Eicher Motors, which has a 50:50 joint venture with Volvo for trucks and buses (VECV), Monday announced that the JV plans to set up a new greenfield truck manufacturing plant at an investment of Rs 4 billion in Bhopal.

"The Madhya Pradesh government has allotted land for the new plant and work to set up this plant is expected to start soon," Eicher Motors said in a BSE filing.

Infrastructure major GMR Infra on Monday announced it had received the consent award from the arbitral tribunal based on the settlement agreement signed by it with private equity investors.

This was with respect to certain arbitration proceedings administered by the Singapore International Arbitration Centre.

New Delhi: As the government is planning to hold spectrum auction in the second half of 2020 fiscal, telecom regulator Trai believes the reserve price of Rs 492 crore per Mhz of 5G radiowave is competitive enough.

“We are hopeful that auction will take place on 5G front, there is no reason for us to think it will not happen with respect to people saying that the auction prices are higher.

Mumbai: Leading credit rating agencies are likely to face regulatory action over the IL&FC fiasco. According to sources, the market regulator may soon issue show-cause notices to three top rating agencies — Icra, India Ratings & Research (IndRa) and CARE Ratings — over their failure to proactively warn off troubles at one of the country’s biggest non-banking financial companies, IL&FS, till a subsidiary defaulted on some of its debt.

The BSE Sensex fell over 150 points and the NSE Nifty dropped below the 10,300-level in early trade Monday on unabated foreign fund outflow amid weak Asian cues and the weakness in rupee.

Falling for the fourth straight session, the BSE 30-share barometer fell 169.20 points, or 0.53 per cent, to 34,207.79 after hitting a low of 34,106.24.

Mumbai: Reliance Industries Ltd (RIL) raised prices of at least seven key petrochemicals in the last quarter to offset higher crude oil prices and counter the effect of a weakening rupee. Bulk chemicals traders, suppliers for RIL’s petrochemical products and analysts tracking the company said it raised prices by 10-21% in the second quarter of this fiscal while year-on-year increase is 17-61%.

Mumbai: With the Supreme Court directing Numetal Mauritius and ArcelorMittal to settle unpaid liabilities of all connected parties to become eligible bidders for Essar Steel, a swift resolution may be out of sight for now.

The judgement has opened up several permutations depending on what course of action the stakeholders choose to follow. To begin with, both Numetal and Arcelor are weighing various legal options, including challenging the verdict.

New Delhi: Paytm Mall, operated by Paytm E-commerce Pvt. Ltd, plans to offer cashbacks worth more than Rs 501 crore in the run-up to the festive season sales this Diwali. The online retailer’s major sale event called the ‘Mera Cash Back Sale’, which coincides with Flipkart’s Big Billion Days and Amazon’s Great Indian Festival, will run from 9-15 October, the company said in a statement.

After the government last week announced reduced excise duty on fuel by Rs 1.50 a litre and asked oil companies to absorb a Re 1 slash, global firm Morgan Stanley see heightened pressure for oil and gas majors HPCL and BPCL. Notably, Morgan Stanley says that the development will have a material earnings impact, if the slash continues even after 2019 elections. The lack of policy clarity also adds to the challenges, notes Morgan Stanley.

The Centre will soon announce a fresh turnaround plan (TAP) for Air India that will include transfer of the carrier’s working capital debt of Rs 30,000 crore or 62% of the total debt and non-core assets to a special purpose vehicle as well as an additional Rs 2,056-crore capital support in FY19. Given that AI had borrowed Rs 48,447 crore with an average interest cost of nearly 9%, the debt transfer from its books would give nearly Rs 2,700-crore annual relief to the loss-making carrier from the next financial year.

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