Top Headlines: RIL Becomes Net Debt Free, Sale of ICICI Bank Stake and More

Net debt RIL released before schedule; to list retail and telecommunications within 5 years

Reliance Industries is now net debt free after raising a record 1.69 trillion rupees from global investors and a rights issue in nearly two months, group chairman Mukesh Ambani said in a statement on Friday. communicated. The statement came after Reliance said on Thursday that the Saudi Public Investment Fund would buy a 2.32% stake in its digital unit Jio Platforms for Rs 11,367 crore. Learn more here

Reliance Industries Reaches New High; market capitalization exceeds Rs 11 trillion

Shares of Reliance Industries (RIL) hit a new all-time high of Rs 1,788.60 on BSE on Friday after the company announced on Thursday that it had sold a 2.32% stake in its digital unit to the Fund. of Saudi Public Investment (PIF) for Rs 11,367 crore and became net debt free. The stock, however, ended at Rs 1,759.50, up more than 6%. Continue reading…

ICICI Bank sells 3.96% stake in ICICI Lombard for Rs 2,250 crore

Private sector lender ICICI Bank on Friday sold a 3.96% stake in its general insurance arm ICICI Lombard for Rs 2,250 crore. This was done to strengthen the bank’s balance sheet in light of the pandemic which is expected to exacerbate banks’ bad debt problem. In a statement to the exchanges, the bank said, in accordance with the approval granted by the bank’s board of directors, that it had disposed of 18 million shares with a nominal value of 10 rupees each of ICICI Lombard General Insurance, representing 3.96% of its share capital. on the stock exchange for an approximate total consideration of Rs. 2,250 crores”. Learn more here

Difficult for Vodafone Idea to pay AGR dues in advance: Credit Suisse

Vodafone Idea will struggle to pay more than Rs 5,000 crore in additional initial dues in AGR dues, according to brokerage Credit Suisse. In a report, he said that after paying Rs 6,900 crore in AGR dues, it is estimated that Vodafone Idea would have a cash balance of Rs 6,000 crore in March 2020 assuming no additional investment in the fourth quarter of fiscal 2020. Learn more here

Tariffs, trade barriers: How India plans to protect domestic companies from China

India plans to impose higher trade barriers and increase import duties on around 300 products from China and elsewhere, two government officials said, as part of an effort to protect national companies. The plan has been under consideration since at least April, according to a government document viewed by Reuters, and is in line with Prime Minister Narendra Modi’s recently announced self-reliance campaign to promote local produce. Continue reading…

Clash in Ladakh: Call for boycott could impact Chinese exports worth $17 billion

The nationwide clamor for a boycott of Chinese goods is intensifying amid the Ladakh standoff, with traders urging the Center to order e-commerce firms to restrict the sale of items from the Land of the Dragon. Continue reading…

Awaiting proposal of fair deal to restore India’s GSP status: US official

The United States is likely to restore India’s beneficiary status under its Generalized System of Preferences trade preferences program after receiving a countervailing proposal from New Delhi, a senior Trump ministry official told reporters on Thursday. legislators. The United States is currently negotiating with India for this, he added. Continue reading…

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