Top headlines: Aurobindo Pharma to sell Natrol; Navratri drives car sales

Aurobindo Pharma to sell US-based Natrol for about Rs 4,048 crore

Hyderabad-based Aurobindo Pharma has reached a definitive agreement to sell its US subsidiary Natrol LLC to private equity firm New Mountain Capital and its affiliate Jarrow Formulas in an all-cash transaction valued at $550 mn (about Rs 4,048 crore). This would make Aurobindo a zero-debt company and also help it repay loans, analysts said. Read More

Sea change in customs clearance as govt addresses complaints over delays

In a significant relief for importers, customs clearance saw a dramatic improvement over the weekend with about three-fourths of sea consignments getting the nod in less than 48 hours on Sunday. This comes after the government swung into action to address complaints from industry over undue delays in clearances since the introduction of faceless assessment by the Central Board of Indirect Taxes and Customs (CBIC). Read More

Navratri sales: Cars zoom past sales goalposts, two-wheelers trudge along

The first leg of the festive period, which ended with Vijayadashami on Sunday, left a trail of contrarian tales: even as cars zoomed past their sales goalposts, two-wheelers trudged along the rocky road. Car deliveries during the nine-day period saw sharp year-on-year (YoY) double-digit increase for most automobile companies, said executives at carmakers and dealerships. In sharp contrast, the mood at two-wheeler firms and dealerships was sombre. Read More

Lenders trash low loan recovery, ask Oaktree, Piramal to up offers for DHFL

The lenders to DHFL on Monday asked the four bidders to sweeten their offers for the bankrupt housing finance company after all of them -- Oaktree, Piramal, Adani, and SC Lowy -- made their presentations before them. Some banks were of the opinion that the lenders should themselves acquire the books of DHFL because the offers were not attractive and all should be rejected. The Indian lenders, who have an exposure of Rs 88,000 crore to DHFL, are not happy with the offers with most of the bidders adding Rs 12,000 crore. Read More

Future Group-Amazon legal tussle: What are the challenges ahead

The legal battle for Future group’s retail business seems to be headed for the Indian shores. This follows an interim order by Singapore International Arbitration Centre (SIAC) to put the Rs 27,000 crore retail deal between Reliance Industries and Future Group on hold. Experts share their insights on the enforceability of this order in India and the legal options before the players, namely Future group, Amazon and Reliance Retail. What are the legal challenges in the enforcement of an interim international arbitration order? Read More

Our gross margin is at an all-time high, says Practo CEO Shashank N D

Healthcare platform Practo has come a long way to become a firm that generates 80 per cent of its revenue from B2C services, facilitating everything from appointments with doctors, online consultations, deliveries of medicines, to tests. In an interview to Bibhu Ranjan Mishra, co-founder and CEO Shashank N D says the sector requires a lot of patience. Read More

M&M Financial Services' net profit rises 21% to Rs 304 crore in Q2

Mahindra & Mahindra Financial Services’ net profit rose by 21 per cent to Rs 304 crore in the second quarter ended September (Q2Fy21), from Rs 252 crore in the same quarter a year ago. The provisions and write-offs stood at Rs 619.4 crore in Q2Fy21, up from Rs 360.7 crore in the year-ago period. Read More

Amazon-Future dispute: Kishore Biyani may look for mutual settlement

Kishore Biyani-led Future group might consider resolving its dispute, arising out of its deal with Reliance Retail, amicably with erstwhile partner Amazon. This comes as the latter is looking to enforce the stay order granted by the Singapore International Arbitration Centre on Sunday, asking Future group to not proceed with the deal. But with time running out for the debt-laden Future group, which has defaulted on payments to lenders, a mutual settlement appears to be the best option, said lawyers and experts Business Standard spoke to. Read More

India's bid to raise natural gas share in energy basket faces hurdle

A pitch for change in the taxation regime for natural gas by British Petroleum’s (BP’s) Bernard Looney comes at a time when the country has not been able to transition into a gas-based economy despite prevalence of low global prices. India has set a target of raising the share of natural gas in the ene­rgy basket to 15 per cent by 2030 from the current 6.72 per cent. However, a high and varying taxation rate with no input credit pass through are coming in the way. Read More