Top headlines: Air India returns to Tatas; CEA Subramanian to step down

Business Standard brings you the top headlines on Friday

Air India returns to Tatas after group puts in winning bid of Rs 18,000 cr

The Centre will sell national carrier Air India to Tata Sons for Rs 18,000 crore, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said. This would put an end to the government’s prolonged attempt to sell and turnaround the airline.

The sale would be at an enterprise value of Rs 18,000 crore, out of which Rs 15,300 crore would be the debt retained by the winning bidder. Tata Sons will pay Rs 2,700 crore in cash. Read more

TCS Q2 results: Consolidated PAT rises 14% to Rs 9,624 cr, revenue up 17%

Tata Consultancy Services (TCS), India’s largest IT services players, for saw consolidated net profit grow by 14.1 per cent year-on-year at Rs 9,624 crore, and up 6.8 per cent sequentially. Revenue for the quarter grew 16.8 per cent year-on-year at Rs 46,867 and was up 3.2 per cent sequentially.

Total contract value (TCV) in Q2 came in at $7.6 bilion, H1FY22 TCV now stands at $15.7 billion, led by increased momentum in North America, BFSI, retail, manufacturing. Read more

K V Subramanian steps down as govt's chief economic adviser

Chief Economic Adviser (CEA) Krishnamurthy Subramanian on Friday announced that he is stepping down from his post following the completion of his three-years tenure. Subramanian, whose tenure is ending on December 6, stated that he has decided to return back to academia.

The announcement has come ahead of the Budgetary exercise for FY2022-23 starting from October 12. Sources indicated that government would soon start the selection process and invite application for new appointment on deputation basis. However even if his successor is appointed in time, he will have only a few months to pen economic survey of FY22. Read more

SIP inflows cross Rs 10,000 cr-mark for first time in a month in Sept

Inflows into the mutual fund industry through the systematic investment plan (SIP) route crossed Rs 10,000 crore for the first time in September. Investors opened over 2.6 million new SIP accounts during the month. The assets under management (AUM) of SIPs rose to Rs 5.44 trillion from Rs 5.26 trillion at the end of August.

SIP is an investing technique wherein the investor commits a fixed sum every month as opposed to investing a large sum at one go. Read more