Here is a collection of the most important stories this evening:
Rs 5,94,320 crore: That’s the amount of equity supply that is likely to hit the market
Even as stake sales by promoters and private equity fund have seen a sharp rise over the past two years, the pace of equity supply appears unlikely to slow down, said Ashish Gupta, CIO of Axis Asset Management, in his latest note Acumen. According to his math, the total supply of equity papers that is waiting in the wings amounts to Rs 5,94,320 crore. Learn more.
Worli hit-and-run case: Accused Mihir Shah sent to police custody till July 16
A Mumbai court on Wednesday sent Mihir Shah, the prime accused in the Mumbai BMW hit-and-run case, to police custody till July 16. Shah was arrested on July 9, two days after he allegedly rammed his BMW car into a two-wheeler, killing a 45-year-old woman and leaving her husband injured. Read more.
Yes Bank’s $5 billion stake said to attract lenders from the Middle East, Japan
First Abu Dhabi Bank PJSC is among potential suitors for a roughly $5 billion stake in India’s Yes Bank Ltd., according to people with knowledge of the matter. The Middle Eastern lender is weighing a bid for as much as a 51% stake in Yes Bank, the people said, asking not to be identified as the deliberations are private. Find out more.
Trade Minister Piyush Goyal to visit Switzerland on EFTA's $100-billion FDI promise
Trade Minister Piyush Goyal will visit Switzerland on July 14 to hold talks around the $100-billion investment promise made to India as part of the trade deal with the European Free Trade Association (EFTA) comprising Iceland, Liechtenstein, Norway, and Switzerland. The Union government on March 10, signed a Trade and Economic Partnership Agreement (TEPA) with EFTA nations that weaved in a commitment to facilitate through private companies' foreign direct investment in India in the next 15 years. More details here.
SCI, NMDC Steel at advanced stages of strategic sale, await nod from PMO
The government's disinvestment agenda is very much on, if at an unsteady pace, according to a senior government official. Some public sector undertakings (PSUs) are at an advanced stage of strategic sale but are awaiting the nod from the top political levels, the official said. Know more.
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