Top headlines: Analysts have eyes on RIL AGM; small firms get more say

Business Standard brings you the top headlines on Thursday.

Top headlines Thursday morning: Analysts expect Amarco deal update at Reliance Industries AGM. The  government expands defintion of small firms. 

Analysts expect Aramco deal update, other products in RIL AGM

The upcoming annual general meeting of Reliance Industries (RIL), scheduled to be held on June 24, will be a keenly watched event, according to analysts where the company is touted to spell out its plans for the oil-to-chemical (O2C) telecom, digital and retailing verticals.

Investors now expect RIL to give direction to these businesses and announce ground breaking products. There is also expectation of some update on Saudi Aramco deal and speculation that the Chairman of Saudi Aramco may join RIL’s board,” wrote Thomas C. Hilboldt, head of resources & energy research for Asia Pacific at HSBC. Read more

BEML buyer may face restriction on raising capital for a few years

The new buyer of BEML may not be able to raise capital from the market for a few years after the company's privatisation. The government will include such a clause in the draft share purchase agreement (SPA) and request for proposal (RFP) for BEML.

The government plans to sell 26 per cent out of the total 54.03 per cent stake it holds in the defence public sector company, along with transfer of management control. Read more

CoC rejects DHFL's proposal for raising payout to small investors

The committee of creditors (CoC) of the beleaguered home financier Dewan Housing Finance Corporation (DHFL) has rejected the proposal to increase the payout to small investors.

 The CoC — by an overwhelming majority of 89.19 per cent — rejected the proposal to increase the payout as suggested by the National Company Law Tribunal (NCLT). While the bankruptcy tribunal approved the overall plan, it had asked for reallocating funds to fixed-deposit (FD) holders and small investors. Read more

MCA expands small firm definition, raises turnover and borrowing limits

The ministry of corporate affairs has expanded the definition of small and medium companies (SMC), raising their turnover and borrowing limits. This would enable a wider set of companies to avail of greater flexibility in the accounting standards, according to a notification issued on Wednesday.

The 388-page notification has defined small and medium companies as unlisted entities which are not banks, financial institutions or insurance firms and have a turnover of up to Rs 250 crore and borrowings up to Rs 50 crore in the immediately preceding accounting year. Read more

Vaccination in key states dipped before and after Monday

Two of the three top contributors to Monday’s record vaccinations also saw double-digit declines in jabs on multiple days before the surge. Madhya Pradesh, Karnataka and Uttar Pradesh accounted for over 40 per cent of Monday’s record-setting 8.7 million vaccinations.

The top state Madhya Pradesh also recorded over one million vaccinations on Wednesday as per provisional evening numbers, accounting for 17.6 per cent of the 5.97 million doses given nationally. Read more