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Morning Scan: All the big stories to get you started for the day

A round-up of the biggest articles from newspapers

August 30, 2021 / 08:04 AM IST
A round-up of the biggest articles from newspapers.

A round-up of the biggest articles from newspapers.

Tata Sons likely to set up holding company for its airlines business

Tata Sons is planning to form a holding company for its aviation business, reports The Economic Times.

Why it's important: The group thinks that the new plan brings better operational synergies.

It also wants to avoid direct competition among its airlines.

The new entity will be bidding for Air India.

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The group's loss-making and low-cost airline, AirAsia India, will also fly under the new subsidiary.

However, Vistara, its JV airline firm with Singapore Airlines, may stay out of the planned entity for the time being.

Tata Power, Adani Power likely to get to sell power from Mundra projects

Tata Power and Adani Power are likely to be allowed to sell power generated through their plants at Mundra in Gujarat, The Economic Times reports.

Why it's important: They may be allowed to sell electricity on the power exchanges.

The Central government is getting ready to issue a statutory order in this regard,

The move will ease the coal and power supply situation.

These plans are using imported coal.

They are not functional due to the absence of compensation for high fuel costs.

Religare promoters' wives paid crores to conmen to secure husbands

Religare promoters Malvinder Singh and Shivinder Singh land in another soup. This time, their wives are at the receiving end, reports The Economic Times.

What's the new case:  To secure bail for the Singh brothers, who are in Tihar jail, the wives paid crores of rupees to conmen.

Shivinder’s wife Aditi Singh and Malvinder’s wife Japna Singh paid huge sums to people impersonating as government officials for the safety and well-being of their husbands, they said in a complaint to the Delhi Police.

The interesting turn is that as per the FIR, the fraudsters asked to pay the amount to a company in Hong Kong, which is the "overseas account of the ruling party.”

Promoters reduce pledged shares 

The promoters who are pledging their shares in their companies are decreasing, says Mint.

Why it's important: The main reason could be the rising trend in stock prices.

Not only big firms, even smaller ones too cut promoter pledges.

The high stock prices help the promoters to bring down the number of shares they are supposed to keep as collateral.

Centre persuades Assam, Nagaland to work on ONGC wells to start output again

The Central government is persuading two northeastern States, Assam and Nagaland, to find an amicable solution to begin production from ONGC wells there, the Mint reports.

Why it's important: A border dispute between these two States has stopped drilling and exploration since June.

Three wells in the region are hit due to the dispute.

The Centre is working out a compromise formula to solve the issue.

The government is planning to keep the royalty from the oil wells in the disputed area in an escrow account till the issue gets settled.

Raymond Realty sets huge expansion plans ready

Raymond Realty is expanding its wings in the real estate market in the Mumbai region in a major way, reports Business Standard.

Why it's important: It has plans to develop more residential projects in the south, central and western Mumbai after its successful entry into the market in Thane.

It will develop 17 mn sq ft of saleable area in the next five years.

The company plans to fund these projects with internal accruals and debt.

The company will share revenues with landowners in these projects.

'A correction is overdue'

Jyotivardhan Jaipuria, founder & managing director of Valentis Advisors, in an interview with Business Standard, says that the outcome of the US Fed chairman speech is that tapering is likely to start by year-end and the beginning of a correction in the markets.

What he says: India is better placed to take any correction than in 2013.

India has not seen a double-digit correction since May 2020, and to that extent, a correction is overdue.

This correction is just a pause in the long-term bull rally.

The next rally is also there due to the strong recovery in the earnings.

Nazara bets big on real-money gaming business

Nazara Technologies is pinning its hopes on the real-money gaming business, reports Mint.

Why it's important: The firm also feels that regulatory issues are now India almost solved and it's the right time to focus on the business.

The company is planning to raise ₹100 crore in revenues this fiscal.

The gaming and sports media company also has plans to make acquisitions in the space.
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