Top 10 biz headlines: Recession, Nasdaq listing for Jio Platforms, and more

Here are the top 10 business headlines on Wednesday morning

An overseas listing may be on the cards for Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries (RIL). Fitch ratings, CRISIL, and SBI Research have drastically cut India’s economic growth forecast in the current fiscal year due to a prolonged lockdown. Here are the top ten business headlines on Wednesday morning.

Reliance looks at Nasdaq listing for Jio Platforms; IPO likely by 2021

Morgan Stanley is likely to be appointed the lead banker to manage the overseas listing, while Bank of America Merrill Lynch and Citibank may also be roped in for the IPO. Read more here

Fitch Ratings, CRISIL, SBI Research see India economy shrinking in FY21

Fitch ratings, CRISIL, and SBI Research have drastically cut India’s GDP growth forecast. CRISIL said it expected the current quarter’s economy to shrink 25 per cent year on year. Read more here

Revised inter-creditor pacts may do away with need for 66% lenders' nod

The revised inter-creditor framework may do away with the approval threshold of 66 per cent of lenders by value to craft resolution proposals. Read more here

Lockdown 4.0: Stand-off between retailers and malls over rentals worsens

The ongoing tussle between retailers and mall owners over rentals has worsened over modifying rent pacts as the coronavirus lockdown eases. Read more here

Govt to raise Rs 80,000 cr via cash mgt bills to meet liquidity mismatch

The government will borrow Rs 80,000 crore through 84-day cash management bills to meet temporary liquidity mismatches. Read more here

Uber trims a quarter of its India workforce, lays off 600 employees

Uber India has announced that it was laying off about 600 employees as the firm’s business has taken a massive hit owing to the Covid-19 pandemic. Read more here

ED charge sheet: Franklin Templeton in a fix over YES Capital loans

According to Enforcement Directorate’s charge sheet, Franklin Templeton had given a loan of Rs 518 crore against NCDs to YES Bank in March 2019. Read more here

Kotak launches $1 bn QIP, will issue 65 mn new shares for Rs 1,147.75 each

Kotak Mahindra Bank has launched its qualified institutional placement programme to raise Rs 7,460 crore. Read more here

Cement firms hike prices even as expansion plans come to a grinding halt

In contrast to the new demand scenario, all markets in India saw price hikes in May between Rs 10 and Rs 70 per bag even as major cement companies put expansion on hold. Read more here

Reliance Power wins lawsuit challenging validity of arbitration award

Reliance Power Netherlands BV has won a lawsuit in the Central Jakarta district court of Indonesia challenging the validity of Singapore arbitration award favouring Reliance Power. Read more here