Top Headlines: Paytm president quits; commodity inflation bites hard

IPO-bound Paytm’s president Amit Nayyar has quit the company, two people close to the development said. Some others exited the Vijay Shekhar Sharma-led fintech company recently. Even as the government has notified rules to relinquish the position of Chairman at Life Insurance Corporation of India (LIC), M R Kumar would continue serving the post until he completes his term, said a government official. Business Standard brings to you the top headlines on Saturday.

Paytm president Amit Nayyar, other top executives quit ahead of IPO

IPO-bound Paytm’s president Amit Nayyar has quit the company, two people close to the development said. Some others exited the Vijay Shekhar Sharma-led fintech company recently. According to regulatory filings, the Paytm board also saw a recast recently. Without any changes in shareholding, many board members stepped down. After the change, there’s no Chinese national on the board. Read More

From households to FMCG companies, commodity inflation bites hard

As if the high prices of petrol and diesel were not bad enough, the sharp rise in key agri-commodity prices has begun to disturb consumer goods makers and consumers. The higher prices of widely used raw materials such as edible oils, pulses, television panels, and chipsets are burdening household budgets and threatening the margins of leading manufacturers. Read More

IPO-bound LIC chairman M R Kumar to complete his term: Govt official

Even as the government has notified rules to relinquish the position of Chairman at Life Insurance Corporation of India (LIC), M R Kumar would continue serving the post until he completes his term, said a government official. As part of a series of changes being undertaken for the IPO-bound company, the government has abolished the position of chairman at the insurer, and will have a chief executive officer (CEO) and managing director (MD). Read More

Amid consolidation, gains for realty index may continue in the near term

There is consolidation in the real estate market, resulting in speculative trading action in the stocks of listed developers. Over the past two fiscals, the market share of the top 10 listed realtors has risen to about 22 per cent of the real estate market, up from around 16 per cent in 2018-19. Read More

New 10-year bond at 6.1% signals RBI's tolerance for higher yields

The Reserve Bank of India (RBI) issued a new 10-year bond on Friday and set the coupon at 6.10 per cent, higher than what most of the market was expecting. This indicates the RBI’s willingness to start accommodating the market demand for higher yields in the face of rising inflation after it spent months trying to cap the yield at 6 per cent. Read More