News digest: LIC-IDBI bank deal, trade deficit, RBI data norms, and more

From LIC's turnaround for IDBI bank to Maharashtra allowing home-packed to theatres, BS brings you up to date with the latest news

LIC set to finalise turnaround plan for IDBI Bank

Life Insurance Corporation (LIC) is set to finalise its turnaround strategy for the beleaguered state-run IDBI Bank. The board of directors of LIC, which is meeting on Monday, is likely to give its nod to the proposal to increase the insurer’s stake to 51 per cent in the bank. Currently, the government owns 80.96 per cent of IDBI Bank, while LIC holds 10.82 per cent. Read more

Trade deficit widens to five-yr high

A sharp rise in crude oil bill led to India's trade deficit widening to a 61-month high in June, despite sustained growth in engineering and pharmaceutical products that boosted exports by 17.57 per cent.

The trade deficit increased to $16.61 billion, up from the $14.62 billion gap in May. This was primarily fuelled by a jump in crude oil imports, which rose more than 56 per cent to $12.72 billion in June, up from $11.5 billion a month back. Read more

IHH outbids Manipal to win Fortis

IHH Healthcare Berhad, one of the largest health care groups in the world, won the race to acquire India's second-largest health care network Fortis Healthcare Ltd (FHL), by outbidding the other contender, TPG-Manipal combine. IHH will invest Rs 40 billion, at the rate of Rs 170 per share, through a preferential allotment. Read more

Global majors seek US help on RBI data norms

Major US multinationals operating in India have sought the help of the US Treasury to ensure that strict local data storage norms of the Reserve Bank of India (RBI) are watered down.

Highly-placed sources said companies like Visa, Mastercard, American Express, PayPal, Google, Facebook, Microsoft and Amazon, as well as global banks, had several calls between themselves to form industry-level lobby groups opposing the RBI’s data localisation guidelines. Read more

Outside food gives multiplexes the jitters

Share prices of several multiplex companies fell sharply after a Maharashtra minister stated in the Assembly on Friday the government would allow people to carry outside food into cinema theatres. The move, if implemented, could severely hit cinema theatre operators, as sales of food and beverages contribute a sizable chunk to their revenues and profits. Read more