Top headlines: Money laundering case on Franklin, APSEZ to buy 31.5% in GPL

Enforcement Directorate slaps money laundering case on Franklin MF

Franklin Templeton Mutual Fund (MF), which shut its six schemes in April 2020, is facing the heat from the Enforcement Directorate (ED) and the Securities and Exchange Board of India (Sebi).

According to sources, while the ED has registered a money-laundering case against the fund house and eight others, the market regulator has issued a show-cause notice and summons to the company and its key personnel who redeemed their investments days or weeks before the closure announcement. Read More
 

Adani Ports to acquire 31.5% in Gangavaram Port for Rs 1,954 crore

Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it is acquiring the 31.5 per cent stake of Windy Lakeside Investment in the Gangavaram Port (GPL) for Rs 1,954 crore. The acquisition, subject to regulatory approvals, is expected to expand APSEZ’s market share to 30 per cent across 12 locations in India. Read More
 

Govt non-committal on Jet Airways' historical rights on flight slots

The government has assured the National Company Law Tribunal (NCLT) that Jet Airways will have to reapply for the slots after the resolution plan gets approved the insolvency tribunal. Read More
 

Explained: What is NUE licence for retail payments and who's interested?

Customer retention, gains from float money and product innovation are the key reasons for banks to jump on the new for-profit platform for retail payments. Read more
 

Hero MotoCorp, Bajaj Auto offer steep discounts to push key segment sales

A stockpile of unsold inventory and weak demand have prompted two-wheeler makers including Hero MotoCorp and Bajaj Auto to offer steep discounts on their entry and executive models. This comes as a contrast to the January price hike meant to offset a sharp increase in input costs. The trend reflects that the pain is far from over for the world’s largest two-wheeler market. Read More
 

Govt may cut reserve price of spectrum ahead of the 5G auction: CLSA

The government may cut the reserve price of spectrum ahead of the 5G auction, given 63 per cent of spectrum remained unsold at this week’s auction, CLSA said in its investor note. The government had put 2,250 megahertz (MHz) of spectrum on offer. After the two-day auction, it sold 855.6 MHz. While the highest interest was seen in the 800-MHz, 1,800-MHz, and 2,300-MHz segments, airwaves in 700 MHz and 2,500 MHz remained unsold. Read More
 

Poll-bound states spend heavily this year amid ambitious Budget projections

States have generously expanded their Budget sizes and have projected a massive growth in expenditure this year, shows a Business Standard analysis of seven territorial Budgets presented to date. They project 13 per cent growth in revenue expenditure, or current spending items such as salaries, pensions, interest payments, followed by health and education sector schemes and other welfare areas.

But when it comes to productive spending such as that on roads and infrastructure, they have gone a step ahead to put on paper 42 per cent growth in capex. Read More
 

Flying with just a cabin bag will be 10-15% cheaper: Check details

Indian airlines are devising new fare structures where travelling without a check-in baggage may turn out to be 10-15 per cent cheaper. Last week, the Directorate General of Civil Aviation (DGCA) allowed airlines to unbundle services, including check-in baggage, implying airlines can charge for them as extra. Currently, it is compulsory for airlines to allow at least 15 kg of luggage without any charge. Read More
 

Job offers aplenty at top business schools, but salary growth muted

Job offers, led by management and strategy consulting firms, have been aplenty at the top business schools including the Indian Institutes of Management (IIMs) that have concluded their placement process so far. However, the Covid-19 pandemic has left its imprint across campuses as they have posted a muted salary growth in the 2021 final placements over last year. Read More
 

Adani Enterprises becomes third group firm to hit Rs 1-trn market cap

Gautam Adani-led Adani Enterprises joined the Rs 1-trillion-market capitalisation club after its shares touched a 52-week high of Rs 944.75 per share on the BSE. Shares of the company ended at Rs 918.65 on the BSE, up 5.28 per cent from Tuesday close with market capitalisation ending at Rs 1,01,034 crore. With this, the company is the third of Adani Group to have crossed the Rs 1-trillion market capitalisation. Read More