Top Headlines: PSU privatisation, InterGlobe-UPS joint venture, and more

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PSU privatisation: Centre asks for legal declaration from bidders

After halting the privatisation of Central Electronics (CEL) and Pawan Hans over legal issues, the Centre has introduced changes in the privatisation process by seeking a legal declaration from bidders that they have not been convicted by any court, or indicted or received any adverse order from regulators for a grave offence. The changes have been introduced in the privatisation process, currently underway, for Ferro Scrap Nigam (FSNL). Read more...

The 5G leapfrog to 6G: New technology needs a 'whole-of-govt' ecosystem

Within a few days the Union cabinet will give the go-ahead for 5G auctions. Since Prime Minister Narendra Modi has last week made clear that the government will support the roll-out of 5G as an “important step toward self-reliance in critical and modern technology”, the timelines are going to hold. Given that, it is important now that the telecom regulator, Telecom Regulatory Authority of India (Trai), the group of secretaries, the Digital Communications Commission (DDC) and the Union cabinet get the prices and the range of airwaves offered to the industry just right. Read more...

InterGlobe, UPS in 50:50 joint venture to dive into India logistics market

Billionaire airline owner Rahul Bhatia’s InterGlobe Enterprises is foraying into a new business -- logistics and cargo. InterGlobe has formed a 50:50 joint venture with Atlanta-based logistics giant United Parcels Service (UPS). People aware of the development said that UPS was scouting for a local partner to grow its business in India which has largely stagnated when compared with its global peers like DHL and FedEx. UPS floated a company, Iris Transportation Service, in 2021 in which InterGlobe picked up a stake of 50 per cent around the middle of last year. Read more...

Passive funds set for boost as Sebi eases market making, NFO and ETF rules

The passive fund industry has received a major shot in the arm from the Securities and Exchange Board of India (Sebi), which industry players say, could help double assets under management (AUM) in less than five years. The market regulator has relaxed several rules around market making, launch of new fund offerings (NFOs) and promotion of debt exchange traded funds (ETFs) through a circular titled ‘development of passive funds.’ Read more...

Quad countries make $50-bn infra push for Indo-Pacific to counter China

As a counter to China’s Belt and Road Initiative, the Quad nations — India, the US, Japan and Australia — on Tuesday agreed to extend more than $50 billion of assistance to the Indo-Pacific region over the next five years to bridge the infrastructure gaps. “We reaffirmed our shared commitment to deepen cooperation on infrastructure, which is critical to driving productivity and prosperity in the Indo-Pacific region. We are committed to working closely with partners and the region to drive public and private investment to bridge gaps,” the Quad leaders said in a joint statement. Read more...

Adani Group companies' sky-high valuations unfazed by market correction

The recent correction in equity markets has done little to dent the sky-high valuation of Adani Group companies. Adani Group companies remain some of the most expensive stocks on the bourses, with a combined price-to-earnings (P/E) multiple of 105.3x and a price-to-book value (P/BV) ratio of 15.3x. The seven listed companies in Adani Group had a combined market capitalisation (m-cap) of Rs 14.44 trillion on Tuesday, against a combined net profit of Rs 13,715 crore in 2021-22 (FY22), and combined networth of Rs 94,442.5 crore at the end of FY22. Read more...