New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

RCom dives 35%; other group shares sink too

Shares of Reliance Communications fell sharply on Monday and ended nearly 35 per cent lower after the company decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders.

RCom shares plummeted 34.91 per cent to close at Rs 7.55 on BSE. Intra-day, it nose dived 48.27 per cent to Rs 6 — its record low. At NSE, shares tumbled 34.91 per cent to close at Rs 7.55.

Ericsson asked to file objection by Friday

The National Company Law Appellate Tribunal (NCLAT) on Monday allowed telecom gear maker Ericsson India to file its objection by February 8 over the plea of Reliance Communications (RCom) to proceed with the insolvency process.

On February 1, RCom had said in a statement that it decided to opt for the insolvency proceedings following its failure to sell assets for paying back its lenders. RCom even failed to sell spectrum to Mukesh Ambani-led Reliance Jio —a deal that was expected to bring some relief to the cash-strapped company.

Art Buzz

It was a treat to both collectors and connoisseurs. The 11th edition of India Art Fair featuring over 75 galleries presented a mix palate of memories—some sepia-toned, infused with warmth and happiness, while others grey, bitter and brittle.

Giving them a form, texture or a voice, new art projects includes ‘Change Room’ by Baaraan Ijlal and presented by Prameya Art Foundation and ‘Postcards from Home’ by Manisha Gera Baswani, presented by Gallery Espace.

Essel promoters sell shares worth over Rs 1,050 cr in 6 firms

Essel group’s promoter entities sold shares worth over Rs 1,050 crore in six listed group firms in open market between January 25 and February 1, 2019, for paying off lenders who were not part of an agreement to prevent declaration of default on loans against pledged shares.

According to multiple regulatory filings by different promoter group entities of Essel group, shares of Zee Entertainment Enterprises, Dish TV, Zee Media Corporation, Siti Networks Ltd and Zee Learn were sold in open market.

A global platter

Trade Promoters Council of India (TPCI) recently organised an experiential tea tasting and food pairing session, in the presence of renowned tea consultant Amy B Dubin and master culinary craftsman Kumar Sambhav. Both of the culinary masters curated and presented different preparations of exquisite tea and Indian fusion food for international palate.

Tribunal sets Feb 11 deadline to decide on Arcelor-Essar bid

The National Company Law Appellate Tribunal on Monday directed the NCLT Ahmedabad bench to take a final decision over ArcelorMittal's Rs 42,000 crore resolution plan for Essar Steel by February 11, failing which it would call records and pass order accordingly.

A two-member bench headed by Justice S J Mukhopadhaya has directed to list the matter on February 12.

RBI policy, quarterly results key drivers for market this week

The RBI’s policy meet outcome, ongoing quarterly results season and global cues will set the tone for the stock market this week, analysts said. The market may also witness an overhang of the interim budget announcements.

“For the week ahead, the key drivers would be the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting, corporate results and the sustainability of FII flows,” said Viral Berawala, CIO, Essel Mutual Fund.

RCom to propose same asset sale plan to NCLT

Reliance Communications on Sunday said it would propose a similar debt resolution plan to the National Company Law Tribunal (NCLT) that it had been pursuing outside the court.

The Anil Ambani-led company last week announced that it would file for bankruptcy proceedings as it failed to sell its assets for paying back its lenders.

FPIs pull out Rs 5,300 cr from capital markets in Jan

Foreign Portfolio Investors (FPIs) withdrew more than Rs 5,300 crore from the capital markets in January, signalling a ‘wait and watch’ approach by them ahead of the general elections.

Prior to this, they had infused a net sum of over Rs 17,000 crore in the capital markets -- equity and debt -- during November and December 2018. In October, they had pulled out a massive Rs 38,900 crore.