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Biz EOD: Consumer survey junked; new insolvency rules for finserv players; Vedanta reduces debt

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twitter-logo BusinessToday.In   New Delhi     Last Updated: November 15, 2019  | 23:56 IST
Biz EOD: Consumer survey junked; new insolvency rules for finserv players; Vedanta reduces debt
Top stories from world of business and economy

Government not to release consumer expenditure survey on grounds of "data quality issues". New insolvency framework in place for financial service providers with regulators in crucial role. Vedanta cuts down its net debt by 29.3 per cent to Rs 20,081 crore in the September quarter. Read for more top stories from the world of business and economy:

1. Consumer Survey 2017-18 junked due to discrepancies; new survey ordered: Govt

Government said that it is separately examining the feasibility of conducting the next Consumer Expenditure Survey in 2020-2021 and 2021-22 after incorporating all data quality refinements.

2. Govt notifies insolvency rules for financial service providers; regulators to play a key role

While the basic character of the insolvency law for FSPs will remain the same, respective regulators will have a significant say in the overall process including the final approval of the resolution process.

3. Essar Steel verdict: Supreme Court reinstates supremacy of secured creditors

The judgement gives a final go-ahead to the resolution of Essar Steel case, one of the largest under the IBC. Second, the verdict paves the way for the amendment made by the government in the insolvency law.

4. 2017-18 not the best base year for GDP, says govt panel

Several experts have recently cautioned against selecting 2017-18 as the new base year for GDP as it was a not a normal year. This financial year witnessed the turbulence from both GST and demonetisation.

5. Vedanta cuts Rs 8,300 crore debt in just 3 months; $4.1 billion capex pending

Vedanta has spent $7.2 billion so far for expanding the production of oil, zinc, aluminium and copper. Analysts expect the company to substantially gain on better price realisation scenario once the capex cycle is over.

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