Top 10 biz headlines: LIC equity takes hit, rising crude prices, and more

From LIC equity kitty taking a hit to crude oil prices rising due to shortage in supply, here are the top 10 business headlines on Tuesday

LIC equity kitty takes Rs 57,000 crore hit in Q2FY20 amid market weakness

Selling pressure on frontline stocks and weakness in broader markets have weighed on the equity portfolio of Life Insurance Corporation (LIC) to the tune of Rs 57,000 crore in the current quarter. The insurer is known for making large equity investments, and has substantial holdings in many companies. Read More

FinMin plans to release unspent money, boost demand amid economic slowdown

The finance ministry is working out a mechanism to release the money, stuck after it sanctioned the amount to other ministries and departments for various projects and schemes, to prop up the sagging economy. Read More

No slowdown in online consumer spending in India, say Amazon and Flipkart

Amazon and Walmart, rivals in the US and many other parts of the world, are on the same page in shrugging off slowdown blues in India. In the run-up to its festive sale, Seattle-based Amazon said there was no slowdown in online consumer spending in India. Read More

Crude shock: Rise in oil prices may deepen India's auto crisis, say experts

Spike in international crude oil prices, following a drone attack on Saudi Arabia’s largest oil production facility, has come as another blow to India’s beleaguered automotive sector. The attack and the resulting cut in Saudi crude oil production led to a 20 per cent spike in Brent crude oil — the benchmark used to price Indian’s oil imports. Read More

Mega merger of PSBs: What happens to their names, logo and identity?

Branding may become one of the most debatable issues in the mega merger of public sector banks (PSBs). Among other committees formed by banks to implement the merger is a committee on branding, which will look into the issue of logo and name of the bank, said the head of a PSB. Read More

Beyond click of a button: Flipkart, Amazon teach customers how to shop

While the aggressive push towards digital inclusion may have driven millions to explore the cavernous depths of the internet, it has not been as easy leading them down the gilded hallways of e-commerce. A plethora of reasons keep customers disengaged from the final transaction; ignorance about the process or about the product, a complex payment process or varying levels of literacy, everything turns into a friction point that the e-commerce companies are now trying to tackle. Read More

BHEL, BSNL, Coal India warn of pay cuts after unmet targets, cash crunch

Facing a severe cash crunch and failure to meet targets, several public sector units (PSUs) have started putting in austerity measures and pressuring employees to tide over the situation. Bharat Sanchar Nigam Ltd (BSNL) has moved to impose a penalty recoverable from staff salary in proportion to non-achievement of targets. Read More

Public sector banks seek relaxation on risk weight for NBFC loan purchases

Public-sector banks (PSBs) have sought a relaxation in risk weight for retail loans they will buy from non-banking financial companies (NBFCs) under a partial credit guarantee scheme backed by the government. Banks have to set aside capital for loan exposures based on the risk weight linked to an asset class. Read More

Oyo founder’s $1.5-b stock buyback plan gets CCI nod

The Competition Commission of India has given the approvals to Ritesh Agarwal, group chief executive of hospitality chain Oyo Hotels & Homes, to undertake a $1.5 billion stock buyback, along with pumping in an additional $500 million into the Gurugram-headquartered company, Economic Times reported. The approval from the country’s antitrust regulator, which is believed to have come in earlier this week, will allow Agarwal to facilitate an ambitious and unprecedented transaction through a Cayman registered entity, RA Hospitality.

On-road cost of PVs heads north as nine states raise road taxes

At a time when high ownership costs and liquidity tightening in the domestic market have put the brakes on automobile sales, as many as nine states including Punjab, Kerala, J&K and Bihar have increased road taxes, raising further on-road cost of passenger vehicles for customers, reports Economic Times. Higher road taxes have increased the on-road price of a car by Rs 5,000- Rs 57,000 depending on the model and the geography, shows data available with market leader Maruti Suzuki.