In yet another setback for resolution of stressed power projects outside the insolvency process, a group of generating companies has withdrawn their petition against the controversial circular of the Reserve Bank of India (RBI) that is being contested in different courts of the country.
Bangalore-based tech major Infosys is embroiled in a fresh lawsuit in the US. Anuj Kapoor, a former Infosys employee of the company, who worked on a project for CVS Health Corporation, a retail pharmacy and healthcare company based in Rhode Island, filed a suit against Infosys in June, alleging the company made him work more than 1,000 hours of overtime without any remuneration.
The anti-graft law that came into force in July says accepting or seeking sexual favours amounts to bribe and it invites a jail term of up to seven years.
As the rupee fell to its new lifetime low of Rs 72.67 against the dollar intraday Monday, a worried government expressed concerns over on the currency decline after continuously cautioning against 'knee jerk' reactions'. The Centre is now considering various options, including the one to tap NRI deposits, to stem the rupee fall. “We can go for overseas borrowing like NRI bonds or deposit scheme. The government is vigilant on rupee fall. The ministry along with the RBI will not shy away from taking measures on the depreciating rupee.
A sustained weakening of the rupee would be credit negative for its rated Indian companies, particularly those that generate revenue in rupees but rely on the dollar debt to fund their operations and have significant dollar-based costs, including capital expenses, said Moody’s on Monday.
“The Indian rupee hit a new low of 72.1 to the dollar on Thursday, and has now weakened around 13 per cent since the beginning of 2018,” said Annalisa DiChiara, Moody’s vice-president and senior credit officer.
Former Reserve Bank governor Raghuram Rajan Monday hoped that the rupee will not go in for a free fall as the central bank is appropriately raising interest rate to control inflation. The rupee crashed below the 72-mark to end at a life-low of 72.45 against the US dollar on growing fears of contagion from an emerging-market rout and escalation of a global trade war.
The rupee’s plunge against the dollar threatens to eat into airlines' profit as nearly 70 per cent of their expenses are in dollars.
Second-round bids put in by Russia's VTB Group-backed Numetal, ArcelorMittal and Vedanta or Essar Steel will be opened on Monday, people with direct knowledge of the development said. The Resolution Professional, overseeing the auction of Essar Steel to recover over Rs 49,000 crore of unpaid loans, sent emails to all the three bidders to be present tomorrow for the opening of the second round of bids, they said.
The investment limit for EB-5 investor visa programme, which provides Green Cards to foreigners investing at least $500,000 in the US, is not expected to increase at least till December this year, according to US Congressman Aaron Schock.
ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), has rejected Venezuela's offer for additional stake in an oilfield as it fears the Latin American nation may use it as an excuse to not pay $449 million of past dues, a top official said.
State oil firm Petroleos de Venezuela SA (PDVSA) had last year offered a 9 per cent stake in the San Cristobal field to OVL. OVL already holds a 40 per cent stake in the field, which produces around 18,000 barrels of oil per day (bpd).