Economic Survey 2019 tabled in Parliament - some of its highlights. NCLAT approves ArcelorMittal's bid for Essar Steel. IndiaMart share price surges upon debut. Operations and management of airports at Mangaluru, Lucknow and Ahmedabad to be taken over by Adani Group. Uber launches driver reward programme ‘Uber Plus’ in India. DPIIT summons Swiggy, Zomato to address problems of “deep discounting” and “predatory pricing”. Telecom minister warns Indian suppliers of US-origin equipment to Huawei. Amazon’s acquisition spree faces hurdles in Washington. Bitcoin rallies to highest point since 2017. Tesla shares surge as second-quarter earnings beat expectations and records. The road ahead could be bumpy for Elon Musk.
Moving on to the top Business news of the day.
Economic Survey tabled in Parliament - some of its highlights. Interestingly, the Survey is filled with references to and comparisons with China.
In Nirmala We Trust: The Economic Survey was tabled in the Parliament today by Finance Minister Nirmala Sitharaman.
Some key highlights:
The Dragon In The Room: Interestingly, the Economic Survey was rife with comparisons of India with China. Be it when talking about savings, exports, investments, wages or demographics, the Survey repeatedly kept coming back to China as a comparison.
NCLAT approves ArcelorMittal's bid for Essar Steel. IndiaMart shares surge upon debut. Operations and management of airports at Mangaluru, Lucknow and Ahmedabad to be taken over by Adani Group.
The What: The National Company Law Appellate Tribunal (NCLAT) has rejected all objections raised by the shareholders of Essar Steel and approved ArcelorMittal's bid for the debt-laden company with modifications.
The NCLAT has directed that all financial creditors having a claim amount of over INR1cr would be entitled to 60.7% of their admitted claim.
It has also awarded around 60% of the admitted claim to certain operational creditors having claims of more than INR1cr.
The NCLAT also stated that the profits of Essar Steel, if any, during the pendency of the insolvency, would also be distributed among the creditors on a pro rata basis.
Previously: ArcelorMittal had told NCLAT that it would pay INR42,000cr, including a minimum of guarantee of INR2,500cr as working capital, for acquiring debt-laden Essar Steel under the insolvency process.
A Stunning Debut: Shares of online business products and services marketplace IndiaMart InterMesh were listed at a 21% premium on Thursday, against its issue price of INR973.
IndiaMart’s INR475cr IPO was subscribed 36.16 times last week. The stock opened at INR1,180, rising 21.2% over the final issue price of INR973.
Upon debut, Indiamart shares surged as much as 35.40% to INR1,317.70.
Also This: The government has approved the proposal for leasing out airports at Ahmedabad, Lucknow and Mangaluru to Adani Enterprises. The Group will look after all services at these airports, barring air traffic control and communication, navigation and surveillance services.
Hit Refresh: Earlier in February this year, the Adani Group had emerged as the winner for airports in Guwahati, Jaipur and Thiruvananthapuram.
Uber launches driver reward programme ‘Uber Plus’ in India. DPIIT summons Swiggy, Zomato to address problems of “deep discounting” and “predatory pricing”.