Top headlines: OMCs pay high excise; CoalMin aims for asset monetisation

Lavasa Corporation bankruptcy proceedings terminated by lenders to Corporate profits to GDP ratio at 10 years high. Top news this morning.

Lavasa Corporation's lenders are ending bankruptcy proceedings and corporate profits to GDP ratio are at 10-year high. These are some of the top headlines Monday morning.

Lavasa Corporation lenders end bankruptcy proceedings

The lenders of Lavasa Corporation, a  hillside township near Pune, have terminated bankruptcy proceedings against the company as they did not receive good bids for the bad debts or the company which amounts to Rs 7,700 crore. The lenders will invite fresh bids. 

Lavasa Corporation, a  subsidiary of HCC, was sent for bankruptcy proceedings in 2018 and has already missed deadlines prescribed in the Insolvency and Bankruptcy Code (IBC), 2016. Axis bank made the highest claim of Rs 1,266 crore against the company. Its lenders include State Bank of India and others. Read more.

Corporate profit to GDP ratio hits 10-year high in FY21

The combined net profit of the listed companies was up 57.6 per cent to Rs 5.31 trillion in FY21 which has resulted in the corporate profit share in India's gross domestic product (GDP) hit a 10-year high of 2.63 per cent.The ratio was at a record low at 1.6 percent in FY20, while it was the highest in  FY11 at 3.2 per cent.

Corporate revenue to GDP is at 34.4 per cent in FY21, up from 33.6 per cent in the last fiscal year. India Inc’s revenue share in GDP had peaked at 41.9 per cent in FY15. Read more.

Coal Ministry targets project worth Rs 41k -crore for asset monetisation

The Union Coal Ministry with  Coal India (CIL) and Neyveli Lignite Corporation (NLCIL) is set to offer 60 projects worth Rs 41,042 crore for private investment, increasing the government’s national asset monetisation target to Rs 2.9 trillion.

These projects include  coal gasification, first-mile connectivity for building coal silos, offering mines to private companies under the mine developer and operator (MDO) model among others. The ministry aims to award these projects in this fiscal year except 15 MDO projects that will be tendered between 2022 and ’24. Read more.

Mumbai model shows how tech can facilitate battle against Coronavirus

A critical tool for fighting Covid-19 pandemic is access to data which the ‘Mumbai Model’ demonstrated well. The Municipal Corporation of Mumbai realised this and quickly adopted a technology that would help streamline all the data which could be accessed in real time.

BMC selected Quantela, an outcome-as-a-services company, as a technology provider. The platform would automate coronavirus case updates across city, state and central governments by integrating the systems of the Indian Council of Medical Research (ICMR), National Health Portal.

It would predict capacity utilisation of hospital infrastructure and medical supplies, based on caseload numbers at the ward level. All this would be provided on a dashboard with insights from updated data at decentralised Covid-19 war rooms to enable proactive decision making. Read more.

OMCs pay 73% higher excise duty even as crude oil prices decline

India’s top four oil-refining and marketing companies  have paid 73 per cent higher excise duty in FY21 than they did the previous fiscal year.

Indian Oil, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Mangalore Refinery & Petrochemicals paid Rs 2.87 trillion in FY21, up from Rs 1.66 trillion in FY20.

Due to this, excise duty on petroleum products accounted for a quarter of the companies’ ex-refinery prices of all petroleum products in FY21, up from 13.2 per cent a year earlier. Read more.