Top Headlines: Zomato, Blinkit merger talks; FRL may approach NCLT, DRT

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Zomato, online grocery company Blinkit in talks for a merger deal

Zomato and online grocery firm Blinkit (formerly Grofers) are in talks for a merger deal, according to sources aware of the development, even while the food delivery platform in a regulatory filing on Tuesday said it has extended a loan of $150 million to Grofers India. Sources say what is under discussion is a share-swap deal in which Blinkit would be valued at around $750-800 million. Read more
 

Amazon-Future case: After talks fail, lenders to FRL may approach NCLT, DRT

With Future Retail and Amazon failing to resolve disputes, lenders will begin legal action to secure their interest with an option to approach the National Company Law Tribunal (NCLT). They would also examine any possibility of fraud at the borrowers’ end. Senior bankers said with failure of Future-Amazon talks, banks have to think of legal action only. Read more
 

India's 5G revenues are projected to hit $9 billion by 2026, says report

India’s 5G revenues are projected to hit $9 billion by 2026 and will account for 37.7 per cent of its total mobile services revenues, according to a India Mobile Broadband Index 2022 report released by telecom gear maker Nokia today. The projections were done by research agency, Global Data. However, the study shows that globally, telecom operators will generate as much as 64 per cent of their revenues from 5G services. Read more
 

Why the Russia-Ukraine conflict may put the brakes on Indian fuel imports

India’s appetite for imported crude oil may wane in fiscal year (FY) 2023 from record levels in pre-pandemic 2019-20 fiscal as higher oil prices, a spillover from the conflict in Ukraine, and increasing use of biofuels affect domestic demand for petroleum products. Brent crude surged to a nine-year high, shy of a July 2008 record $147.50 a barrel, before declining to around $100 a barrel — but the volatility in commodity rates will slow global economic growth and use of fuels. Read more
 

Russia-Ukraine war poses upside risk to inflation: Finance ministry

The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. “Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term...," the department of economic affairs said. Read more
 

No public sector bank faced loss in last three quarters, says govt

No public sector bank (PSB) has faced any loss in the April-December period of the current fiscal year, and clocked a collective net profit of Rs 48,874 crore during this period, the government said in Parliament on Tuesday. Read more