Top headlines: Tata sons to raise stake in AirAsia; Serum seeks damages

From Tata Sons raising stakes in AirAsia to putting off artillery import embargo, here are top headlines this morning

Tata Sons may raise stake to over 76% in AirAsia India by 2020-21 end

Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76 per cent by the end of 2020-21, people aware of the development have said. Tatas increasing stake in the airline will give an exit route to Malaysia's flagship budget carrier AirAsia Berhad, which holds 49 per cent stake in the company. The AirAsia Group recently said it was reviewing its investment in the joint venture, as operations of the company — like those of its now-shuttered Japan business — have been draining cash and adding to the group’s financial stress. Read More

RBI likely to pause rate this fiscal, take call on liquidity surplus

Economists and treasurers expect a rate pause in the monetary policy on December 4, and the Reserve Bank’s ‘accommodative’ stance to continue, even as there could be some hint of withdrawal of excess liquidity from the system. In a Business Standard poll of 12 economists and bond market participants, the unanimous view was that the six-member monetary policy committee (MPC) will vote to keep the repo rate unchanged at 4 per cent. Read More

India's Covid-19 vaccination plan may match tried and tested election drill

Polling day-like arrangements for vaccine shots, celebration of Immunisation Days to enthuse people from small towns and villages to get vaccinated, and bank guarantees to companies that will supply vaccines — these are some of the steps being finalised by the government as part of its vaccine strategy against Covid. The modus operandi for immunising the country’s 1.35 billion population in stages has been thrashed out in more than one meeting among top government officials in the health ministry and the Prime Minister’s Office. Read More

Modi to interact with 3 teams involved in developing Covid-19 vaccine

Prime Minister Narendra Modi will interact with three teams involved in developing Covid-19 vaccine via video conferencing on Monday. The Prime Minister's Office said in a tweet on Sunday that the three teams are from Gennova Biopharma, Biological E and Dr. Reddy's. Read More

Serum Institute seeks Rs 100 cr in damages from trial subject

As questions mount on Oxford-AstraZeneca vaccine trials in India after a 40-year-old participant fell sick and sought damages of Rs 5 crore, Serum Institute of India (SII) has said the allegations in his legal notice are “malicious and misconceived”, and the firm will ask for damages in excess of Rs 100 crore for them. The SII Chief Executive on Saturday indicated the company would apply to the regulator in two weeks for an emergency use authorisation (EUA) of the vaccine. Read More

Shapoorji's $1.2 bn deal with ADIA on hold over debt issues, coronavirus

Shapoorji Pallonji Group has kept its ambitious logistics venture with Abu Dhabi Investment Authority (ADIA) on the back burner on account of debt issues and the pandemic, said people in the know. The group had planned to launch a $1.2-billion venture with ADIA, wherein the partners were to raise the money in two tranches of $600 million each. The venture was to invest in logistics centres in the country. Read More

L&T shipyard completes order for 54 fast interceptor boats ahead of time

In an emphatic statement of warship building capability in the private sector, Larsen & Toubro’s Hazira shipyard handed over the last vessel in an order of 54 fast interceptor craft to the Coast Guard on Sunday — ahead of time and within the budget. With the four public sector shipyards — Mazagon Dock, Mumbai; Garden Reach Shipbuilders & Engineers, Kolkata; Goa Shipyard; and Hindustan Shipyard, Visakhapatnam — invariably delivering warships years behind schedule and beyond budget. Read More

Artillery import embargo put off, doors open for Rs 23,700 cr Israeli guns

On August 9, the Ministry of Defence (MoD) cited the Prime Minister’s Atmanirbhar Bharat (self-reliant India) initiative to ban the import of artillery guns from December 2020. Twelve days later, the MoD backtracked and allowed imports for an extra year, clearing the decks for importing up to 1,580 guns from Israeli company, Elbit Systems. Read More

PLI expansion, duty remission on table at trade meeting over FTP

A wider production-linked incentive (PLI) scheme and the duty-remission facility are set to predominate trade bodies’ recommendations at the Board of Trade meeting on the foreign trade policy (FTP), on Wednesday. The five-year policy will be crucial in the post-pandemic era as India focuses on reviving economic activities and positioning itself in reconfiguring global supply chains. Read More