Top headlines: RIL becomes net debt free, ICICI Bank's stake sale and more

From Reliance Industries net debt free to India-China border clash, here are the top headlines of the day

RIL net debt free before schedule; to list retail, telecom biz within 5 yrs

Reliance Industries is net debt-free after raising a record Rs 1.69 trillion from global investors and a rights issue in almost two months, said group chairman Mukesh Ambani in a statement on Friday. The statement came after Reliance said on Thursday Saudi Arabia’s Public Investment Fund will buy a 2.32 per cent stake in its digital unit Jio Platforms for Rs 11,367 crore. Read more here

Reliance Industries hits new high; market-cap crosses Rs 11 trillion

Shares of Reliance Industries (RIL) hit a new all-time high of Rs 1,788.60 on the BSE on Friday after the company on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore and has become net-debt free. The stock, however, ended at Rs 1,759.50, up over 6 per cent. Read on...

ICICI Bank sells 3.96% stake in ICICI Lombard for Rs 2,250 crore

Private sector lender ICICI Bank on Friday sold 3.96 per cent stake in its general insurance arm ICICI Lombard for Rs 2,250 crore. This was done to strengthen the bank’s balance sheet in light of the pandemic that is expected to worsen the bad loans problem of the banks. In a statement to the exchanges, the bank said, pursuant to the approval granted by the board of the bank, it divested 18 million shares of face value of Rs 10 each of ICICI Lombard General Insurance, representing 3.96 per cent of its equity share capital on the stock exchange for an approximate total consideration of Rs. 2,250 crore”. Read more here

Difficult for Vodafone Idea to pay upfront AGR dues: Credit Suisse

Vodafone Idea will find it challenging to pay more than Rs 5,000 crore of incremental upfront dues in the AGR dues, according to brokerage, Credit Suisse. In a report it said that after having paid Rs 6,900 crore of AGR dues, estimate is that Vodafone Idea would have Rs 6,000 crore of cash balance as of March 2020 assuming no incremental capex in fourth quarter of financial year 2020. Read more here

Tariffs, trade barriers: How India plans to protect domestic biz from China

India plans to impose higher trade barriers and raise import duties on around 300 products from China and elsewhere, two government officials said, as part of an effort to protect domestic businesses. The plan has been under review since at least April, according to a government document seen by Reuters, and is in line with Prime Minister Narendra Modi's recently announced self-reliance campaign to promote local products. Read on...

Ladakh standoff: Boycott call may impact Chinese exports worth $17 bn

The nationwide clamour for boycott of Chinese goods is getting louder amid the Ladakh face-off, with traders urging the Centre to direct e-commerce firms to restrict the sale of items from the Dragon land. Read on...

Waiting for a fair deal proposal to restore India's GSP status: US official

The US is likely to restore India's beneficiary status under its trade preference programme Generalized System of Preferences on receiving a counterbalancing proposal from New Delhi, a top Trump ministration official told lawmakers on Thursday. The United States US is currently negotiating with India for it, he added. Read on...