Name: Ruias propose to retain Essar Steel, offers ₹54,000cr to lenders
Uploaded: 2018-10-26T13:13:50.0+05:30
Duration: T00M28S
Channel: editorji

After Committee of Creditors voted in favour of Arcelor Mittal's 42,000 crore bid for Essar Steel, the Ruias have proposed a stunning bid of 54,389 crore rupees to reta

Ruias propose to retain Essar Steel, offers ₹54,000cr to lenders

After Committee of Creditors voted in favour of Arcelor Mittal's 42,000 crore bid for Essar Steel, the Ruias have proposed a stunning bid of 54,389 crore rupees to retain the debt-laden company. The proposal was made under Section 12A of the Insolvency and Bankruptcy Code with the Ruias offering to go up to 60,000 crore rupees to lenders. However, ArcelorMittal has said that IBC's Section 12A doesn't apply to the resolution process of the embattled company.

E-commerce giant Amazon and Walmart backed Flipkart have legally challenged the Karnataka HC decision allowing the CCI probe against the

E-commerce giant Amazon and&nbsp;&nbsp;Walmart&nbsp;backed Flipkart have legally challenged the Karnataka&nbsp;HC&nbsp;decision allowing the CCI&nbsp;probe against the e-commerce portals. Flipkart&nbsp;and Amazon have made a&nbsp;new appeal to the division bench.&nbsp; As per reports&nbsp;Flipkart filed its appeal against the order late Wednesday, Amazon India&rsquo;s petition was filed Thursday morning. The matter is likely to be heard on Friday.
CCI&nbsp;is probing allegations that&nbsp;Amazon India and Flipkart&nbsp;sales were predatory in nature and favourable terms to select sellers.
&nbsp;

Scrips of Gujarat Gas Ltd are up almost 30% in June as the company delivered stronger than expected Q4FY21 earnings. Brokerages are upbeat, with Nomura placi

Gujarat Gas stock is on a uptrend gaining 30% in less than a month as brokerages bet big raising targets and the company delivers stellar Q4 earnings.&nbsp;
Brokerages are upbeat, with Nomura&nbsp;placing Gujarat Gas at their top pick in the sector. Nomura&nbsp;has reiterated a BUY call on the stock almost doubling their price target to ₹800/share from ₹475. It implies a 21% further upside as the stock was trading around ₹660 levels on Thursday morning.
Nomura&nbsp;noted that the second wave impact on the company was low as the volume revival was the sharpest in FY21 and the brokerage expects the momentum to continue in FY22.&nbsp;As restrictions are being lifted gradually in many of company's operating areas, natural gas demand is likely to improve
Net debt declined sharply by 61% y-o-y in FY21. It is noteworthy that the management indicated that the company could repay the entire debt but would take advantage of low-interest costs as of now.

The Reserve Bank of India (RBI) estimates that the hit of second wave on the economy may total to a whopping Rs 2 lakh crore.Output loss due to the resurgence covid&nbs

The Reserve Bank of India (RBI) estimates that the hit of second wave on the economy may total to a whopping Rs 2 lakh crore. Output loss due to the resurgence covid&nbsp;has&nbsp;has hit domestic demand the RBI said in its monthly bulletin for June 2021. This loss in economic value is already reflecting in the GDP&nbsp;projection for the central bank that bought down their GDP&nbsp;forecast to 9.5% for the current fiscal year.&nbsp; The RBI&nbsp;however maintained its optimistic stance in it's outlook.&nbsp;"Going forward, the speed and scale of vaccination will shape the path of recovery. The economy has the resilience and the fundamentals to bounce back from the pandemic and unshackle itself from pre-existing cyclical and structural hindrances," it said.

Sputnik V pilot is in it's last leg and is ready to be expanded to other cities after Mumbai, Delhi and Hyderabad as per Dr Reddy's Lab which has currently so

Sputnik V pilot is in it's last leg and is ready to be expanded to other cities after Mumbai, Delhi and Hyderabad as per Dr Reddy's&nbsp;Lab which has currently&nbsp;soft-launched Russia's COVID-19 vaccine. A press release from Dr Reddy's said&nbsp;CoWIN&nbsp;registration for the Russian vaccine will be available as soon as they commercially&nbsp;launch the jab. The current pilot project&nbsp;allowed Dr Reddy's to test the cold storage arrangements of -18C temperature in the cities as well as the logistic chain for the vaccine.&nbsp;

IPO of Dodla Dairy, the third largest player in terms of milk procurement saw a big response from investors on Day 1 itself. The IPO was fully subscribed on the fi

