Top Headlines: Zomato heads for more indices; chip crisis costs millions

Business Standard brings to you top headlines on Thursday

Zomato could get added to the MSCI and FTSE indices by the end of this year, while an entry to the Nifty or the Sensex would be challenging before the second half of 2022, said an analyst. Public sector banks moving to invoke personal guarantees of promoters of defaulting companies face a highly litigious path. Here is what's making news Thursday morning.

Zomato could get added to MSCI, FTSE indices by 2021-end: Analyst

Zomato could get added to the MSCI and FTSE indices by the end of this year, while an entry to the Nifty or the Sensex would be challenging before the second half of 2022, said Brian Freitas, an analyst at independent research provider Smartkarma, in note. Newly-listed companies can get added to the SCI India index and the MSCI Global Investable Market Indexes (GIMI) under the so-called ‘fast entry’ route provided they meet the market cap criteria. Read more

Banks may encounter legal hurdles in invoking personal guarantees 

Public sector banks moving the National Company Law Tribunal (NCLT) to invoke personal guarantees of promoters of defaulting companies face a tough and highly litigious path as none of the promoters register assets under their names, auditors and lawyers say. Some foreign banks hire detectives to gather information on promoters’ assets stashed overseas, but very few Indian banks resort to such measures. Read more
 

Shortage of chips, worth a few dollars, costing global firms billions

Vehicles, computers, mobile phones and other smart gadgets, with sticker prices ranging up to thousands of dollars, are stuck on assembly lines for lack of components that may just cost a couple of dollars In the last three months, many large global and domestic auto manufacturers — Tata Motors, Ford, Mahindra, Volkswagen, Audi, Fiat, General Motors — have issued advisories stating production levels will be held well below capacity. Read more
 

Can produce 250 mn doses of Sputnik V every year: Morepen India CMD
 

Morepen India Chairman and Managing Director Sushil Suri in an interview with Uddalok Bhattacharya says the Sputnik V vaccine the firm is manufacturing in India will be available in the market in two months. Besides, the company is working on other fronts such as monoclonal antibodies to treat Covid and its variants. Read more
 

Dearness allowance hiked to 28% for govt staff, 10 million to benefit
 

In a much-awaited relief for over 10 million central government employees and pensioners, the Union Cabinet on Wednesday approved the effective increase in dearness allowance (DA) and dearness relief (DR) — a move seen as stimulating demand in the economy. Read more