Main titles: DFI to gain access to the RBI funding mechanism; MS to increase prices


DFI to gain direct access to Reserve Bank of India financing facilities

The new government-backed Development Finance Institution (DFI) will have direct access to the Reserve Bank of India’s financing facilities, helping the infrastructure lender to raise funds at a cheaper rate. The central government can guarantee the bonds, debentures and loans issued by the new DFI if the infrastructure lender wishes. The DFI may “borrow money from the Reserve Bank redeemable on demand or at the expiration of fixed periods not exceeding ninety days from the date on which the money is thus borrowed against. the guarantee of shares, funds or securities … ” Read more

After government intervention, Sebi eases valuation standards for AT-1 bonds

The Securities and Exchange Board of India (Sebi) relaxed the valuation standards for perpetual bonds on Monday. The standards, which aimed to assess the banks’ assumed residual maturity of additional Basel III Tier 1 (AT1) bonds as 100-year debt from April 1, were hotly contested by the finance ministry. In a statement released on Monday, the regulator said the maturity would be 10 years until March 31, 2022 and would be increased to 20 and 30 years during the following six-month period. And from April 2023, the residual maturity of AT1 bonds will become 100 years from the date of issue of the bond. Read more

Delhi HC Maintains Single Judge Order Restricting Future Retail-RIL Agreement

Delhi High Court on Monday suspended the Single Judge’s order barring Future Retail (FRL) from closing its $ 3.4 billion deal with Reliance Retail and leading the tie-up of the properties of Future Group companies and founder Kishore Biyani in relation to Amazon’s plea requesting the execution of the emergency sentence. A division bench of Chief Justice DN Patel and Justice Jasmeet Singh said: “[…]We hereby stay the Single Judge’s Order dated March 18, 2021 until the next hearing date ”and listed the matter for a new hearing on April 30. Read more

Increase Covishield dose interval to 4-8 weeks: center indicates states

The government has increased the time interval between the two doses of Covishield – the Oxford-AstraZeneca vaccine against Covid-19, manufactured locally by the Serum Institute of India – from four to six weeks to four proof. ”The recommendation came from National Technical Advisory Group on Immunization, which revised its take on the matter, and then the National Expert Group on Vaccine Administration for Covid-19, the Union Health Ministry said on Monday. Read more

Nestle India deepens rural market and aims to grow its business

After staging a graceful comeback from the Maggi contamination crisis in 2015, food and beverage giant Nestlé India has set itself another ambitious goal. With double-digit business growth over the past three years, the company has decided to increase its rural footprint by at least a third over the next three years. If the last time the challenge was to keep its activity afloat, this time it is to maintain the growth dynamic it had set for itself. With growth slowing in its familiar lair – the urban market – Nestlé has bet on the vast hinterlands. Read more

Center likely to issue request for proposal for Air India privatization

The government could issue a Request for Proposal (RFP) for the privatization of Air India within the next 7-10 days, a move that will help interested bidders clarify the national carrier’s contingent liabilities. The request for proposals is in the process of being approved and will soon be released by the Department of Investment and Public Asset Management (DIPAM), a government official said. He will give details of AI and AI Express’s current share of total bilateral entitlements, in addition to contingent liabilities owed to retirees. Read more

Maruti Suzuki will significantly increase vehicle prices from April

The country’s largest automaker, Maruti Suzuki India (MSI), on Monday said it would “dramatically” increase prices for its entire product portfolio from next month to offset the impact of high costs inputs. The auto major said the exercise will cover its entire product line in the country. “We had a conversion of emission standards from April of last year. It involved a lot of costs, so we thought we were going to raise the prices, but somehow the market situation last year was not that good, so we didn’t increase prices at the time. Read more

Maharashtra hotels and resorts get lockdown blues as Covid-19 returns

Hotels and resorts located in tourist spots in Maharashtra saw a 30% increase in cancellations and new bookings, with the state reporting the largest increase in new cases of Covid-19. Hotels had seen demand increase in winter 2020, but restrictions imposed by local authorities thwarted that. “Hotels in hill stations, notably Lonavala and Mahabaleshwar, have experienced healthy clientele growth, especially on weekends. Read more

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