Top headlines: LIC IPO, govt's NHAI success, Covid mortality, and more

Business Standard brings you the top headlines on Monday

Over Rs 30,000 cr funds blocked in LIC IPO could hit other offerings

The initial public offering (IPO) of Life Insurance Corporation (LIC) — India’s largest-ever for the domestic markets — will close on Monday. So far, the issue has attracted bids worth over Rs 30,000 crore and expectations are that the figure could top Rs 1 trillion. The IPO’s popularity, particularly among retail investors, could weigh on the subscription figures of three other issues that also close this week. As a lot of funds will be blocked in LIC’s IPO, the capital available to invest in other issues could be constrained, said industry players. Read more...

Govt seeks to replicate NHAI success with InvITs at railways and ports

After the success of infrastructure investment trusts (InvITs) achieved by the National Highways Authority of India (NHAI) and PowerGrid, the Centre is laying the groundwork for similar InvITs for railways, shipping, gas pipelines, and other sectors, as part of the Rs 6-trillion National Monetisation Pipeline (NMP). The finance ministry has been nudging various infrastructure line departments and there have been close examinations of InvITs in the Ministries of Railways and Shipping, and GAIL (India), among others, Business Standard has learnt. Read more...

Sebi scanner on more front-running ops by domestic fund managers

Markets regulator Securities and Exchange Board of India (Sebi) is examining allegations of front-running and other irregularities against a host of domestic fund managers across the asset management industry, said people in the know. Developments at Axis Mutual Fund have prompted the regulator to speed up probe to ensure that there is no drop in confidence in the Rs 39-trillion mutual fund (MF) industry. “We have received complaints against a few fund managers and are looking into possible violations, including those related to code of conduct,” said a regulatory source, refusing to divulge names of fund houses as things are at a preliminary stage. Read more...

Telecom operators, manufacturers spar over importing PON equipment

A bitter battle is brewing between telecom operators and equipment makers over the contentious issue of importing passive optical network (PON) equipment, which is installed in premises as well as in the exchange and is crucial for enabling high speed fixed broadband in homes. The Telecom Equipment and Services Export Council (TEPC) — set up to promote telecom exports — has sided with equipment makers in rubbishing claims by telecom operators that the former are unable to supply them with the 80 lakh PON equipment which they require in the next year. Read more...

Coronavirus: Decoding India's 'excess mortality' according to WHO estimates

The ‘excess mortality’ figures released by the World Health Organisation (WHO), which put India at the top of the pecking order globally, reveal that neighbouring countries had a lower mortality rate. Experts slug it out amongst themselves on the methodology adopted by the global agency. Countries like Pakistan, Bangladesh, Nepal, which have similar demographics and economic background as India have been estimated to have lower mortality rates than us, or countries with older people cohorts reporting lesser mortality. A Business Standard analysis found that most of the countries with an older cohort of population and higher in the development index had a lower excess mortality rate than India. Read more...

The small made-in-India aircraft Dornier hopes to become UDAN's wings

A small aircraft harbours big ambitions of making the government’s UDAN dream soar. The twin-engine, 17-seater, made-in-India Dornier 228, which has for years been a trusted ride of soldiers, bringing them home from remote locations where airstrips are small or semi-prepared, has been on commercial jaunts in Arunachal Pradesh and Assam for Alliance Air since April. It’s a first for a made-in-India aircraft to fly commercial. So far, the Dornier 228 (Do-228) was being manufactured under licence from Swiss aerospace engineering and defence company RUAG, with Hin­dustan Aeronautics Ltd (HAL) supplying the fuselage, wings and tail unit from its facility in Kanpur, Uttar Pradesh. The aircraft would then be assembled at RUAG’s facility in Oberpfaffenhofen, Germany. Read more...