MUMBAI, FRIDAY, JANUARY 28, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL. LXII NO. 23, 30 PAGES, `7.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 57,276.94 ▼ 581.21 NIFTY: 17,110.15 ▼ 167.80 NIKKEI 225: 26,170.30 ▼ 841.03 HANG SENG: 23,807.00 ▼ 482.90 `/$: 75.07 ▼ 0.30 `/€: 84.05 ▲ 0.34 BRENT: $90.84 ▲ $0.88 GOLD: `48,432 ▼ `255 IN THE NEWS LIC to list on bourses by Mar 31: Dipam secretary THE GOVERNMENTWILL list the country's largest insurer LIC on the stock exchanges by March-end, Dipam secretary Tuhin Kanta Pandey said on Thursday, reports PTI. The draft papers for the IPO is being finalised and will be filed with Sebi soon. SC to hear FRL petition against lenders on Monday THE SUPREME COURT on Thursday said it will hear on Monday (January 31) the Future Retail's petition seeking protection against being declared defaulter by its 26 lenders for failing to pay loan dues of `3,495 crore to them, reports fe Bureau in New Delhi. ED arrests Karvy CMD and CFO in PMLA case THE ED ON Thursday said it has arrested Karvy Stock Broking’s CMD C Parthasarathy and group CFO G Krishna Hari in connection with a money-laundering probe linked to alleged diversion of clients' securities of `2,873 crore. Covishield, Covaxin get conditional market approval COVISHIELD AND COVAXIN on Thursday received a conditional market nod from the DCGI, reports fe Bureau in Pune. Conditions include supply for programmatic settings, including CoWin registrations and submission of safety data every six months. Prime Minister Narendra Modi with Tata Sons’ chairman N Chandrasekaran after the latter called on him on Thursday ahead of the official handover ofAir India to the Tata Group BACK HOME Air India handed over to Tatas after 69 years The conglomerate made winning bid of `18,000 crore in October last year FE BUREAU New Delhi, January 27 IN AN EPOCHAL event,India’s flag carrier Air India on Thursday returned to the hands of Tata Group, which founded it close to 90years ago.The diversified conglomerate had won theraceforfullownershipofthe state-owned airline in October last year, by offering `18,000 croreasanenterprisevalue(EV) consideration.The debt-laden, loss-making airline has long guzzled taxpayers’ money, but still holds considerable brand strength and repute, with its iconic Maharaja tag.Air India will be the third airline brand in the Tatas’ stable; it already owns 84% inAirAsia Indiaand CUSTOMER CARE Trai to telcos: Offer monthly renewals of prepaid packs KIRAN RATHEE New Delhi, January 27 THE TELECOM REGULATOR has directed telcos to offerprepaid subscribers at least one plan voucher,one special tariff voucher and one combo voucher that will be renewable on the same date everymonth. This means that pre-paid subscriberscanavailthemselvesof a post-paid-like billing cycle, where the bill is generated everymonth,irrespectiveofthe number of days in the month. Operatorsmustalsoofferat least one plan voucher, one special tariff voucher and one combo voucher with a validity of 30 days.The Telecom Regulatory authority of India (Trai) ■ Trai for pre-paid users getting at least one plan voucher, one special tariffvoucher and one combo voucher ■ These vouchers to be renewable on the same date every month, meaning postpaid-like billing cycle ■ Telcos claim it is not feasible to offer a monthly validity pre-paid pack has given operators 60 days to make the necessary modifications to their billing systems. Continued on Page 2 Free power a disastrous poll promise: Singh STATINGTHATTHE“politicisationofelectricityisgoingto bedisastrous,”powerminister RKSinghsaidonThursdaythatifthestatesplanto“distribute electricity for free, and if youdon’thavethecapacityto pay for it,then ultimately the country will go dark”,reports fe Bureau in New Delhi.The statementcomesafteranumberofpoliticalpartiesrecently made promises of reducing tariffs or making power free for certain consumer categoriesinUttarPradeshduring the run-up to the assembly polls in the state. ■ Page 2 We are very happy to have Air India back in the Tata group. We look forward to working with everyone to create a worldclass airline. Tatas to get loans from SBI consortium PRESS TRUST OF INDIA New Delhi, January 27 51% in Vistara. The deal will add as many 141 wide-body and narrow-body planes to TataGroup’s fleet,asignificant number of which owned byAI. A CONSORTIUM OF lenders led by State Bank of India (SBI) will soon provide loans to Tata Group forthe operations ofAir India aswell as to retire the airline’s high-cost borrowings. Bankerssaidtheconsortium has agreed to grant both term loans andworking capital loans depending on the airline’s requirements.All large lenders, including Punjab National Bank,BankofBaroda,andUnion Bank of India, are part of the consortium,theyadded.“Many banks have agreed for refinancing of Air Inida debt to Tatas and the process has begun,”oneofthebankerssaid. Continued on Page 2 Detailed report on Page 4 —N CHANDRASEKARAN, TATA SONS' CHAIRMAN Market watch FE BUREAU Rupee slumps as oil nudges $91 In its third straight session of loss, the rupee slumped 31 paise to end at an over four-week low of 75.09 tracking the strength of the dollar after a hawkish Fed policy. Firm crude oil prices at over $90 a barrel also weighed on the local unit `/$ Brent (Inverted scale) Intra-day, January 27 75.07 75.05 ($/bbl) Intra-day, January 27 91.50 75.10 75.18 75.15 90.50 75.20 90.00 75.25 90.66 91.00 89.50 75.30 Previous 75.35 Previous close: 89.96 89.00 close: 74.78 Open 89.7 Close 88.50 Open Close ● EXIT ROUTE Future to sell 25% in insurance JV to Generali for `1,253 crore PRESS TRUST OF INDIA New Delhi, January 27 DEBT-RIDDEN FUTURE GROUP will exit from the insurance business in a time-bound manner andplans tosellits 25% equity in Future Generali India Insurance Company (FGIICL) to its joint venture (JV) partner Generali for `1,252.96 crore, as part of its asset monetisation plans to pare debts. FGIICL is a JV between Future Enterprises (FEL) and Generali Participations Netherlands (Generali). Besides, the Kishore Biyani-led group, is also exploring options for the sale of its stake in Future Generali India Life Insurance Company (FGILICL), another joint venture with Generali providing Life Insurance services. Continued on Page 2
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