Top headlines: Zomato listing today; Vi gets nod for FDI up to Rs 15,000 cr

Business Standard brings to you the top headlines on Friday

India’s first unicorn Zomato will make its stock market debut on Friday, marking a historic moment for the domestic capital market. Read more on this and other top headlines.

Cash-strapped Vodafone Idea gets nod for FDI up to Rs 15,000 crore

Cash-strapped telco Vodafone Idea’s proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. Read more

Strategic divestment: Valuation of companies caught in the crosshairs

The Department of Commerce has flagged concerns over the valuation of companies under strategic divestment, citing the case of Neelachal Ispat Nigam (NINL). This has led to the government going back to the table on the method of valuing a public sector enterprise. Read more

Union Cabinet approves 100% FDI in PSU refiners to aid BPCL sale

The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL). The approval by the Cabinet will enable the sale of the government’s 52.98 per cent stake in BPCL to a foreign buyer, and, at the same time, will open the door for FDI in other public sector companies in the oil sector put up for privatisation. Read more

Zomato to make stock market debut on Friday, four days ahead of schedule

As per initial schedule, Zomato’s listing was to take place on July 27. However, investment banks managed to complete the share allotment and listing formalities ahead of the deadline. Under the Sebi framework, the timeline between IPO closing and listing has to be six working days. Zomato’s IPO had closed on July 16. Read more

RBI to introduce Central Bank Digital Currency in phases: deputy governor

The Reserve Bank of India (RBI) will introduce its own version of Central Bank Digital Currency (CBDC) in a phased manner and after carefully weighing its impact on various issues, including how it could hamper the deposit mobilisation abilities of banks, and its potential effect on the conduct of the monetary policy, deputy governor T Rabi Sankar said in a speech on Thursday. Read more