Top headlines: CIC structures on RBI's watch list; DLF to delve in Mumbai

From CIC structures of large groups on RBI's watch list to Pfizer working on cold storage issues to ensure temperature integrity, here are top headlines this morning

New bank licences: CIC structures of large groups on RBI's watch list

Large conglomerates’ compliance with the Reserve Bank’s guidelines on core investment companies (CICs) may receive closer scrutiny ahead of the grant of banking licences. The banking regulator’s August 13, 2020, circular had said the number of layers of CICs within a group (including the parent CIC) is to be restricted to two — irrespective of direct or indirect holding — and has to be adhered to by end of March 2023. Read More

CEA Subramanian asks NSC to make junked consumer spending report public

Chief Economic Advisor Krishnamurthy Subramanian has asked the National Statistical Commission (NSC) to make public the 2017-18 consumer spending survey data. “The government had decided to not release the consumer expenditure survey report. But, earlier this year, NSC Chairman Bimal Kumar Roy received a communiqué from the CEA’s office requesting the results be made public as it is used for analysis in the Economic Survey,” a top official aware of the development said. Read More

E-invoicing under GST pick up speed, posts 17% growth in November

E-invoicing under goods and services tax (GST), overcoming early hiccups, picked up pace right in the second month of its roll-out, with bill generation posting 17 per cent growth in November over the previous month. This paves the way for the second phase of e-invoicing, which is to make it mandatory for entities with a turnover of Rs 100 crore and more from January 1 and the rest from April 1 for business-to-business transactions. Read More

Pfizer working on cold storage issues to ensure temperature integrity

US pharma giant Pfizer is working out elaborate cold storage plans to ensure temperature integrity of its vaccine that requires to be maintained at -70 degree Celsius. Pfizer became the first vaccine maker to seek emergency use authorisation (EUA) from the Drug Controller General of India (DCGI). It applied for approval of its mRNA vaccine candidate, co-developed with BioNTech, on December 4. Read More

After NCR, DLF to delve into Mumbai, Chennai residential-property markets

DLF, the country’s largest listed developer, could again diversify into residential-property markets such as Mumbai and Chennai after focusing on its home turf, the National Capital Region (NCR). The developer started concentrating on Delhi-NCR after selling some of its land parcels in cities such as Mumbai in 2012 to reduce debt. Read More

M-cap: Six of top 10 valued domestic companies add Rs 91,629 crore

Six of the top-10 most valued domestic firms added Rs 91,629.38 crore cumulatively in market valuation last week, with ICICI Bank and Tata Consultancy Services clocking maximum gains. During the last week, which was holiday-truncated, the Sensex rallied 929.83 points or 2.10 per cent. Read More
 

Pfizer, BioNtech in final stages of talks with WHO to join Covax alliance

Pfizer and BioNtech are in the final stages of talks with the World Health Organisation (WHO) to join the Covax alliance for coronavirus vaccines, Soumya Swaminathan, WHO chief scientist, told Business Standard. “Discussions are going on with Pfizer and it should be finalised in two days. We cannot tell the number of doses or pricing of the vaccine at this stage,” Swaminathan said. The Covax alliance, of which India is a member, is a specially created financial instrument to help countries get equitable access to Covid-19 vaccines. Read More

JM Financial Services to use AIFs to grow distressed asset business

JM Financial Services group is tweaking its strategy to grow distressed asset business. It will increasingly use alternate investment fund (AIF) to expand this business while putting less emphasis on asset reconstruction company (ARC) route. The company does not want to have high leverage in ARC business due to delays it faced from the National Company Law Tribunal (NCLT) as well as other resolutions. The interest costs hurt a lot in terms of profitability. Read More

India plans to allow relinquished coal-fired plants to sell power

India's power ministry proposes letting coal-fired power plants keep selling power after completing their agreements with buyers, a letter seen by Reuters shows, despite national promises to close old plants to curb pollution. The proposal, if approved, would help old coal plants earn additional revenue, increase liquidity in short-term power markets and help distribution companies in states facing a power deficit access cheaper power, the ministry said in the draft proposal dated Friday. Read More