1. ICICI Lombard to acquire Bharti AXA
ICICI Lombard is set to become the third-largest non-life insurer in India after its merger with Bharti AXA’s non-life insurance business. According to the deal, the shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them. Bharti Enterprises hold 51% of stake in Bharti AXA General insurance. The remaining 49% is held by AXA.
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2. Harley Davidson to exit India?
American motorcycle maker Harley Davidson is ready to scale down its operations in India. According to many sources, it is even pondering whether to exit the Indian market as a part of a global restructuring plan. Jochen Zeitz, company’s chairman, has already stated that Harley Davidson is thinking to focus on 50 markets which adds more on to their profitability and has high growth potential.
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3. PNB Q1 FY21 results: Net Profit falls by 70% due to high provisions
India’s second-largest public sector lender Punjab National Bank (PNB) reported a standalone net profit of Rs 308 crore. Operating profit grew by 2.5% to Rs 5280 crore. Total income also sees a rise to Rs 24290 crore during the first quarter. A major reason for the drastic fall in profits is high provisions for bad loans. PNB has made provisions worth Rs 4836 crore, double than the previous year. This has decreased its bottom line massively.
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4. Bharat Biotech gets approval of test administration of COVAXIN through skin
Hyderabad-based Bharat Biotech has received the government’s nod to test COVID-19 vaccine via the skin. This route is beneficial as it is less invasive and requires a lesser dosage. Delivering a vaccine through the skin is known as intradermal vaccine delivery. This makes Bharat Biotech the first Indian firm to test a probable COVID-19 vaccine in both intradermal and intramuscular methods.
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5. Power Ministry: Charge late fees less than 12% per annum
The Indian power ministry has asked the power generation companies to charge late payment surcharge on distribution companies. But has also advised them not to charge more than 12% due to the current financial stress amid COVID. Currently, this late payment surcharge goes up to 18% as well.
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6. Oil India Q1 Results: Revenue Down ~46%
OIL had a net loss of Rs 248.61 crore in the first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year. Revenue of Oil India was down 46.39% from Rs 3,506.6 crores in the same quarter last year to Rs. 1,879.9 crores. This loss is attributed to the slump in crude oil prices globally.
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7. NCLT to check SBI’s pleas against Anil Ambani for recovery of Rs 1,200 crore
The NCLT has ordered insolvency proceedings against Reliance Communications Chairman Anil Ambani to recover Rs 1,200 crore under the personal guarantee clause of the bankruptcy law. Anil Ambani had given a personal guarantee to the loans given by State Bank of India (SBI) to Reliance Communications and Reliance Infratel in August 2016. The NCLT ordered the appointment of a resolution professional and asked SBI to take the necessary action
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8. Yes Bank Sells Mutual Fund Business to White Oak Capital.
Yes Bank on Friday executed a definitive agreement for the sale of 100 per cent equity shareholding of Yes Asset Management and Yes Trustee to GPL Finance and Investments which is 99 per cent owned by White Oak Investment Management. It said the revenue contribution of Yes Asset Management in FY20 was ₹ 33 lakh and net worth contribution totalled ₹ 49.7 crore.
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9. Ashwani Bhatia appointed managing director of SBI
The government on Friday appointed Ashwani Bhatia as the managing director of lender State Bank of India. In May, Banks Board Bureau, headed by former Department of Personnel and Training Secretary B P Sharma, had recommended Bhatia for the coveted position.
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10. Government Plans intends Stake Sale In IRCTC
The government is planning to sell part of its stake in Indian Railway Catering and Tourism Corp (IRCTC) and has invited bids from merchant bankers for managing the sale process. The IRCTC OFS will help the government move closer to its Rs 2.10 lakh crore disinvestment target. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sale in financial institutions, as stated by MoneyControl.
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