) is unlikely to happen this financial year, primarily due to an expected delay in the valuation process. There is a growing realisation in the government and LIC about this. “The appointment of the asset valuer, which is perhaps the most crucial part of the pre-IPO process, is still pending. Read More

Govt seeks parliamentary approval for additional Rs 1.67 trn expenditure

The central government on Monday sought Parliament nod to incur additional expenditure of Rs 1.67 trillion for 2020-21 (FY21) to recapitalise banks, fight Covid-19, and fund various welfare schemes announced for vulnerable sections. The first batch of supplementary demand for grants, tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman, entails additional expenditure of Rs 2.36 trillion. Read More

Telcos must fork out Rs 44,000 crore to replace expired spectrum

The country’s top three telecom companies (telcos) will have to spend a minimum of around Rs 44,000 crore merely to replace the spectrum they hold, directly or through sharing, and which expires next year. With the government getting 25 per cent of the money upfront, this constitutes one-third of the estimated industry earnings before interest, tax, depreciation, and amortisation of Rs 33,981 crore, based on Cellular Operators Association of India estimates for 2019-20.  Read More

Anil Agarwal's Vedanta sole bidder for Videocon's 25% in Ravva oil block

Anil Agarwal-led Vedanta is the sole bidder for Videocon’s 25 per cent stake in the Ravva oil and gas field located in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India. Videocon is undergoing insolvency proceedings at the NCLT with a separate bidding process being undertaken for the Ravva block. Read  More

Govt planning to absorb large portion of Air India's debt to woo buyers

In a significant departure from its earlier stance, the government is mulling to absorb a large portion of national carrier Air India’s debt which is backed by aircraft. The debt, which amounts to around Rs 23,286 crore, is mainly on the account of aircraft purchases, which are backed by sovereign guarantees. Read More

High food prices keep India's retail inflation above 6% in August

The consumer price index(CPI)- based inflation came in at 6.7 per cent for August, from 6.73% in July, courtesy food inflation refusing to soften below 9 per cent. India’s economy now struggles to cope with low growth and high inflation five months into the Covid-19 pandemic. Read More

Covid-19 impact: India's economy to contract 9% in FY21, says S&P

Standard & Poor’s (S&P) has revised the rate of fall in gross domestic product (GDP) to nine per cent for the current fiscal year from the 5 per cent it estimated earlier. It assessed that impact of the rising Covid-19 cases on private spending and investment will be for a longer period than what was expected earlier. Read More