A round-up of the biggest articles from newspapers.
Below is a shortlist of all the important articles from newspapers.
Cairn looks for likely settlement
Cairn Energy's senior executives are likely to meet government officials soon to chalk out a plan to settle their retro tax dispute, The Economic Times reports.
Why it's important: The company had won $1.2 billion and costs in an arbitration award against India. It amounts to $1.7 billion.
Cairn wanted the principal amount back from the Indian government to end the matter as early as possible.
Finance Minister Nirmala Sitharaman said the government would refund Cairn Energy about Rs 7,879.73 crore, collected by it under the rules, in the event of a settlement.
Burman family of Dabur to sell 25% stake in Aviva Life to raise funds
The owners of Dabur, the Burmans, are planning to sell their stake in the life insurance JV with UK’s Aviva Plc, Mint reports.
Why it's important: The move is according to its plans to raise funds for Dabur's core consumer goods business.
The Burman family will sell 25% stake worth at least ₹1,500 crore from the current 51% in Aviva Life Insurance Company.
Aviva’s stakes are set to increase to 74% after the plan.
Give companies more time to sell assets and pay debt: Banks
The lenders to beleaguered companies think that the debt-laden companies need more time to sell their assets to pay debts, reports Mint.
Why it's important: Banks with large exposures to these companies say the covid pandemic and an economic downturn has spiraled their plans.
The RBI's resolution framework formulated is that not easy for those firms to comply with the KV Kamath committee’s strict financial parameters.
Lenders say these firms need hand-holding to help tide over the wave at this juncture.
During the second covid wave, it was impossible for several firms to monetise their assets under the restructuring plan.
Eighteen investment banks vie for LIC IPO mandate
Eighteen investment banks are in the fray to manage the IPO of Life Insurance Corp. of India, Mint reports.
The frontrunners:
Domestic banks include Kotak Mahindra Capital, Axis Capital, ICICI Securities, JM Financial, DAM Capital, Edelweiss, HDFC Bank, Yes Securities, SBI Capital and IIFL.
The foreign investment banks include Citi, Bank of America, HSBC, Goldman Sachs, JPMorgan, BNP Paribas, Nomura and CLSA.
Why it's important: LIC IPO would be the biggest share sale in the country, so the business.
The government may select around 10 banks for the IPO.
Vodafone Idea moves apex court seeking review on AGR
Vodafone Idea (Vi) filed a review petition in the Supreme Court for its order on AGR dues, Business Standard reports.
Why it's important: The apex court on its July 23 order dismissed the petitions of telecoms for a re-computation of adjusted gross revenue dues.
Airtel is also planning to move the court for relief.
Meanwhile, the government is planning to provide financial relief for the telecom companies.
Vi's accumulated debt is around ₹1.8 trillion.
Ant and Alibaba stakes in Paytm under Sebi lens
The Sebi is looking at the Ant Group's and Alibaba's shareholding pattern in the Paytm is in compliance with regulations, Business Standard reports.
Why it's important: Paytm is going for an IPO soon.
The regulator as part of the due diligence process wants to know whether the two investors must be treated as separate firms or a combined entity.
Ant has around 30 per cent stake and Alibaba around 7 per cent shares in Paytm.
Ant is an affiliate of the Alibaba group but registered as separate firms.
As per the rules, to become a professionally managed firm, no single entity can own more than 25 percent of Paytm.
'Covid-related claims were almost 2.5 times the normal claims size.'
Anamika Roy Rashtrawar, MD & CEO of IFFCO Tokio General Insurance, in an interview with Business Standard, says that the second Covid wave impacted the business growth.
What she says: The uncertainty of future income opportunities and many facing personal losses deterred customers from buying insurance.
Covid-related claims were almost 2.5 times the normal claims size.
The company paid health claims over ₹150 crore in Q1.
The loss ratio in the health segment increased to over 120 per cent in Q1.
Climate alert: Manufacturing companies to rejig to achieve green goals
Against the backdrop of the United Nations´ climate report, the manufacturing firms in the country are revamping their plans to suit the environment, says Business Standard.
Why it's important: Experts feel that energy-intensive companies need more explicit, calibrated and well-planned strategies to achieve carbon neutrality and cut greenhouse gas emissions.
"We now have 10 specific ESG (Environment, Governance, and Social) targets. Seven out of these are for the environment,” said Amit Sinha, president of Group Strategy at Mahindra and Mahindra.
Tata Power has already declared a net-zero target for itself by making no new investment in the thermal power sector.
NTPC is also focusing on renewable energy in a major way.
JSW Energy also said no more thermal capacity additions.
ITC said it's is pursuing a low carbon growth strategy.Morning Scan: All the big stories to get you started for the day - Moneycontrol.com
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