Morning Scan: All the big stories to get you started for the day - Moneycontrol

A round-up of the biggest articles from newspapers.

Devas eyeing assets of Indian govt abroad in Antrix case

The investors of Devas Multimedia are eyeing properties owned by the government across the world in the Antrix case, The Economic Times reported.

Why it’s important: The investors want to enforce a $1.3 billion arbitral award the satellite company won against Antrix, the commercial arm of ISRO.

Jay Newman, a senior advisor to the company, said that it is “nearly impossible” for the country to avoid enforcement action.

Devas’ shareholders argued that Antrix, along with the Indian government, had turned the company into a “Ghost Ship” by placing it in liquidation.

PolicyBazaar parent PB Fintech gets Sebi approval for Rs 6,000 IPO

PB Fintech, the parent of online marketplaces PolicyBazaar and Paisabazaar, has received Sebi nod for its planned IPO, The Economic Times reported.

Why it’s important: The company is eyeing a valuation of $6-7 billion.

The company is planning a listing after Diwali this year.

The company is looking at raising Rs 3,750 crore by issuing fresh shares.

The remaining Rs 2,267 crore will be raised by existing investors.

Bharti Telecom set to raise Rs 1,400 cr in corporate bonds

Bharti Telecom is planning to raise around Rs 1,400 crore via corporate bonds in the local money markets, The Economic Times reported.

Why it’s important: The move is to help the group to take part in the Rs 21,000 crore rights issue.

It is also as part of its refinancing plans of some high-cost debt.

Barclays is the only bidder/investor in those papers that were up for bidding on Monday.

Cerberus leads the race for Yes Bank’s planned ARC

Cerberus Capital Management is leading the race for Yes Bank Ltd’s proposed asset reconstruction company, Mint reported.

Why it’s important: Three bidders have been shortlisted based on a competitive bidding process based on technical and financial criteria.

As per Mint sources, the scale is tilted in favour of Cerberus Capital as of now.

Talks are also underway with Oaktree Capital and London-based hedge fund Emso Asset Management Ltd for the purpose.

Yes Bank plans to set up ARC to move stressed assets and to avoid setting aside funds to cover potential losses from its loans turning bad.

So that the bank can free up funds for further lending.

Cred raises $251 million in a fresh round; valuation jumps to $4bn

Fintech app Cred raised $251 million in a Series E round co-led by Tiger Global Management and Falcon Edge Capital Mint reported.

Why it’s important: The move pushed Cred valuation to $4.01 billion from $2.2 billion in April when it raised $215 million.

New investors included London-based Marshall Wace and Steadfast Venture Capital.

Existing investors, including DST Global, Insight Partners, Coatue and Sofina, also participated.

The company plans to use the funds to grow its existing range of products and expand financial services offerings for customers.

Govt may ease GST norms on re-export of leased aircraftThe government is planning to ease GST rules for the re-export of leased planes, Mint reported.

Why it’s important: This is supposed to give a major boost to airline financials hit hard by the Covid turbulence.

An aircraft, when imported, attracts a 5% GST, and if there are no dues on this account, there shouldn’t be any objection to its re-export.

The move will be a shot in the arm of airlines to restructure their fleet depending on the current business environment.

Piaggio, Mahindra, 19 others in the fray for 3-wheeler EV tender

Major automobile companies are in the fray for bidding 100,000-electric three-wheelers placed by State-run CESL, Mint reported.

Why it’s important: The tender is estimated to cost Rs 3,000 crore.

Piaggio India, Mahindra Electric Mobility and Kinetic Green Energy and Power Solutions are among 21 companies eyeing the tender.

CESL is conducting the technical evaluation of the bids.

The bids are for electric three-wheelers for garbage disposal, goods carriers, food and vaccine transport and passenger autos.

Govt may weigh uniform tax for online gaming

The government may consider a single tax rate for online gaming, Hindustan Times reported.

Why it’s important: Now, online gaming attracts two different rates of 18% and 28%.

It is based on whether they are games of skill or chance.

The move is to avoid any misuse and litigation because of overlap.

It is also often difficult to ascertain whether a game is purely one of skill or chance.

Rising fuel price a hurdle for BPCL privatisation

The disinvestment plan of BPCL is likely to hit a hurdle due to the rising fuel costs, Business Standard reported.

Why it’s important: The unclear administered price regime could hamper the prospects for potential buyers of BPCL.

The public-sector oil-marketing companies take a hit when they sell petrol, diesel, and LPG when crude prices go up.

The full impact of rising fuel crude is yet to be passed by the oil companies to end-users due to its sensitive nature.

The OMCs cannot pass on the price rise due to higher taxes as well.

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Morning Scan: All the big stories to get you started for the day - Moneycontrol
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