New Delhi

ArcelorMittal offers Rs 4,554 cr to settle Galva, Petron dues against Rs 7K cr put in escrow

ArcelorMittal has reportedly offered to pay Rs 4,554 crore to settle dues of Uttam Galva Steels and KSS Petron, after the Supreme Court had asked Laksmi Mittal-led company and Numetal to clear their dues to become eligible to bid for Essar Steel.

The court of October 4 had given both companies two weeks to comply.

ArcelorMittal made the offer in reply to a mail sent by the committee of creditors (CoC) of Essar Steel lenders to the Luxembourg-headquartered multinational.

SJM fears BAT may gobble up ITC; writes to PM

The increased risk of ITC management takeover by shareholder British American Tobacco Company (BAT) has dented the morale of India Inc. BAT already holds 29.60 per cent stake in the ITC, which has diversified into a range of sectors such as FMCG, apparel, hotels, specialty papers, packaging, agri-business and information technology . The share of domestic financial institutions has come down to 30.4 per cent at present from 32 per cent earlier.

Tata Steel to match JSW bid for Bhushan Power

Taking an aggressive stance, Tata Steel plans to match the highest bidder in the race for debt-ridden Bhushan Power & Steel (BPSL) as it looks to retain control of Singhal family’s erstwhile companies.

CCI clears acquisition of Star Health by Safecrop

The Completion Commission said it has approved the acquisition of Star Health and Allied Insurance Company by Safecrop Holdings, a consortium of WestBridge AIF, investor Rakesh Jhunjhunwala and Madison Capital.

The consortium in August had signed definitive agreements with the shareholders of Star Health to purchase the shares of leading private insurer.

In a tweet, the Competition Commission of India (CCI) said it has approved "100 per cent acquisition of Star Health and Allied Insurance Company by Safecrop Holdings and others."

Risks to NBFCs from liquidity stress: moody’s

The prolonged liquidity stress in India’s capital markets, triggered by IL&FS defaults, is a significant risk for the non-bank financial companies (NBFCs), says a Moody’s report.

Liquidity tightness could lead to sharply higher financing costs or even difficulty in rolling over liabilities for NBFCs as they rely heavily on market borrowing to fund asset growth, says the report, released on Monday by Moody's Investors Service.

The persistent stress on NBFCs would erode their credit standing and pose threat to the broader economy.

Modi warns of high oil prices hurting global economic growth

Prime minister Narendra Modi on Monday warned oil producers that high crude prices are hurting the global economy and sought a review of payment terms to provide a temporary relief to the rupee.

India, the world’s third-biggest oil consumer, has been over the past two months battered by high crude oil prices that have sent retail petrol, diesel and LPG rates to record high, posed inflationary risks and together with a sliding rupee threatened to upset its current account deficit. Also, unrelenting fuel price rise since mid-August has negated cut in taxes and subsidy.

India at rock bottom of global hunger index

India has been ranked at the 103rd position among 119 countries on the Global Hunger Index, says a report.

According to the report, prepared by Welthungerhilfe and Concern Worldwide, India is among the 45 countries that have serious levels of hunger.

In 2017, India was ranked at the 100th position but ranking for this year is not comparable, it said. The GHI, now in its 13th year, ranks countries based on four key indicators -- undernourishment, child mortality, child wasting and child stunting.

WPI inflation rises to 5.13% in September

Inflation-based on wholesale prices spiked to a two-month high of 5.13 per cent in September, mainly due to hardening of food prices as well as rise in cost of petrol and diesel. The Wholesale Price Index (WPI) based inflation stood at 4.53 per cent in August and 3.14 per cent in September last year.

According to the government data released Monday, food articles witnessed hardening of prices with deflation at 0.21 per cent September as against 4.04 per cent in August.

GST Council to seek views of states on disaster tax

A ministerial panel on levying calamity cess said on Monday that the NDRF fund was not sufficient to meet relief work expenses in the wake of natural calamities and decided to seek states’ views on whether a state-specific or a nationwide ‘disaster tax’ should be levied under the GST.

Bihar deputy chief minister Sushil Modi, who heads the seven-member group of ministers (GoM), said the panel would also seek comments from the Attorney General on the legality of levying a disaster cess or a disaster tax to help states hit by natural calamities.

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