Top headlines: NSE in firefighting mode, super app space heats up

Business Standard brings you the top headlines at this hour

Indian banks boost their technology spending to tackle the challenge posed by upcoming "super apps" that are backed by large conglomerates like the Tata Group and Reliance Industries. Meanwhile, tensions in Europe stay elevated even as US President Biden and Russian President Vladimir Putin agree in principle to a summit over Ukraine. Head further down for more on these stories and other top headlines from our morning newswrap.

NSE in firefighting mode to minimise reputational harm after Sebi's order

The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India’s (Sebi’s) order against its former managing director and chief executive officer Chitra Ramkrishna and others.

According to sources, the exchange’s management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don’t get impacted, they added. Read more
 

IPO-bound LIC's FY21 profit picture not so pretty compared to size

The Life Insurance Corporation (LIC) will be the country’s largest company in terms of revenue and assets when it lists on the stock exchanges, but it will count as a mid-size company in terms of profit and net worth.

The insurance behemoth reported revenues of around Rs 7.04 trillion in FY21, nearly 40 per cent more than those of Reliance Industries Ltd (RIL), which topped the charts in the listed space with Rs 5.05 trillion last financial year, while LIC’s assets, at Rs 37.46 trillion, were nearly three times those of RIL. Read more
 

Banks boost tech spend as super app space gains momentum in India

As the super app space continues to gain momentum in India, with conglomerates like the Tatas, Reliance and Adani planning to launch them, Indian banks are also bracing themselves for the challenge posed by these firms by increasing their spending on technology. A 'super app' is an application that allows users to access a number of services under one platform. Read more
 

Biden and Putin agree in principle to Ukraine summit: Macron's office

U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, the office of French President Emmanuel Macron said, provided Russia does not invade its neighbor.

In a statement released early Monday, the Elysee Palace said Macron had pitched both leaders on a summit over "security and strategic stability in Europe." Read more
 

Reliance Industries set for face-off with Amazon over IPL telecast rights

Amazon’s rivalry in India with oil-to-retail conglomerate Reliance Industries (RIL) looks set to head to the cricket field, where they will likely battle media heavyweights for telecast rights to India’s premier cricket league with its hundreds of millions of viewers. Read more