Top headlines: Rs 1.45 trn to boost manufacturing; green shoots in retail

From government announcing new plan to boost domestic manufacturing to SpiceJet reporting loss in its September quarter, here atop headlines this morning

Govt gifts Rs 1.45-trillion incentive for 10 manufacturing sectors

In a move that has lifted the industry sentiment in the festival season, the Union Cabinet on Wednesday approved a Rs 1.45-trillion package by extending the production-linked incentive (PLI) scheme to 10 more sectors (see chart). The policy for what the government calls the champion sectors has been tailored to attract investments, boost domestic manufacturing, enable companies to become part of the global supply chain and generate employment opportunities. Read More

Stimulus 4.0 might come before Diwali, focus on jobs and stressed sectors

The Central government is likely to unveil another stimulus package focusing on stressed sectors, middle-income groups in urban and rural areas, and employment generation before Diwali, said three key officials in the know. The measures are essential to bolster the pandemic-hit economy, they said. Read More

We're not keen on diversifying at this point, says M&M's Anish Shah

Anish Shah, managing director and chief executive officer-designate of Mahindra & Mahindra (M&M), tells Shally Seth Mohile in an interview that the group will remain focused on creating value for shareholders. Edited excerpts: M&M has seen steady improvement in operational performance, but valuation is still at a substantial discount, when do you expect it to catch up? If we look at what has happened since March, our stock price has more than doubled. Read More
 

NCLT directs ArcelorMittal to pay Rs 1,300 cr for use of slurry pipeline

ArcelorMittal, which won Essar Steel after going through spate of litigations and some 865 days, was on Tuesday asked by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) to pay Rs 1,300 crore to Odisha Slurry Pipeline Infrastructure (OSPIL) for using its assets. Read More

Amazon accuses Future Retail of insider trading, asks Sebi to investigate

Amazon.com has asked the country’s market regulator to investigate Future Retail for insider trading, a letter seen by Reuters showed, as it seeks to prevent its business partner from becoming part of rival Reliance’s empire. The firm has been pressing the Securities and Exchange Board of India (Sebi) to review Reliance's August deal to buy retail, logistics, and other assets from Future Group for $3.4 billion including debt. Read More

PLI scheme: Govt looks to get Rs 50,000 crore investments in pharma

In what could turn out to be a major boost to local manufacturing of high-value pharmaceuticals, the Union Cabinet on Wednesday gave in-principle approval to a Rs 15,000 crore production-linked incentive (PLI) scheme for pharmaceutical products. The government expects to attract investments worth Rs 50,000 crore from domestic and multinational drugmakers through the scheme. Read More

Lalit Modi's son Ruchir escalates fight in Godfrey Phillips India

In a new twist to the Godfrey Phillips dispute, Ruchir Modi, grandson of the late K K Modi, on Wednesday shot off letters to the National Stock Exchange and BSE, alleging once again that the appointment of Bina Modi, his grandmother, as president and managing director of the company was “effectuated in a fraudulent manner” and in violation of statutory provisions and principles of corporate governance. In this, he was responding to a letter written by GPI to the stock exchanges on November 10. Read More

Green shoots of recovery visible in retail business, says RAI survey

Greet shoots are beginning to show in the domestic organised retail market, with sales improving month-on-month, the Retailers Association of India (RAI) said on Wednesday. The association said it had conducted a survey among its members and found that the decline in retail business had narrowed to 31 per cent in October versus a 50 per cent fall seen in the July-September period and a 78 per cent drop witnessed in April-June. Read More

SpiceJet reports net loss of Rs 112.6 crore for September quarter

Budget carrier SpiceJet on Wednesday reported a net loss of Rs 112.6 crore for the quarter ended September. It had posted a net loss of Rs 462.6 crore for the corresponding period of the previous financial year. The airline's total income stood at Rs 1,305 crore in the second quarter of 2020-21, significantly lower than Rs 3,074 crore in the year-ago period. Total expenses also reduced to Rs 1,418 crore as compared to Rs 3,536 crore earlier, the airline said. Read More