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Top 10 biz headlines: SC on RBI's circular, manufacturing PMI, and more

From Sensex touching new high to Jet Airways' resolution plan, Business Standard brings you top 10 business stories that made news on Tuesday

BS Web Team 

rbi, reserve bank of india

1. SC writes off RBI's February 12 circular on resolution of stressed assets

The Supreme Court on Tuesday annulled the Reserve Bank of India’s (RBI’s) February 12 circular on resolving bad debt and said the banking regulator had acted beyond its legal powers while issuing the directive, potentially inflicting a setback on the central bank’s war on non-performing assets (NPAs). Read more

2. Wait for debt resolution likely to get longer for stressed power assets

The Rs 2-trillion worth of non-performing assets (NPAs) in the power sector have escaped the noose of insolvency, but the route to resolution remains long drawn. Read on...

3. Sensex closes at 39,057, scales new lifetime high after 7 months

The Sensex on Tuesday closed at a new lifetime high, surpassing its previous one after a tumultuous seven months. The 30-share blue chip index ended at 39,057, up 185 points or 0.5 per cent. On Monday, the index had surpassed its previous high on an intra-day basis but had failed to close above its all-time closing high of 38,897 touched on August 28, 2018. Read more

4. Lenders to cash-strapped Jet Airways likely to rework resolution plan

The lenders to debt-hit Jet Airways might have to rework the earlier resolution plan, which would have given them a combined 50 per cent stake in the airline for a rupee. Read more

5. Mindtree independent directors' panel appoints external advisors

In its first meeting held on Tuesday, Mindtree’s Committee of Independent Directors (IDC) appointed as legal counsel and ICICI Securities as the financial advisor to provide assistance on Larsen & Toubro’s (L&T’s) open offer. Read on...

6. Manufacturing growth slips to six-month low in March: PMI

A couple of days ahead of monetary policy statement, a widely-tracked Nikkei's purchasing managers' index (PMI) showed that slowed down to a six-month low in March as new orders and production decline. This prompted a on PMI to say that that RBI should cut the rate and the government should announce stimulus to spur manufacturing. Read more

7. Capex at 14-year low amid political uncertainty ahead of Lok Sabha polls

Capital expenditure (capex) on new projects halved in the March quarter of FY2018-19, compared to the same period last year even as a new government is set to be elected at the Centre. Read more

8. With election around the corner, ₹2,000 notes get scarce

RBI closing the tap on fresh supply adds to paucity of high-value currency, reports the BusinessLine.

9. How a dogfight drove home the allure of India's arms market

The dogfight over Kashmir that almost sent two nuclear-armed nations to war had a ramification beyond the obvious — it suddenly brought home what a lucrative market India was for defence manufacturers big and small, says a report by the Economic Times.

10. unit buys Incite Cam Centre’s Automation Business

WIN Automation, the industrial automation business of Wipro Infrastructure Engineering, said on Tuesday it has acquired Bengaluru-based Incite Cam Centre’s Automation Business for an undisclosed sum, reports the Livemint.

First Published: Wed, April 03 2019. 06:09 IST