The government is considering inviting expressions of interest to sell national carrier Air India by the end of next month. The government will conduct road shows as well as be open to meet prospective buyers even before the expressions of interest are sought. The process will likely allow the bidders to look at the accounts of the airline except for some portions that are confidential and make suggestions for changes in the sale terms.
The central government plans to ease eligibility criteria for participation in tenders for public procurement to promote local manufacturing and domestic suppliers by dropping conditions such as minimum Rs 1,000-crore turnover and export experience to G8 countries. To promote local manufacturing under Make in India, the Department for Promotion of Industry and Internal Trade (DPIIT) has issued an order to various central agencies asking them to ensure their tenders don’t include conditions that are “restrictive and discriminatory against local suppliers”, a department official said.
A forum of 13 unions of Air India has come out strongly against the government's second attempt to sell the financially-crippled national carrier. After the budget announcement on July 5, Air India chairman Ashwani Lohani had called a meeting of all the 13 unions of the airline on July 8 to discuss the privatisation plan. During the meeting, union representatives told the management that they were ready to do anything to turn around the carrier but would not "accept" privatisation at any cost.
As per latest depositories data, FPIs withdrew a net amount of Rs 3,710.21 crore from equities but invested Rs 3,234.65 crore in the debt segment during July 1- 5, resulting in a net outflow of Rs 475.56 crore. FPIs took out a substantial amount of money from Indian equities this week. Prior to this, foreign portfolio investors (FPIs) were net buyers for five consecutive months (February to June).
Amazon India is adding two new specialised warehouses in Patna and Guwahati, and add more storage capacity to its existing specialised fulfilment centres (FCs) in New Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, among other cities. The move will enable the e-commerce major to further speed up its delivery capabilities. Unlike traditional warehouses, the fulfilment centres are equipped with highly automated pick, pack and shipping processes to facilitate safe and timely processing of orders.
The government will soon give the Reserve Bank of India (RBI) power to regulate housing finance companies (HFCs), which will almost certainly lead to the lenders facing stringent asset quality reviews. About 80 HFCs, including Indiabulls Housing Finance, HDFC, and DHFL could face unprecedented scrutiny, potential major financial penalties and restriction on their activities if improper practices are discovered. The HFCs are currently regulated by the National Housing Board, and the central bank has no direct authority over them.
Deutsche Bank India reported a 32% rise in net income from its branch operations at Rs 1,199 crore for FY19, despite a massive spike in bad loans. The local arm of the largest German bank's, which operates through a branch model, net NPA ratio nearly doubled to 1.44% during the reporting year. The lender, which has 17 branches in the country, infused Rs 3,846 crore in fresh capital during FY19, taking the total capital base to over Rs 15,000 crore.
In addition to the stringent USFDA audits carried out at manufacturing plants to check for compliance and current good manufacturing practices (CGMP), inspectors will now carry out post-marketing adverse drug experience (PADE) inspections at the corporate offices of Indian pharmaceutical companies. To ensure safer and more effective use of medicines, the US drug regulator expects companies to monitor the effects of drugs after they have been approved for use and flag any adverse event within 15 days.