A round-up of the biggest articles from newspapers.
Below is a shortlist of all the important articles from newspapers.
Plans for a new licensing policy for urban co-operative banks
The authorities are planning for a new licensing regime for the urban co-operative banks (UCBs), reports Business Standard.
Why it’s important: RBI was not issuing any liceses for the last 17 years.
The number of UCBs comes down to 1,539 from 1,926 in 2003-04.
A nationwide umbrella organisation for UCBs is also under consideration.
The newly-minted Ministry of Co-operation will undertake these changes.
Top Mumbai realtors turn to build redevelopment
Major realtors in the country are looking at the redevelopment of existing buildings rather than new constructions at several parts of Mumbai to boost their revenue, reports Business Standard.
Why it’s important: Top property developers such as Oberoi Realty, Tata Realty and Infrastructure, and Hiranandani are weighing the option for a better revenue stream.
Mumbai’s redevelopment projects are estimated at around ?30,000 crore.
“We strongly believe Mumbai as a city has to get into redevelopment. It’s a win-win for occupants, developers, and the government,” said Vikas Oberoi, Chairman, Oberoi Realty.
We are trying to bring back the Keralites who are working outside: Industries Minister P Rajeeve
Kerala’s industries minister P Rajeeve in an interview with Business Standard explains the roadmap of industrial growth in the State.
What the Minister says: Kerala is looking for responsible investments, following the environmental, labour, and other laws of the land.
Several factory laws in India are outdated and a three-member committee will look into whether there are any roadblocks or outdated laws in the existing framework for investors.
Kerala has identified several key sectors suited for the State such as IT, biotechnology, pharma, medical devices, consumables, electronics, and food processing.
“If you look globally, there is a sorting happening in developed countries, by omitting environmentally-damaging industries from those countries.”
“We are trying to bring back the Keralites who are working outside. I believe the current trend of remote working will open doors for that. We are working on creating infrastructure that will be helpful to create such a work atmosphere.”
“We have some reservations regarding the Ease of Doing Business rankings, which is not transparent. We have no clarity on why we are going down.”
We will become the number one state for start-ups within a span of six months.
We do not see any value that listing would bring to our business: Zerodha CEO
Nithin Kamath, founder & chief executive officer at Zerodha, in an interview with Business Standard, tells that a lot of first-time users, who have entered the markets after Covid are increasingly investing in MFs, ETFs, and stocks for their long-term goals.
What the CEO says: Today, nearly all brokers have some kind of a discount pricing model, and the pricing model on its own doesn’t hold too much importance.
Right now, brokers with the best platforms are seeing the biggest spikes in terms of new users.
Since we have not raised any external capital in the past, we don’t have any additional pressure of giving exit to any investors.
We do not see any value that listing would bring to our business.
We may think of listing sometime in the future, but only if the listing adds value.
Big investors want more clarity as Tatas looking for $ 5bn for SuperApp
Top private equity funds and sovereign and pension money managers are asking for more clarity from Tata Digital about its proposed SuperApp, The Economic Times reports.
Who the big potential investors are: Canada Pension Plan Investment Board, Temasek Holdings, SoftBank Group, Abu Dhabi Investment Authority, and two European money managers.
Why it’s important: The Tatas are planning to raise at least $ 5 billion for its capital-intensive eCommerce platform.
The potential investors want to know the operational structure and integration plan with the group’s existing retail operations.
Tata Sons earmarked over ?15,000 crore for the business but needs more.
The double taxation issue bothers big technology companies
Major technology companies in the world fear India’s equalisation tax as well as the similar regulations in the UK and France, will lead to double taxation, The Economic Times reports.
Why it’s important: Google, Facebook, Amazon, Apple, Twitter, and others think that their advertising and content revenue are being taxed in various locations because of this.
They are setting up different structures to avoid tax complications.
India’s equalisation levy seeks a 6% tax on any ad revenue if the advertiser is based in the country. There is also a 2% equalisation levy even if the advertisers or MNCs are not based in India, but it is seen in the country.
Vi lenders weighing the option of converting debt to equity
Worried over the exposure to the cash-strapped Vodafone Idea (Vi), the major bankers led by SBI are weighing the option of converting the debt to equity, reports The Economic Times.
Why it’s important: This is the best way forward to get out of the mess.
But the lenders can’t move forward as Vi had not defaulted on its debts so far.
Bankers want DoT to take steps to save the telecom major.
Otherwise, the government will be the biggest loser.
Bajajs to buy out joint venture partners in Mukand
The Bajaj Group is buying out its partners, brothers Suketu Shah and Rajesh Shah, from the 84-year old steel venture Mukand Ltd, after long-drawn talks, reports The Economic Times.
Why it’s important: The Shah brothers will transfer their 16.5% stake to their partners via block deals in the stock market.
It’s part of a major restructuring exercise to revive the operations.
The Bajajs have to pay around ?353 crore at the present market prices.
The Mukand Ltd market capitalisation is ?2,142-crore.
“This is a decision that our family arrived at some time back. It has been a long association between both sides. This partnership has worked successfully for a long but our next generation are unlikely to continue,” said Rajesh Shah, co-chairman of Mukand.
Private sector spending picks up as demand revives
The private sector companies in the country are increasing their capex budgets, reports Mint.
Why it’s important: The demand is going up due to the steady revival after the Covid second wave.
Metals, cement, specialty chemicals companies are leading the capital expenditure plans.
Experts see the private capex cycle to witness a significant upswing after the lifting of the regional lockdowns.
Oil marketing firms see big business in electric vehicle infrastructure
Oil marketing firms are firming up plans for the electric vehicle segment. reports Mint.
Why it’s important: The pandemic has forced them to accelerate plans in the EV charging sector.
IOC has set up 257 EV charging stations at its retail outlets and is planning another 1,800 stations this fiscal.
IOC has plans to produce the aluminum air battery.
India already has 1% two-wheeler EV penetration.
It expects to grow to 10% by 2025.
HPCL has tied up with three entities for charging infrastructure.