Top 10 biz headlines: US grounds Boeing 737, BSNL bailout package, and more

From BSNL bailout package to Boeing 737 getting grounded in the US, BS brings you top 10 business stories that made news on Tuesday

1) RBI to hold quarterly meetings with banks' auditors, review governance

In a first-of-its-kind move, the Reserve Bank of India (RBI) is set to hold formal meetings with banks' auditors on a quarterly basis from April 1, making sharper the regulatory spotlight on them. Read more...

2) SpiceJet to seek compensation from Boeing after grounding 737 Max aircraft

SpiceJet will seek compensation from Boeing and demand credit on maintenance, repair, and overhaul for the 12 grounded 737 MAX aircraft. The airline, which had an aggressive expansion plan that banked on the delivery of the Boeing 737 Max, will now look to lease old planes. Read more... 

3) Wipro chairman Premji raises philanthropic contribution to $21 billion

The Wipro chairman has done this by additionally earmarking all economic benefits for philanthropic purposes in about 34 per cent of the shares in Wipro, held by certain entities controlled by him, the Foundation stated. Read more...

4) RBI to swap $5 billion with banks to aid system liquidity

The auction will happen on March 26 and the buy/sell swap will run up to March 28, 2022, or for a three-year duration. Read more...

5) US reverses course to ground Boeing 737s after pair of crashes

US regulators reversed course Wednesday and will ground Boeing Co.’s top-selling 737 Max family of airliners amid safety concerns about the crash of one of the planes in Ethiopia on Sunday, President Donald Trump said. Read more...

6) Govt asks IOC, ONGC to pay 2nd interim dividend to manage revenue shortfall

While IOC has called a board meeting on March 19 to consider paying a second interim dividend, ONGC has declined saying it does not have surplus cash to make such payments within a month of an interim dividend payout. Read more...

7) DoT mulls Rs 13,000 crore bailout package for debt-ridden BSNL

The proposal includes a voluntary retirement package of Rs 6,365 crore and an equity infusion of Rs 6,767 crore towards the allotment of 4G spectrum. Read more...

8) Zee may sell 20% stake to Sony for Rs 13,000 crore

Japanese electronics and entertainment giant Sony Corp. is in advanced talks to buy a stake in Subhash Chandra-controlled Zee Entertainment Enterprises Ltd (ZEEL) and form a strategic partnership, Livemint reported. 

9) HCL Tech acquires US-based firm

HCL Technologies (HCL) on Wednesday said it has acquired Strong-Bridge Envision (SBE), a digital transformation consulting firm with offices in Seattle, Denver, Atlanta, and New York City. With this acquisition, SBE will become part of HCL’s global Digital and Analytics business, reports Businessline. 

10) OYO-MakeMyTrip extend commercial agreement for a further five-year period. 

The agreement between the two Gurgaon-based companies, both leaders in their respective segment, was first inked in February last year, reports Economic Times.