Top headlines: Fresh blow to Musk's India plans; IndiGo posts profit in Q3

Business Standard brings you the top headlines on Friday

Govt will wait for more suitors to sell BPCL, says DIPAM Secretary

India will not rush into selling the country’s second-biggest state refiner if it ends up with a lone suitor, according to the top bureaucrat overseeing asset sales.

“We need competitive bids, we can’t do it with a single bid,” Tuhin Kanta Pandey, secretary in the Department of Investment and Public Asset Management, said in an interview on the sale of Bharat Petroleum Corp. “In the expressions of interest, we have listed the people, multiple people. They must come in.” Read more here

IndiGo back in the black in Q3, posts net profit of Rs 130 cr

Airline major InterGlobe Aviation, which operates IndiGo flights, on Friday reported standalone net profit of Rs 130 crore for the quarter ending December 31, 2021 due to a rebound in travel demand during the holiday season, though fuel costs surged. It reported net loss of Rs 620 crore in the year-ago period. 

Revenue from operations rose 90% to Rs 9,295 crore as against Rs 4,910 crore in Q3FY21. Read more here

Tesla's call for tax breaks rejected by India in further setback

India turned down a demand of Elon Musk’s Tesla Inc. for tax breaks to import electric cars, saying rules already allow bringing in partially-built vehicles and assembling them locally at a lower levy.

“We looked at whether the duties need to be re-jigged, but some domestic production is happening and some investments have come in with the current tariff structure,” Vivek Johri, chairman of the Central Board of Indirect Taxes and Customs, said in an interview Thursday. “So, it is clear that this is not a hindrance.” Read more here

YES Bank ARC bid process enters final round as deadline ends Friday

The process to find investors for setting up an asset reconstruction company by Yes Bank enters the last stage with the deadline for submitting bids ending on Friday.

The private sector lender is planning to set up an asset reconstruction company to transfer its entire stressed pool of loans of Rs 50,000 crore so that its nonperforming assets become zero. Read more here