Top headlines: Govt may sell Hind Copper; L&T set to board the bullet train

From looking at the strategic sale of Hind Copper to L&T likely winning the tender for the bullet train, here the top business headlines this morning

Govt may look at strategic sale of Hind Copper to meet disinvestment target

The Union government may look at the strategic sale of Hindustan Copper Limited, even as it has asked about eight public sector firms to go for share buybacks, in a bid to meet the ambitious disinvestment target of Rs 2.1 trillion for 2020-21. NITI Aayog Vice-Chairman Rajiv Kumar is set to chair a meeting on October 27 to discuss the possibility of strategic disinvestment of Hindustan Copper, according to a document reviewed by Business Standard. Read More

L&T set to win one of the largest civil works tender for bullet train

Larsen & Toubro (L&T) is set to win one of the largest infrastructure tenders the country has seen. It is likely to be the lowest bidder for the design and construction of civil works for 47 per cent of the alignment of the Mumbai-Ahmedabad High-Speed Rail corridor. Three bidders, involving seven major infrastructural companies, had participated in competitive bidding. Read More

Frequent policy changes, taxes hurting luxury car market: Audi India head

Frequent and sudden policy changes coupled with high taxation had stymied the growth of the luxury car market in India, said a top executive at Audi India. Cars priced above Rs 25 lakh account for a per cent in India’s 3 million car market. That has remained unchanged over the last five years. The absence of a consistent long-term roadmap has been hurting the overall plans including introduction of new models, Audi India head Balbir Singh Dhillon told Business Standard. Read More

Traditional brands bank on e-commerce platforms to reach customers

With coronavirus restrictions playing a spoilsport for physical retail, an increasing number of regional brands are banking on e-commerce platforms such as Flipkart and Amazon to reach customers on a massive scale during the festive season. Walmart-owned Flipkart is hosting its biggest six-day flagship festive sale ‘Big Billion Days’ (BBD) and its rival Amazon is conducting a month-long ‘Great Indian Festival’ (GIF). Read More
 

Subhash Chandra's net worth sinks below Rs 10 crore amid deluge of debt

He was once in the coveted Fortune list of Indian billionaires, ranked 27th with a net worth of over $4.7 billion in 2018. However, 70-year-old media baron Subhash Chandra — also a Rajya Sabha member — declared a few days ago that the value of his personal assets had slumped to under Rs 10 crore for FY20. Chandra, who filed details pertaining to his financials to the Ethics committee of Parliament, said the total value of his assets stood at Rs 9.85 crore. Read More

Hero Future Energies to raise $250 million via fresh equity issuance

Hero Future Energies (HFE) will issue fresh equity of about $250 million to fund its renewable energy projects outside India. The company is in talks with leading global institutional financers to raise capital. With this round of funding, HFE will become a $1-billion clean energy firm. Confirming the funding plans, Rahul Munjal, chairman and managing director, HFE, told Business Standard this round of funding was for the firm to reach a 5-Gw target in three years. Read More

Dubai trip plus Apple iPhone 12 cheaper than buying phone in India

If you are looking to buy the new Apple iPhone in a showroom near you, think again. For, the alternative is to jet set to Dubai (there is no quarantine there) on a weekend package, go on a shopping spree, and pick up an iPhone 12 Pro (256 GB) at one of the swanky malls in the city. And the good news is that your combined bill (for the short holiday and the mobile) could be the same as for the simple pleasure of buying an iPhone in India. Read More

Credit growth will rise to 8-9% by March-end: IBA chairman Rajkiran Rai G

We should not tinker with the structure of the financial system and the government will look at further reforms when things return to normal, Rajkiran Rai G, the newly-elected chairman of Indian Banks’ Association (IBA) and managing director and chief executive of Union Bank, tells Abhijit Lele. Read More

All quiet at the country's exclusive clubs as regulars missing in action

The bars at the Delhi Gymkhana Club are closed. So is the Lady Willingdon Bath, as the swimming pool is known. There is limited service in the restaurants, but outdoors, people sit in small knots, determinedly cheerful. The library, gymnasium and the tennis and badminton courts are, however, open. “Initially, only 20 or 30 people would come in every day. Now 50-70 are visiting,” says the staff. This is a far cry from the 200-odd people who would make their way to the club every day. Read More