 "News digest: Stressed power assets, RIL market cap, fake news, and more")
SBI fixes plans for six stressed power assets
State Bank of India (SBI) has chalked out resolution plans for about half a dozen stressed power assets. But their future is still uncertain as other lenders are yet to come on board even as the Reserve Bank of India’s deadline for beginning insolvency proceedings ends on August 27. SBI is the lead lender, with an exposure of Rs 700 billion to these companies. Read more
RIL market cap tops Rs 8 trillion
Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock gained 1.9 per cent to close at Rs 1,270, valuing the Mukesh Ambani-led firm at Rs 8.05 trillion ($115 billion at current exchange rate of Rs 70.11 for a dollar). Read more
Chanda Kochhar report in 2 mths: ICICI chairman
ICICI Bank Chairman G C Chaturvedi said on Thursday the decision on the continuance of Managing Director (MD) and Chief Executive Officer (CEO) Chanda Kochhar (pictured) would be taken after the Justice B N Srikrishna panel report — probing certain allegations against her — is finalised, which is likely in two-and-a-half months. Read more
Rupee depreciation to add to India Inc’s borrowing woes
The ongoing depreciation of the rupee is set to make borrowings in foreign currency expensive for corporate India and impact bottom lines. Analysts say corporate houses will have to absorb this rise in costs, given limited borrowing opportunities in the domestic market. Read more
WhatsApp says can’t dilute privacy; govt firm on tracing
In a statement on Thursday, the California-based messaging platform said: “Requiring traceability would undermine end-to-end encryption and the private nature of WhatsApp, creating the potential for serious misuse.” Read more
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