Morning Scan: All the big stories to get you started for the day
A round-up of the biggest articles from newspapers.
Petronas eyes India to expand green energy segment
Petronas is looking up to India fir generating its 3 GW renewable energy target by 2024, The Economic Times said.
Why it’s important: It has plans to venture into traditional ways such as solar and wind as well as other sustainable initiatives to expand in the green energy area.
· The plans include ventures into energy storage, battery energy storage and electric vehicles, said Jay Mariyappan, head of new energy at Petronas.
Tata Health wants to be a family doctor of India with predictive healthcare, teleconsultation
The Tata group wants to become a family doctor in an online mode for new India through its Tata Health, reports The Economic Times.
Why it’s important: The group believes that the launching a Super App will augment its plans.
· It hopes to provide teleconsultation services.
· Tata Health to provide predictive, preventive and personalised healthcare.
· The predictive healthcare will help diagnose non-communicable diseases before onset for its users.
· Tatas hopes to bag at least 10% of online consultation market worth Rs 1,200-crore by fiscal end after the launch of Super App.
Promoters mull fresh investments in Vodafone Idea after Govt move
The promoters of Vodafone Idea is mulling fresh investments into the beleaguered telecom major after government’s relief measures, Mint reports.
Why it’s important: It’s a dramatic turnaround for Vodafone Group Plc and Aditya Birla Group as they were reluctant in pumping money into the company.
· They were pointing out the adverse regulatory and business environment for the telecom company to survive.
· Now, they feel that the possibility of survival of Vodafone Idea has improved after the government move.
Carlyle to sell 3.4% stake in SBI Cards for Rs 3,267.2 crore
Carlyle Group to sell hal of its stake in SBI Cards and Payment Services Ltd for Rs 3,267.2 crore, reports Mint.
Why it’s important: Carlyle entity CA Rover Holdings will sell around 32 million shares through a block trade.
· The expected offer price of a share is between Rs 1,021 and Rs 1,072.
· On Monday, shares of SBI Cards closed at Rs 1,071.70 on BSE.
Bad bank will work because the entire mechanism is driven by the banks: FM
Finance Minister Nirmala Sitharaman talked about the plans and the state of the economy, in an extensive interview with Hindustan Times.
What the FM says: The bad bank will work because “this entire mechanism is driven by the banks”.
· Indian Banks Association will have to drive the process as these assets belong to banks; IBA will have greater oversight on this.
· Where amendments are required to strengthen the IBC, I am in favour of them.
· But in practice, if there are ways in which people are either gaming it or conveniently giving an inference that is in spirit, not in line with the law, I think other ways of legal redressal are required.
· It is not the weakness in the IBC but in how people are gaming it.
· There are countries that are talking about the central bank having a legitimate cryptocurrency. That could be a possibility.
MF staff below 35 to invest 10% in first year: SEBI
The Securities and Exchange Board of India (SEBI) has changed some of the points in the policies that wanted a fifth of compensation to key employees of AMCs in the MF units ahead of its implementation, reports Business Standard.
What the new changes are: Employees below 35 years of age will have to invest only 10 percent in MF units of the fund house in the first year, and 15 percent in the second year, as against 20 percent for the other employees.
· CEO, head of department, and fund managers, even if below 35 years of age, will not get this benefit.
· The term ‘key employees’ changed to ‘designated employees’.
SBI ready to support Tata’s bid for Air India
State Bank of India is ready to support Tata group’s bid for Air India, reports Business Standard.
Why it’s important: It is through subscribing to Tata Sons debentures or funding the special purpose vehicle set up by Tata Sons for the acquisition.
· The credit rating of the holding company is “AAA”.
· It shows that a combination of Air India and Vistara, would make a bigger player.
“We do not crave for opportunities through other means because we can grow organically”
R Baskar Babu, Suryoday Small Finance Bank MD and CEO, in an interview with Business Standard said that there are no such challenges that would make them look for a partner.
What he says: The bank is into inclusive finance (micro loans) and affordable home loans.
· The bank has a high capital adequacy close to 52 percent.
· “We do not crave for opportunities through other means because we can grow organically. We are not looking at opportunities to overcome challenges.”
· We will be a steady 25-30-percent YoY growth player.