Top headlines: Govt to list SOP for IT rules; Jet Airways assured of slots

Top headlines at this hour: Companies raise prices as input costs rise; Jet Airways new owners hear good news from airports.

Companies in durables, paint, and consumer staples are raising product prices by 2-5 per cent as input cost pressures increase. The new owners of Jet Airways have got an assurance from 30 airports for slots. Here is our pick of top headlines this morning. 

India Inc go hike prices as input cost pressures increases

Companies across categories such as durables,consumer staples and others are raising product prices by 2-5 per cent as input cost pressures increase. While palm oil used unmaking soaps has come off its peak and metal prices are showing signs of cooling off, but crude oil continues to remain volatile. In the past one month the benchmark Brent crude price has risen 7 per cent. Metals such as aluminium, lead, nickel, and tin are up between 7 per cent and 13 per cent in three months and between 5 per cent and 55 per cent in six months. Read more

Govt to come up with SOPs on the new IT rules

The government will bring out a standard operating procedure (SOP) on the new Information Technology Rules in consultation with the industry and its stakeholders addressing some of the concerns raised by them, a government official said. The government will also be releasing a set of “frequently asked questions” (FAQs) to simplify the requirements in the rules.The industry has been asking for clarity on several issues apart from appointing officers under the new IT Rules notified by the government on February 25. Read more

Around 30 airports assure Jet Airways of slot availability

The Kalrock-Jalan consortium, the new owners of Jet Airways, has got an assurance from around 30 airports that if the airline restarts operations, 170 pairs of slots can be made available.Though whether these slots  will be according to the airline’s demand will depend on the order of the insolvency court, which is slated to come next week. Read more

According to sources,the new management feels it is extremely important that some of those slots are restored or else its business plan of operating Jet as a premium carrier will not be viable.

Tech promoters top lists in cash recipients, while family-owned groups earn less

Promoters owning tech firms, cash-rich FMCG and pharma companies top the charts in terms of dividend income while country's wealthiest promoter families are not necessarily the biggest earners in cash recipients) from their listed companies. 

Tata Sons continues to top the cash-rich promoters' list in the country in the private sector followed by Azim Premji of Wipro and Anil Agarwal of Vedanta.

Reliance Industries' Mukesh Ambani is fourth, while Gautam Adani – the country’s second wealthiest family is ranked 10th. Read more

Food delivery becomes an important ancillary for premium restaurants

premium restaurants and five-star hotels, which got into home delivery of food a year ago to plot their way out of the pandemic-induced loss to business, now see it as  an important ancillary to their core business.

Marriott International, which has a network of 76 hotels in the country, now delivers meals in over 26 cities through its food delivery brand, Marriott on Wheels. ITC presently delivers meals in 18 cities through its network of 24 hotels. Read more