Top headlines: IndiGo's losses mount; Ola's Aggarwal takes on Elon Musk

Business Standard brings to you the top headlines on Tuesday

Three foreign-based funds have bulk of their investments in Adani firms. Sources say market regulator Sebi has written to these funds to seek information on their ultimate beneficial owners (UBO) and to ensure there is compliance with regulations. Read more on this and other top headlines for the day.


IndiGo reports net loss of Rs 3,174.17 crore in Q1, highest ever

India’s largest airline IndiGo posted its highest ever quarterly loss of Rs 3,174.17 crore loss during the April-June period as the second wave of the pandemic during April and May forced down the number of air passengers. IndiGo CEO Rono Dutta described the period as one of the most difficult periods in the company’s history but said that with the spread of the virus declining every day, there has been a return of passengers to aircraft and that the airline sees no reason to slow down capacity addition. Read more

Sebi asks for ultimate beneficial owners' information in Adani firms

The Securities and Exchange Board of India (Sebi) has written to the custodians of foreign portfolio investors (FPIs) owning shares in six Adani Group firms, seeking information on their ultimate beneficial owners (UBO).

These funds include Albula Investment Fund, Cresta Fund, and APMS Investment Fund.

A bulk of India investments of these firms is concentrated in Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy, Adani Power, Adani Transmission, and Adani Total Gas. Read more

 

Ola Cabs CEO Bhavish Aggarwal takes on Elon Musk over EV duty cut

Tesla’s call for a cut in duty on imported electric cars has prompted heads of other companies to react. On Tuesday, Ola Cabs founder and CEO Bhavish Aggarwal said he was not in favour of the government paring duty on imported electric vehicles. Aggarwal’s comments went viral on the micro blogging platform Twitter after reports that Elon Musk’s Tesla Inc had sought a lower duty on imported EVs.

SS Kim, managing director of Hyundai India, added his bit to back Tesla on the duty cut issue in an interview to Autocar India. “Lower duties will help grow the EV market,” Kim told the magazine. Read more

A quick look into Sebi's fresh push to crackdown on insider trading

In 2019, the Securities and Exchange Board of India (Sebi) introduced the ‘informant mechanism’ to crackdown on the menace of insider trading. Initially, the regulator announced a reward of Rs 1 crore to any individual who provided credible information that led to prosecution.
 

The mechanism has not yet taken off. Last month, Sebi increased the reward from Rs 1 crore to Rs 10 crore and also streamlined the framework in a bid to give a fresh push. Read more
 

Basavaraj Bommai to be the next chief minister of Karnataka

Basavaraj Somappa Bommai was on Tuesday chosen as the new Chief Minister of Karnataka, succeeding B.S. Yediyurappa.

A strong Lingayat leader from north Karnataka, he was elected to the post at the legislature party meeting held at a private hotel, and chaired by Central observers, Union Ministers Dharmendra Pradhan and G. Kishan Reddy.

Yediyurappa proposed Bommai's name and it was agreed upon by the BJP legislators. Read more