IPO of Dodla Dairy, the third largest player in terms of milk procurement saw a big response from investors on Day 1 itself. The IPO&nbsp;was fully subscribed on the first day attracting bids for 1.1 cr shares, which was 1.4 times the issue size of 85 lakh&nbsp;shares. Here is what you need to know about the IPO-:
<ul>
<li>IPO Subscription&nbsp;Date - Jun 16 to 18, 2021</li>
<li>IPO Price -&nbsp;₹421 to ₹428&nbsp;per&nbsp;equity share</li>
<li>Lot Size - 35 Shares</li>
<li>Minimum Investment - ₹14,735</li>
<li>IPO Listing Date - Jun 28, 2021</li>
</ul>

Domestic IT companies could slash headcounts by a massive 3 million by 2022 due to automation as per a report by Nasscom. Software firms in India currently emplo

Domestic IT companies could slash headcounts by a massive 3 million by 2022 due to automation as per a report by Nasscom.&nbsp;
Software firms in India currently employ over 16 million people out of which 9 million are employed in low-skilled services and BPO roles. It is these roles in BPOs&nbsp;and low skilled services that are likely to see a big hit over the next year.&nbsp; Nasscom&nbsp;estimates that over 30% of this category of employees will be out of a job&nbsp;principally driven by the impact of robot process&nbsp;automation or RPA. The tech industry is estimated to save close to $100 billion in salary costs due to the automation updates.&nbsp;

Federal Reserve moved up it's rate hike calendar as surging inflation concerns pushed Jerome Powell & FOMC into raising it's inflation outlook as well. Fe

Federal Reserve moved up it's rate hike calendar as surging inflation concerns pushed Jerome Powell &amp;&nbsp;FOMC into raising it's inflation outlook as well.&nbsp; Federal Reserve officials&nbsp;indicated that rate hikes could come as soon as 2023, after saying in March that it saw no increases until at least 2024. The new 'dot-plot' marking Fed member expectations pointed to two hikes in 2023. This comes at the back of a higher than expected surge in inflation. The fed also raised their inflation targets&nbsp;to 3.4%, a full percentage point higher than the March projection. The more aggressive signal from the Fed&rsquo;s forecasts saw the dollar rise, stocks decline and yields on 10-year Treasuries jump. The market was not anticipating such move up in rate hike calendar which translates to earlier than anticipated&nbsp;wrap-up of the easy money policy by the world's most powerful central bank.&nbsp;

Satya Nadella, Microsoft’s CEO will take over as the company's chairman following a unanimous vote by the Microsoft board.Satya Nadella who h

Satya Nadella, Microsoft&rsquo;s CEO&nbsp;will take over as the company's chairman following a unanimous vote by the Microsoft board. Satya Nadella&nbsp;who has been CEO&nbsp;of the software giant for 7 years will replace an independent director as Chairman of&nbsp;Microsoft. "The board credits Mr Nadella for his tremendous progress driving cultural change across the organization, especially given the unprecedented impact of Covid-19 on our business and our people,&rdquo; Microsoft said. Under Satya&nbsp;Nadella&nbsp;since 2014&nbsp;Microsoft regained the title as the second most valuable technology company, the stock has risen 600% under him as CEO.

Do you think Amazon founder Jeff Bezos is Lex Luthor? Well... over 8,000 people think so and have signed a petition on Change.org to deny him re-entry into Earth a

Do you think Amazon founder Jeff Bezos is Lex&nbsp;Luthor? Well... over 8,000 people think so and have signed a petition on Change.org to deny him re-entry into Earth after he makes a trip to the edge of space in July.&nbsp;
The cheekily written petition says that &ldquo;Jeff Bezos is actually Lex Luthor, disguised as the supposed owner of a super successful online retail store, who is actually an evil overlord hell bent on global domination."
The petition has created by someone named Jose Ortiz and goes on say that Bezos&nbsp;is "in bed with the flat earth deniers" and this is the &ldquo;only way they&rsquo;ll allow him to leave the atmosphere."
Bezos, his brother Mark and two others will fly up to&nbsp;the K&aacute;rm&aacute;n line, an imaginary boundary 100 kilometers above sea level where space begins. The space capsule will be launched by Blue Origin, the space rocket launch firm founded by Bezos.&nbsp;

Cryptocurrency is the trending chat all over the globe from altcoin to blockchain here is a list of the top 10 words you need to know get chatting about the cryptos: 1

