News digest: ATMs running dry, solar power projects, Fortis deal, and more

From ATMs running dry in many states to new bidder for Fortis Healthcare, BS brings you up to date with the latest news

ATMs running dry in many states: Govt, RBI step in to get cash flowing

The government and the Reserve Bank of India (RBI) have swung into action to address currency shortages in half a dozen states, caused by an increased demand due to ongoing crop procurement and the marriage season, besides non-functioning automated teller machines (ATMs).

The Prime Minister’s Office (PMO) on Tuesday held a meeting with Economic Affairs Secretary Subhash Chandra Garg and Financial Services Secretary Rajiv Kumar to take stock of the situation. Read more

With different ceiling rates, 7,670 MW solar projects on offer across India

A batch of solar power projects with a total capacity of 7,670 megawatts (MW) is set to be put out to tender in the next two months where the benchmark tariff will vary according to location. Also, there will be no viability gap funding for bidders, like earlier auctions, to quote lower than the market rate.

For a 3,000 MW project cluster (250MWx12), the maximum tariff payable is set at Rs 2.93 a unit for 25 years. Bidders will have to quote below the benchmark rate. Location of the projects and sale of power will be managed by Solar Energy Corporation of India (SECI), the nodal agency for tendering solar projects. Read more

Electrosteel Steels goes to Vedanta, first of 12 IBC cases resolved

The Kolkata Bench of the National Company Law Tribunal (NCLT) has approved Vedanta's resolution plan for Electrosteel Steels, paving the way for the debt resolution of the first of 12 cases mandated by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC).

The resolution plan, which was approved by a 100 per cent vote by the committee of creditors (CoC), will come into force with immediate effect, according to the NCLT order. The stipulated 270-day period, by when debt resolution for Electrosteel Steels was to be approved, ended on Tuesday. Read more

Fortis suitors' list gets longer with Fosun International's $350-mn offer

Adding to the list of bidders for Fortis Healthcare, Fosun Health Holdings Ltd (FHHL), a wholly-owned subsidiary of the Hong Kong Stock Exchange-listed Fosun International, on Tuesday made a proposal for primary infusion at Rs 156 a share, up to a total investment of $350 million (Rs 22.75 billion), including a preliminary investment of Rs 1 billion. Read more

Favourable monsoon forecast may have limited impact on markets: here's why

The S&P BSE Sensex has given average returns of 29.75 per cent during below-normal rainfall years – those in which rainfall is at least 10 per cent short of the long-period average (LPA), according to the India Meteorological Department.

Business Standard looked at monsoon data and the BSE Sensex’s performance over the past 15 years. Here is what we found:

The Sensex was up 13.08 per cent in 2004, when rainfall fell 13 per cent of the LPA. It rebounded 81.03 per cent in 2009 after the global financial crises, when rainfall fell short by 22 per cent. It again rose 29.89 per cent in 2014, when rains fell short by 12 per cent. The only exception was 2015, when the index fell 5.03 per cent, even as rainfall fell 14 per cent short. Read more