Top headlines: Amazon to manufacture locally, SAT stays SEBI ban on Biyani

Amazon said it will begin making devices in India for the first time. More on that story and other headlines this evening.

Amazon said it will begin making devices in India for the first time, backing the government’s Atmanirbhar Bharat mission for economic self-reliance. Tata Group will buy a 68% stake in online grocery startup BigBasket for Rs 9,500 crore, said a TV news report. Here is more on those stories.

'Atmanirbhar' Amazon announces first device manufacturing line in India

E-commerce giant Amazon has announced its plans to begin manufacturing Amazon Devices in India. This is the first Amazon manufacturing line in India and reiterates the firm’s commitment to the Government of India’s ‘Make in India’ for an Atmanirbhar Bharat. The company did not disclose the amount it proposes to invest. Amazon will commence its manufacturing efforts with contract manufacturer Cloud Network Technology, a subsidiary of Foxconn in Chennai and start production later this year. Read more

India's NBFC stressed assets may hit Rs 1.5-1.8 trn by FY21-end: CRISIL
 

The stressed assets of finance companies in India are expected to reach 6-7.5 per cent of their overall assets under management by March, according to rating agency Crisil. Stressed assets are essentially the combined pool of bad loans and restructured credit. In absolute terms, the tally works out Rs 1.5-1.8 trillion. The maximum pain in expected to be in real estate segment. However, some regulatory steps to manage impact of pandemic like the one-time Covid-19 restructuring window, and MSME restructuring scheme will limit the reported gross non-performing assets (GNPA) though, the rating agency said. Read more

SAT stays SEBI's ban on Kishore Biyani, other Future promoters from markets

In a major relief for Future Retail CEO Kishore Biyani, the Securities Appellate Tribunal (SAT) has stayed the SEBI's order restricting him along with other promoters of the group from the securities market for alleged insider trading in the scrip of Future Retail (FRL). A company statement said the appellate tribunal has stayed the "effect and operation" of SEBI's order accusing the promoters of the Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017. Read more

Tata Group to buy 68% stake in BigBasket for Rs 9,500 crore: Report

India's Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 cr, television channel ET Now said on Tuesday, citing sources. The salt-to-software conglomerate has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India's booming e-commerce market. Read more

Contemplating 'some action' on regulating OTT platforms, Centre tells SC

The Centre Tuesday told the Supreme Court that it was contemplating "some action" on the issue of regulating OTT platforms such as Netflix and Amazon Prime. A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian, which was initially of the view that the petitioner should approach the government for the remedy, asked the government to file its response within six weeks to the PIL seeking OTT regulation by an autonomous body. Read more