Cryptocurrency is the trending chat all over the globe from altcoin to blockchain here is a list of the top 10 words you need to know get chatting about the cryptos:
1. Altcoin:&nbsp;To be put&nbsp;simply, an Altcoin&nbsp;is any&nbsp;cryptocurrency that is not Bitcoin.&nbsp;Bitcoin is the oldest and the biggest&nbsp;cryptocurrency, any digital&nbsp;coin or token that was created after was treated as an "alternative" or Altcoin.
2. Bitcoiner:&nbsp;A Bitcoiner&nbsp;is that friend of yours who cannot stop talking about Bitcoins. Despite the volatility of Bitcoin, a Bitcoiner believes in a future where Bitcoin continues to dominate the cryptocurrency market capitalization.
3. Blockchains:&nbsp;These are a series of individual blocks connected in a chain. Each block contains information about transactions. They also contain a unique identifier to differentiate them from every other block in the chain.
4. Hash: Each block contains a reference to the preceding block, in the form of a hash. This is the key security feature of blockchain technology which makes it virtually impossible to forge the ledger.
5. Crypto&nbsp;Mining: Blocks are created by solving cryptographic problems. The process of solving these problems is known as mining.&nbsp;Mining a block on the blockchain attracts a reward. For example, at the inception of the Bitcoin blockchain, miners solving the cryptographic hashing problem were rewarded with 50 BTC.
6. Decentralised:&nbsp;We hear this quite a lot,&nbsp;"blockchains are decentralized." Instead of being controlled by one central location, the blockchain is stored on the computers of every user of that given blockchain.&nbsp;
7. Buy The Dip:&nbsp;It is the modus operandi for cryptocurrency bulls as it implies that any correction or dip or fall in a cryptocurrency&nbsp;price should mean buying more.
8. Fiat currencies:&nbsp;Fiat currency is the&nbsp;traditional legal tender like the US Dollar, Euro or Rupee, that is issued by central banks.
9. CBDC:&nbsp;Central bank digital currencies or CBDC&nbsp;are fiat currencies that exist in a digital form and are issued by central banks.
10. DeFi: Almost all financial transactions in the real world involve an intermediary of some sort, generally banks. The DeFi or decentralised finance system is based on the idea that the financial system should not be controlled by 'monopolistic' third-party providers.

Vistara on Wednesday operated India’s first flight with pilots and cabin crew fully vaccinated against Covid-19. The special flight departed Delhi International A

Vistara on Wednesday operated India&rsquo;s first flight with pilots and cabin crew fully vaccinated against Covid-19. The special flight departed Delhi International Airport on June 16 and arrived at Mumbai Airport. Vistara has said that it plans to operate more such flights in the coming days as their number of fully vaccinated staff increases.
The airline recently announced that it had got nearly 100% of its eligible employees vaccinated with at least their first doses. This included Vistara&rsquo;s airport and corporate staff, cabin crew and pilots. Vistara also said that they continue to ramp up efforts to ensure all eligible employees receive their second doses as well in time.
Operating fully vaccinated flights has picked up pace across the globe, with Qatar Airways operating world&rsquo;s first fully vaccinated flight back in April.

$4 billion wiped from Coke's marketcap as football superstar Ronaldo endorsed water over Coca-Cola. Cristiano Ronaldo picked up two glass bottles of Coca

$4 billion wiped from Coke's marketcap as football superstar Ronaldo&nbsp;endorsed water&nbsp;over Coca-Cola.&nbsp;Cristiano Ronaldo picked up two glass bottles of Coca-Cola, mutters the company's name and set them aside before holding up a bottle of water saying&nbsp;Agua" (water) in Portuguese . The video of the whole episode was shared widely on social media. This single gesture led to the sudden drop in Coca-Cola share prices.&nbsp;Coca-Cola also decided to put in a statement after Ronaldo's act, saying:&nbsp;&ldquo;everyone is entitled to their drink preferences&rdquo; as people have different &ldquo;tastes and needs. &rdquo; Coca-Cola is one of the official sponsors of Euro 2020.

