Barely a day after the Supreme Court allowed the government be a party to the gas supply dispute between the Ambani brothers, the state-run power company NTPC asked the Attorney General for his opinion on the government’s petition to the Supreme Court. NTPC has its own separate gas-supply dispute with Mukesh Ambani’s RIL.
Professional services firm KPMG is conducting a forensic review of the Bank of Rajasthan. The bank says KPMG is looking into specific transactions that occurred in Lucknow.
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India’s capital market regulator Sebi has a plan to boost infrastructure funding. The regulator may allow venture capital firms to launch debt funds specifically for financing infrastructure projects. But unlike in equity funds investments in these debt funds are likely to have a minimum lock-in period of five years. Investors say foreign pension funds and global insurance companies may be attracted to such debt funds because of higher protections and tax benefits.
India’s private-sector life insurers are now turning their attention to the rural poor. They are planning to sell micro insurance products to them, which means providing them a term cover of between Rs5000 to Rs50,000 or endowment policies for Rs5000 to Rs30000 for 5 to 15 years. Private insurers see a huge potential.
Anil Ambani, the owner of Reliance Capital made many strategic announcements on Tuesday indicating greater focuses on the company’s newer businesses like merchant banking, institutional broking, and private equity. He also indicated he was considering a public offer for his life insurance business.
Tata Steel has raised over $500 million selling global depository receipts or GDRs. The company plans to ramp up production in India to 10 million tons as demand for the metal rises. Last week Sterlite Industries, India’s biggest copper producer, raised $1.5 billion from a sale of shares in the US.
After Monday’s rally, the Sensex on Tuesday fell 129 points ending at 15,062. The Nifty was down 33 points, ending at 4,469.
Moviegoers may never have to leave home to watch some new releases. UTV Motion Pictures plans to release its film Phir Kabhi on the direct-to-home television platform. Customers will be able to but the pay-per-view movie for less than Rs100. Producers say it’s a better way to release low-budget movie while DTH operators welcome the new revenue stream.