Top headlines: Vedanta bids for Videocon's assets; QoQ profit to take knock

Indian lenders have received expressions of interest from 11 bidders, including Wintershall Dea GmbH of Germany, PetroRio SA of Brazil, and India’s Vedanta for Videocon Industries’ (VIL’s) Brazil assets, valued at $2 billion. Lower sales volume due to the second wave of the Covid-19 pandemic and higher commodity and input costs are likely to weigh on corporate revenue and profits in the April-June quarter of 2021-22 (Q1FY22). Business Standard brings to you the top headlines on Monday.

Vedanta among 11 bidders vying for Videocon's Brazil assets worth $2 bn

Indian lenders have received expressions of interest from 11 bidders, including Wintershall Dea GmbH of Germany, PetroRio SA of Brazil, and India’s Vedanta for Videocon Industries’ (VIL’s) Brazil assets, valued at $2 billion. If successful, the lenders will get an additional Rs 15,000 crore from VIL’s debt resolution, thus taking their recovery to over 40 per cent. Read more

Second Covid-19 wave, higher input cost set to weigh on Q1 earnings

Lower sales volume due to the second wave of the Covid-19 pandemic and higher commodity and input costs are likely to weigh on corporate revenue and profits in the April-June quarter of 2021-22 (Q1FY22). The companies in the cyclical sectors, such as banks, non-banking financial companies (NBFCs), oil and gas and metal, and mining, are again expected to do much better than the other segments. Read more

 Maruti shifts Dzire production to Gujarat to create space for new launches

Maruti Suzuki India (MSIL) has shifted the production of the Dzire, one of its highest-selling models, from the Manesar facility to Suzuki Motor Gujarat’s (SMG’s) plant in Ahmedabad. This is because it seeks to free up space for new models at its Manesar plant, said people in the know. On average, MSIL produces close to 1,000 units of the Dzire a day. Read more

Samsung gives PLI scheme for IT hardware and telecom equipment a wide berth

Though Samsung has a substantial share of the information technology (IT) hardware and telecommunication (telecom) equipment domestic market, it has kept away from the government’s production-linked incentive (PLI) schemes for these two sectors.This decision has raised questions on whether the South Korean giant which, along with Apple, was expected to showcase the ambitious PLI scheme to the world, has chosen caution as its policy. Read more

Tata vs Reliance: A two-front battle -- renewable energy and retail

With Reliance Ind­u­stries chairman Mukesh Ambani announcing a $10-billion foray into green energy last month and promising to shake up the market, the after effects were not only felt across other power com­panies but also at the Tata group, which is aiming to be a significant player in the renewable power business. Read more