Top biz headlines: Jet lenders weigh auction, Tata hikes car prices, more

From Tata Motors car price hike to decline in automobile production, BS brings you top 10 business stories that made news on Saturday

Lenders to cash-strapped Jet Airways weigh open auction process

Lenders to cash-strapped Jet Airways plan to sell their stake in the airline through an open auction process over the next two months, seeking maximum value for the asset.

In the meantime, the consortium led by State Bank of India will provide emergency funding of around Rs 1,500 crore to bring operations back to normal, in phases. A senior executive of a large public sector bank said this is a transitory arrangement in which the lenders will acquire control, run the process of transparent bidding, and receive final bids by the end of April. Read more...

Shell out up to Rs 25,000 more for Tata Motors cars from April 1

All Tata Motors cars will be costlier by up to Rs 25,000 from April 1, the carmaker said on Saturday.

Mayank Pareek, president of the passenger vehicles (PVs) unit at Tata Motors, said the changing market conditions, rising input costs, and various external economic factors had compelled it to consider the price hike. Read more...

Rs 8,100 cr bank fraud case: ED to send LRs to 21 countries for assistance

A Delhi court has allowed the Enforcement Directorate to send letters rogatory (LR) to 21 countries, involving the UK and the UAE, seeking assistance in the probe of a Rs 8,100 crore bank fraud case involving Gujarat-based Sterling Biotech Ltd. Read more...

No penal action against social media executives over traceability

The Centre is not considering to take any penal actions on executives of social media firms for traceability of messages under the proposed changes to the intermediary rules, an official from the Ministry of Electronics and Information Technology (MeitY) said. Read more...

Banks flag 'tardy' work, piling-up of cases at debt recovery tribunals

The mounting pressure on banks to improve financial profile through recoveries has prompted lenders to send an ‘SOS’ to the finance ministry on the tardy decision making and pile-up of cases at the Debt Recovery Tribunals (DRTs) and its appellate forum the Debt Recovery Appellate Tribunal (DRAT). Read more...

Automobile production, domestic sales decline marginally in February

Production of automobiles, excluding commercial vehicles and three wheelers, has seen a marginal decline of 2.2 per cent to 2.27 million units during February compared to 2.32 million during the same month of last year.

While sales during the month also saw a decline of 3.6 per cent to 1.89 million units in February this year. Read more...

Wall Street tumbles as bond market flashes a recession warning

The bond market smells a recession. On Friday, stock investors caught a whiff, too.

Economic forecasters and Wall Street traders have been watching for months as interest rates on long-term United States government bonds have dropped toward the rates on short-term debt. Read more...

Karnataka open to talks with Ola

Karnataka kept the door open on Saturday to talks with local ride-hailing service Ola to avoid a ban that could help rival Uber build market share.

Karnataka earlier this week issued a notice to suspend Ola's licence for six months for violating government rules by running motorcycle taxis which are not allowed for safety reasons. Read more...

Hinduja family richest Asians in Britain, worth 25 billion pounds: Report

Leading London-based NRI industrial tycoons, the Hinduja family top the Asian Rich List 2019 for the sixth successive year with an estimated net worth of 25.2 billion pounds, an increase of over 3 billion pounds over the previous year. Read more...

Trai official: No government reference on 4G airwave for state-run telecom firms 

The telecom regulator has not received any communication from the government seeking its view on allotment of 4G airwaves to state-run telecom companies BSNL and MTNL, a senior official told the Economic Times.