Jubilant Foodworks, the owner of the Domino's Pizza franchise in India has brokerages raising their target on the stock after a hot set of Q4 earnings. Jubilant Fo

Jubilant Foodworks, the owner of the Domino's Pizza franchise in India has brokerages raising their target on the stock after a hot set of Q4 earnings.&nbsp; Jubilant Foodworks reported better-than-expected Q4 results with net profit zooming 359% at Rs 104 cr. Brokerages like CLSA&nbsp;are confident of a better return from the stock going ahead as the management has seen a division and new hires to manage the wider portfolio better.&nbsp;The company hired Gaurav Pandey from HUL to head its Popeyes business and appointed a new CFO, Ashish Goenka, who previously worked at HUL and Airtel. These changes and outlook has prompted prompted brokerages to raise targets across the board. Here are what the brokerages are betting now betting on&nbsp;
<ul>
<li>HSBC: Revised target at Rs&nbsp;3550 from Rs 3300&nbsp;</li>
<li>CLSA: Revised price target at Rs&nbsp;3300 from Rs 3000&nbsp;</li>
<li>JPMorgan:&nbsp;Revised price target at Rs&nbsp;3425 from Rs 3030</li>
</ul>

Employee Provident Fund Organisation (EPFO) has extended the deadline to seed Aadhaar with the universal account number (UAN) for filing electronic challan-cum-ret

Employee Provident Fund Organisation (EPFO) has extended the deadline to seed Aadhaar&nbsp;with the universal account number (UAN) for filing electronic challan-cum-returns till September 1, 2021. This comes as a big relief to employers which were facing issues and also needed more time to link their employees' Aadhaar numbers with the&nbsp;UAN.
The earlier deadline of June 1 had to be extended as PF payout for many in the month of May was delayed due to the inability to link the two digital record keepers.&nbsp;

RBI has banned DHFL from taking any loans, the deposit-taking status of the bankrupt Dewan Housing Finance (DHFL) has been revoked ahead of a final nod t

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp; DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one. More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for In

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Reliance Jio has kicked off it's 5G trial in Mumbai using equipment that is 'Made In India'. India's largest telecom network provider is looking to

Reliance Jio&nbsp;has kicked off it's 5G trial in Mumbai&nbsp;using equipment that is 'Made In India'.&nbsp;India's largest telecom&nbsp;network provider is looking to launch the 5G network in India by June 24 as per reports.&nbsp; Samsung, Ericsson and Nokia&nbsp;are said to be working with Mukesh&nbsp;Ambani&nbsp;promoted Jio&nbsp;to launch the 5G network across the nation.&nbsp;Jio had applied for trials in Delhi, Mumbai, Gujarat and Hyderabad.&nbsp; There is a buzz on Dalal&nbsp;Street that&nbsp;Jio is expected to officially launch it's 5g network on&nbsp;June 24th during its Annual General Meeting (AGM). Department of Telecom&nbsp;had given permission to&nbsp;Airtel, Reliance Jio, VI, and MTNL to test out 5G networks in India. Jio&nbsp;is likely to be the first to roll it out.&nbsp;

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz Buzz, catch Ajay Bijli, chairm

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz&nbsp;Buzz, catch Ajay Bijli, chairman and owner of&nbsp;PVR&nbsp;Cinemas in India, candidly talk about the competition from the new platforms.

Ajay Bijli, Chairperson of PVR exclusively tells editorji & Fortune India even though cost cuts are here to stay, that they are looking at

Ajay Bijli,&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

In a candid conversation with editorji & Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination pick

In a candid conversation with editorji &amp; Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination picks up pace. Confidence he says will only return post mass vaccination or the optimism of revival will be short lived.

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Business

Amazon, Flipkart challenge HC order allowing CCI probe

Gujarat Gas: Stock up 30% in June, what's fuelling the rise?

2 lakh crore is the bill of the second wave to the economy: RBI

Sputnik V pilot in final leg; Dr Reddy's gears for commercial launch

IPO Watch: Dodla Dairy fully subscribed on Day 1

IT industry is set to cut 3 million jobs by the next year!

Fed sees 2 rate hikes in 2023 as inflation rises, taper talk hits markets

Satya Nadella named Chairman of Microsoft by unanimous vote

Petition to deny Jeff Bezos re-entry to Earth gets over 8,000 signatures

Cryptocurrency Explained: Bitcoin to blockchain, 10 words you need to know

Vistara first airline in India to operate with crew fully vaccinated against Covid

Ronaldo's snub to Coca-Cola costs the drink $4 billion

Jubilant Food Q4: Why brokerages expect this stock to have a hot return

EPFO Aadhaar seed deadline extended to September 1, employers relieved

RBI bans DHFL from taking deposits from customers, revokes status

Fin Min & Infosys meet to discuss glitches in tax return e-filing portal

Jio 5G trial starts in Mumbai with Made In India equipment

On Biz Buzz | Movie man Ajay Bijli of PVR makes the case for cinema vs OTT

On Biz Buzz | PVR Exclusive, Ajay Bijli details the revival plan for cinemas post pandemic

On Biz Buzz | PVR Exclusive, Chief Ajay Bijli says vaccination a priority not re-opening of cinema

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