Top 10 things 25-11-19

1. TOP 10
THINGS
25 November 2019

2. 1
25 November 2019
TOP 10 THINGS TO KNOW
Gold imports dip 9% during Apr-Oct
India's gold imports, which have a bearing on the current account deficit (CAD),
dipped 9 percent to USD 17.63 billion (about Rs 1.25 lakh crore) during April-
October period of the current fiscal, according to Commerce Ministry data.
Imports of the yellow metal stood at USD 19.4 billion in the same period of 2018-
19. Dip in gold imports has helped in narrowing the country's trade deficit to USD
94.72 billion during April-October period of 2019-20 as against USD 116.15 billion
in the same period of previous fiscal.
After Jet Airways' demise, Lufthansa plans to 'strengthen' partnerships
with Indian airlines
With Jet Airways shutting down in April, the Lufthansa airline group is planning to
"strengthen" its partnership with Indian airlines like Vistara and Air India in 2020,
the top Indian official of the largest European carrier said. Moreover, apart from
launching a Munich-Bengaluru flight service in April, the airline does not plan to
start any other flight service in 2020, George Ettiyil, Senior Director, South Asia,
Lufthansa Group, said.
India's PSUs should bid for international projects as consortium: Report
To enhance their geo-strategic reach, India's public sector enterprises should bid
for international projects as a consortium, work with the government to design
WTO-smart subsidies and enhance exports, according to a report. The CII report,
titled 'Can the Indian PSEs enhance their Geo-strategic reach', presents a
roadmap to expand exports and geo-strategic reach of public sector enterprises
(PSEs) by 2022. It also points out several domestic and external barriers which are
inhibiting the PSEs' ability to enhance exports.
RCom lenders reject resignation of Anil Ambani, 4 other directors
Reliance Communications on Sunday said its lenders have rejected the resignation
of Chairman Anil Ambani and four other directors, and asked them to cooperate in
the ongoing corporate insolvency resolution process. Ambani along with four
directors -- Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar --
had resigned from the company earlier this month.

3. 2
Edelweiss Financial arm raises Rs 500 crore through NCDs
Edelweiss Financial Services Ltd (EFSL) on November 24, 2019 said the public
issue of secured redeemable non-convertible debentures (NCDs) by its non-
banking finance company arm, ECL Finance (ECLF), aggregating up to Rs 500
crore, has been fully subscribed. The tranche II issue opened on November 4,
2019 and closed on November 22, 2019. The base size of the issue was Rs 100
crore with a green-shoe option of up to Rs 400 crore, the company said in a
release to the exchanges.
BSE to offer non-competitive bidding facility in SDLs to retail
investors
Bombay Stock Exchange (BSE), on November 24, announced the
introduction of non-competitive bidding facility in state development loans
(SDLs) to retail investors. Retail investors can now participate in these
auctions through an easy online registration process, according to a press
release. BSE’s non-competitive bidding facility will be in addition to the
government securities and treasury bills which are currently being offered
through BSE Direct App and bsedirect.com website.
SC ruling in Essar Steel case 'watershed moment' for insolvency
jurisprudence: Sahoo
The Supreme Court ruling in Essar Steel matter is a "watershed moment" for
the insolvency jurisprudence and takes away excuses of parties to halt
resolution process midway, according to IBBI Chairperson M S Sahoo. The
Insolvency and Bankruptcy Code, 2016 envisages closure of a corporate
insolvency resolution process (CIRP) in a time-bound manner.
25 November 2019
SAIL awaits ArcelorMittal response to take JV plans forward
SAIL is awaiting a response from ArcelorMittal regarding setting up a joint high-
end automotive steel plant in India for which its board had given a go-ahead
about two years ago, a top company official of the state-run steel major said.
SAIL chairman A K Chaudhary said this while replying to a question related to the
progress in talks with ArcelorMittal for setting up a joint venture (JV).

4. 3
Aurobindo Pharma aims to become debt free in 3 years sans Sandoz
deal
Aurobindo Pharma expects to become a debt free company in the
three next years barring the amount it is spending on acquisition of
Sandoz products, a senior official of the city-based company has said.
In September last year, the USD three billion drug maker said its US
subsidiary entered into an agreement to acquire commercial
operations and three manufacturing facilities in America from Sandoz
Inc, USA, a Novartis Division, for USD 900 million.
FPIs pour Rs 17,722cr into Indian markets in Nov so far
Continuing their buying spree, foreign portfolio investors (FPIs)
infused a net Rs 17,722 crore into the Indian markets in November so
far amid encouraging domestic and global cues. According to
depositories data, overseas investors pumped in a net sum of Rs
17,547.55 crore into equities and Rs 175.27 crore in the debt segment
during November 1-22, taking the cumulative net investment to Rs
17,722.82 crore. FPIs were net buyers in the preceding two months as
well. They infused a net Rs 16,464.6 crore in October and Rs 6,557.8
crore in September into the domestic capital markets (both equity and
debt).
25 November 2019

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