Auto industry, the worst hit by the ongoing slowdown, has successfully reversed the 11-month decline in sales during Navratri to Dhanteras period. Debt has weighed down Tata Motors, forcing promoter Tata Sons to infuse fresh equity of Rs 6,500 crore. The GVK Group has said that it has raised over Rs 7,600 crore from investors which will be used to pare its debt and buy a 23.5% stake in Mumbai International Airport. Read for more top stories from the world of business and economy:
While car makers reported a 7-10 per cent uptick in sales in the Navratri to Dhanteras period, the sentiment in the two-wheeler industry remains comparatively downcast.
Out of the 12 cases RBI referred to IBC, nine have seen a closure - seven have been resolved, and two have gone into the liquidation process - while three are still looking for some kind of closure.
The net debt of the automotive business went up to Rs 50,065 crore from Rs 46,515 crore. In March 2019, net debt stood at Rs 28,391 crore.
The deal evaluates GVK's airport assets, which comprise Mumbai airport and the upcoming Navi Mumbai airport, at Rs 9,608 crore.
TRAI Chairman RS Sharma defends the regulator's decision to review the new regulatory framework for broadcasting and cable services, saying the idea is to fine-tune the new tariff order to make it more transparent and give freedom of choice to consumers.