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Top 10 biz headlines: Jet resolution plan, trade deficit narrows, and more

From trade deficit to NCLAT order on RCom's debt, Business Standard brings you the top 10 business stories that made news on Friday

BS Web Team 

Naresh Goyal to shed stake to 17% in Jet bailout plan; lenders to hold 30%

Naresh Goyal, Etihad close to Jet resolution plan; outcome likely in a week

Jet Airways promoter Naresh Goyal and his joint venture partner Etihad Airways are close to hammering out an agreement on the banks-led resolution plan and the outcome is expected within a week, sources in the know said. Read more

Mindtree takes share buyback route to fend off L&T; size may be Rs 1,000 cr

Mindtree will consider a share buyback proposal in its next board meeting on March 20, the company said on Friday, amid reports that Larsen & Toubro’s (L&T’s) board had cleared a proposal to buy Cafe Coffee Day founder V G Siddhartha’s 21 per cent stake in the mid-size information technology services firm. While Mindtree didn't provide any details on the size of buyback, sources in the know said it could be to the tune of Rs 1,000 crore. Read more

Sensex reclaims 38,000 as FPIs increase buying; rupee ends at 7-month high

The benchmark Sensex reclaimed the 38,000-mark on Friday, while the rupee closed at a seven-month high against the US dollar on the back of accelerated buying by foreign investors. Foreign portfolio investors (FPIs) bought shares worth Rs 4,323 crore on Friday. Read more

As Mumbai builds infrastructure, construction companies build order books

Mumbai’s struggle to make up for lost time to build its much-needed infrastructure has translated into a windfall for construction companies in the country. Read more

Trade deficit narrows to $9.59 billion in Feb, exports grow by 2.4%

Exports took a beating for the fourth consecutive month, as growth in February fell to 2.44 per cent, with major foreign exchange earners such as gems and jewellery, engineering goods, and petrochemicals seeing sluggish growth. Read more

NCLAT refuses to ask SBI to give RCom tax refunds worth Rs 260 cr

In a fresh setback for Anil Ambani and Reliance Communications (RCom), the National Company Law Appellate Tribunal (NCLAT) on Friday refused to pass interim orders asking the State Bank of India (SBI) to give the telecom company Rs 260 crore tax refunds lying with it and other lenders in a trust and retention account. Read more

Reliance Industries to raise $170 million for capex from investors overseas

India’s oil-to-telecoms giant, Reliance Industries, is set to sell a Schuldschein (pronounced schult-shine) debt instrument worth $170 million in the German-centred debt market, making it the first Indian company to tap this route for fundraising. Read more

Bata to tap more multi-brand shoe stores to widen footprint

India’s largest shoe retailer, Bata India Ltd, will strengthen its distribution business and expand its reach to multi-brand footwear outlets across India, to reach more shoppers, according to a Livemint report. Bata, which has 1,500 stores, sells brands such as Power, Hush Puppies, and the eponymous Bata here.

Govt brings in new policy to revive stalled highway projects

The government has unveiled a policy for resolving stalled highway projects worth nearly Rs 30,000 crore, including those where proceedings have been initiated against the companies before the bankruptcy tribunal, according to The Economic Times report.

E-comm players, online brands launch trade association TECI

E-commerce companies such as Snapdeal, ShopClues, UrbanClap, Shop101, Flyrobe, Fynd and scores of others have come together to establish a trade association, The E-Commerce Council of India (TECI), according to The Hindu BusinessLine report.

First Published: Sat, March 16 2019. 08:17 IST
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