Top 10 biz headlines: YES Bank to raise $1 bn, spectrum auction, and more

From YES Bank pursuing to raise $1 billion to spectrum auction not finding many takers, here are the top 10 business headlines on Monday

YES Bank plans to raise $1 billion by December through rights issue

YES Bank is looking at raising $1-1.2 billion by December through a fully underwritten rights issue. According to an investment banker, the bank has received an interest from both global private equity players and Indian family offices. Read More

Not just 5G spectrum, even 700 MHz band auction may find few takers

Forget 5G spectrum. Even the premium 700 megahertz (MHz) band may find few takers in the upcoming spectrum auctions since the network equipment and handset compatibility with the premium band are not in place, not to mention the highly leveraged companies shying away from further investments. Read More

Subsidy on kerosene may go by FY21 as fuel consumption shifts to LPG

The government is planning to bring down the allocation of subsidised kerosene that it makes to states to 2 million kiloliters (kl) by 2020-21 and phase out subsidy on the fuel in the same period. Read More

Corporation tax cut: JSW Steel eyes special purpose vehicles for expansion

JSW Steel may consider setting up special purpose vehicles (SPVs) for expansion to take advantage of the government’s corporation tax incentive. JSW Steel’s Joint Managing Director and Group Chief Financial Officer Seshagiri Rao said the company would consider this alternative model for any future expansion beyond 13 million tonnes (mt) at Vijayanagar and 1 mt each at Salem and 10 million tonnes at Dolvi. Read More

Embassy Parks to invest $300 mn to build warehousing, logistic projects

Embassy Industrial Parks will invest about $300 million (about Rs 2,100 crore) in three years to develop its logistic and warehousing projects, a top company official said. Read More

Apollo expects profit margin to increase 15% with new hospitals

Apollo Hospitals Enterprise (AHEL) is expecting a significant rise in revenue and margins from hospitals it has set up in recent years. It has added 13 new ones in the past couple of years, investing around Rs 2,000 crore. Read More

Domestic IT services companies increasingly absorbing staff of clients

Continuing with their global approach, domestic IT services companies are increasingly absorbing employees of their clients in India in order to bag large outsourcing contracts. Read More

Toyota Kirloskar Motor initiates VRS for employees at Karnataka unit

Toyota Kirloskar Motor (TKM) has initiated a voluntary retirement scheme for the employees of its manufacturing facility in Bidadi, Karnataka. The firm has commenced the scheme for its unionised employees and supervisory category with a minimum of five years of service at the plant. Read More

Only 10% of Indian CEOs confident about reliability of AI applications: PwC

Only 10 per cent of Indian CEOs are confident about the reliability of their artificial intelligence (AI) applications, according to PwC India. Read More

India ‘Vindicated’ on WhatsApp Traceability After US, UK, Aus Write to Facebook: MeitY

The government of India has said its position on traceability on WhatsApp has been “vindicated” following a Friday letter sent to Facebook CEO Mark Zuckerberg by key officials of three countries, reported Economic Times. The letter largely dealt with concerns around Facebook’s privacy-centric plans, which include end-to-end encryption across its suite of messenger-based applications, including WhatsApp.