Top headlines: Voda Idea re-brands itself 'Vi', SpiceJet to pay Rs 243 cr

From Delhi High Court asking SpiceJet to deposit Rs 243 cr, Vodafone Idea rebrands itself 2 years after merger to Maruti Suzuki posting 11% rise in August production, here are top news of the evening

Vi is We: Two yrs after merger Voda Idea integrates to create new identity

Just when everyone had written Vodafone Idea off in India, its joint venture telecom business in the country has sent out a strong signal that it’s going to be around, possibly for years to come. At a virtual roundtable called to announce a strategic decision by Vodafone Idea, the telco, saddled with huge losses and high debt, launched a new brand identity for itself Monday morning. It's the final step in the biggest integration of two telecom brands, top executives said. Read More...

HC asks SpiceJet to deposit Rs 243 cr in share transfer row with K Maran

The Delhi High Court on Monday asked cash-strapped airline SpiceJet to deposit within six weeks an additional Rs 243 crore in connection with a share-transfer dispute with ex-promoter Kalanithi Maran, owner of Sun group. Maran has the right to seek status quo on SpiceJet’s shareholding if the amount is not deposited within the deadline, meaning the company won’t be able raise new capital from the market through issuance of fresh shares or stake sale. Read More...

SBI invokes personal guarantees of Bhushan Power & Steel promoter

The State Bank of India (SBI) has invoked the personal guarantees of Sanjay Singal, promoter of Bhushan Power & Steel Ltd, after the company defaulted on loans worth Rs 48,000 crore to a consortium of banks. The company's debt resolution is almost ready, with JSW Steel declared the highest bidder with Rs 19,700-crore as an offer for the company. The matter is pending before the Supreme Court which is expected to come out with its verdict in next two weeks. Read More...

Monsoon withdrawal might be staggered and slower this year, says IMD

Though the South West monsoon will start withdrawing at the fag end from West Rajasthan starting second week of September, as per norm, the decrease in showers might not be swift in other parts of the country as new low pressure areas are developing over the Bay of Bengal. These are likely to cause good rains over Maharashtra, Karnataka and Kerala in the next four weeks. In other parts of the country, there could be a increase in rainfall from the third week of September. Read More...

Maruti Suzuki India posts 11% rise in production to 123,769 units in August

The country's largest carmaker Maruti Suzuki India on Monday said its total production in August increased by 11 per cent to 1,23,769 units. The company had produced a total of 1,11,370 units in the same month last year, Maruti Suzuki India (MSI) said in a statement. Passenger vehicles production stood at 1,21,381 units last month as compared to 1,10,214 units in August 2019, a growth of 10 per cent. Read More...