 "News digest: Govt bank stocks on fire, RBI hails bank recap plan, and more")
Govt bank stocks on fire after recapitalisation plan
An index of state-owned banks rallied an unprecedented 30 per cent — the biggest single-day spurt ever — and the benchmark indices climbed to record highs on Wednesday, reacting to the Cabinet nod a day earlier to Rs 2.11-lakh-crore bank recapitalisation plan and Rs 6.92-lakh-crore highway construction project. Read more
RBI, Centre see leap in economy
Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday hailed the government’s bank recapitalisation plan, terming it a “monumental step forward in safeguarding the country’s economic future”. Read more
GIP to buy global portfolio of Equis Energy for $5 bn
Singapore-based renewable energy company Equis Energy, which has close to 900 Mw of assets in India, would sell its entire portfolio of 11,135 Mw to Global Infrastructure Partners (GIP), a leading infrastructure investor, for $5 billion. This would be the largest deal in the renewable energy sector. Read more
No need for shareholder nod if NCLT clears resolution plan
In a letter to stakeholders, the Ministry of Corporate Affairs has said for the resolution plan to be approved, shareholders’ approval need not be sought separately. The ministry’s letter is in response to stakeholders, including lawyers asking for clarification on the issue. Read more
RCom to shut 2G biz; forces users to shift to 4G or port out
Anil Ambani-led Reliance Communications (RCom) has asked 60 per cent of its 81 million customers to migrate from using second generation (2G) services to 4G services, as it was shutting down the 2G business. This comes a day after the beleaguered company said it was shutting down its direct-to-home TV business. Read more
Partial privatisation of airports finds no takers
The Airports Authority of India’s (AAI’s) tender for privatising terminal operations at Ahmedabad and Jaipur airports did not receive a single response. The last date for submitting bids was October 20. Read more
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