Tata Sons-Jet Airways deal only if Naresh Goyal gives up board seat
In the first formal step towards a possible acquisition of Jet Airways, Tata Sons will on Friday take up the proposal at its board meeting. Sources close to the group said the discussions would focus on achieving scale in Tatas’ aviation business through investments in rival Jet. They pointed out that a deal would hinge on Jet founder Chairman Naresh Goyal relinquishing his board position even if he was to retain a minority stake in the business.
It is also learnt that since the Tatas are looking at extending the reach of Vistara (a joint venture with Singapore Airlines), the group could possibly phase out the Jet brand in the case of a deal. Read more
Key RBI departments go slow on sensitive issues ahead of Nov 19 board meet
Ahead of the crucial board meeting on November 19, key departments of the Reserve Bank of India have gone slow on taking a view on sensitive issues. While routine matters are being attended to, senior bankers say views sought by them from the RBI on contentious regulatory aspects are being deferred.
Top sources say officials above the rank of chief general manager in the highly sensitive Department of Banking Regulation, Department of Banking Supervision, Department of Non-Banking Regulation, Financial Markets Operation Department, Financial Markets Regulation Department, and the Inspection Department appear to have gone into a huddle. Read more
Exports bounce back in October to 17.86%, trade deficit widens to $17.13 bn
Exports bounced back in October to high double-digit figures after a mild contraction in September, as engineering goods, pharmaceutical and chemical shipments picked up pace. However, this didn't prevent trade deficit from widening, as crude oil bill continued to shoot up.
Outbound trade rose by 17.86 per cent in October to $26.98 billion. In September, exports had declined for the first time this financial year, albeit by a moderate 2.15 per cent. Read more
RBI, govt stand-off is 'not a happy thing at all', says S Gurumurthy
Ahead of Monday’s important meeting of the Reserve Bank of India (RBI) board, S Gurumurthy, its recently inducted non-official director, said the flow of credit to micro, small and medium enterprises (MSMEs) should be eased to push
up growth. Exports bounce back in October to 17.86%, trade deficit widens to $17.13 bn
Strict capital adequacy norms in India unnecessarily reduce the flow of credit, he said. The rule in question is meant to provide banks a stable resource to absorb losses from the risk in its business. Read more
Smartphone shipments ring loud in India; set to overtake feature phones
Given the recent explosion in the mobile industry, smartphones are no longer playing second fiddle to feature phones. Even as phone makers play catch-up in a bloated market, smartphone shipment has surged to a record high of 43 million units, matching the shipment of feature phones for the first time, reveals recent data from the IDC India.
This feat comes after years of accelerated growth that helped smartphones close the gap. Read more