Top headlines: SBI likes Tata Air India bid; markets sweat over Evergrande

McLeod Russel India, the country's largest tea producer, bubbles out of insolvency. Metal stocks crash over fears about China's Evergrande. More in top headlines of the day

India's largest public lender State Bank of India will support Tata group's bid for national carrier Air India. Market regulator Securities and Exchange Board of India, ahead of its implementation date, made changes to the circular that mandated a fifth of compensation to key employees of asset management companies in the form of mutual fund units. 

More on these stories and other top headlines of the day:

SBI to back Tata's bid for Air India

India’s largest public sector bank State Bank of India (SBI) will support Tata group’s bid for soon-to-be-privatised Air India by subscribing to Tata Sons debentures or funding the special purpose vehicle (SPV) set up by Tata Sons for the acquisition. Read more

A brief respite for tea industry

On September 3, the country’s largest bulk tea producer, McLeod Russel India, hobbled its way out of insolvency proceedings after a settlement with financial creditor, Techno Electric & Engineering, a power infrastructure company. For the storied business house of Kolkata, it was a close shave. But for the past three years, it has been touch-and-go for the tea producer in the Brij Mohan Khaitan group. Read more

Sebi tweaks MF compensation circular

The Securities and Exchange Board of India (Sebi) on Monday tweaked the circular that mandated paying a fifth of compensation to key employees of asset management companies (AMCs) in the form of mutual fund (MF) units, ahead of its implementation date of October 1. Read more
 

Metal index down amid fears of lower China demand

There was a meltdown in metal stocks on Monday as a debt crisis at one of China’s biggest property developers, Evergrande, led to a global decline in industrial metals and ore prices.

The BSE Metal index, which tracks the prices of India’s top 10 metal and mining companies, was down 6.8 per cent on Monday, its worst showing in months. In comparison, the Sensex was down 0.9 per cent during the day. Read more

India to resume export of Covid vaccines

India will resume export of Covid vaccines from next month after ensuring domestic demand is met, said Union Health Minister Mansukh Mandaviya on Monday.

Mandaviya said India will ramp up production in the fourth quarter (October-December) of the calendar year to help the world and fulfill the country’s commitment towards COVAX - the global alliance for Covid vaccines - under its Vaccine Maitri programme. Read more