Suzlon reported a total debt of  ₹11,141 crore as of 31 March. (Bloomberg)
Suzlon reported a total debt of 11,141 crore as of 31 March. (Bloomberg)

Suzlon gets a bad loan tag from Union Bank

  • More banks with exposure to the wind turbine maker likely to follow suit
  • Banks have to set aside 15% of their outstanding loans to a non-performing account as provisions

Aditya Puri, managing director of HDFC Bank. (Reuters)
Aditya Puri, managing director of HDFC Bank. (Reuters)

Aditya Puri’s exit may weigh on HDFC Bank stock

  • Aditya Puri’s shoes are too big to fill, considering that he has steered HDFC Bank since the beginning
  • Analysts believe that in the next few quarters too, loan growth could be moderate compared with the bank’s historic performance

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Mint Headlines: Chandrayaan launch, Imran-Trump meet, TikTok data centres & more

Headlines @ Mint gives you a quick brief on the biggest events and developments expected to make news this Monday, including the launch of India's second moon mission, a highly anticipated meeting between Imran Khan and Donald Trump, and TikTok's parent firm's decision to establish data centres in India. Also on the menu are issues and events likely to impact markets including Reliance Industries' first quarter results, declared on Friday, and expected Q1 earnings of more companies like Tata Motors, Bajaj Auto, and DHFL. Watch the full video to tune into your daily dose of news shorts and more.

A file photo of a woman at a Syndicate Bank branch, three months after the lender was nationalized in 1969.
A file photo of a woman at a Syndicate Bank branch, three months after the lender was nationalized in 1969.

Bank nationalization stands the test of time

  • There’s no doubt that bank nationalization was necessary. But now PSBs must become more autonomous
  • From the larger perspective of efficiency and better utilization of capital, it may be a good idea to move state-owned banks towards a more market-based framework

A BMC volunteer stands guard in front of the submerged Andheri subway in Mumbai (Photo: ANI)
A consortium of 26 banks led by the State Bank of India has approached the NCLT to recover dues of over  ₹8,500 crore.mint
Embassy Group is set to buy a 39% stake in Indiabulls Real Estate for  ₹2,700 crore.
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Even as total non-performing assets (NPAs) of Indian banks were at  ₹9.49 trillion as of March, only 2.68% of MUDRA loans turned bad
Even as total non-performing assets (NPAs) of Indian banks were at 9.49 trillion as of March, only 2.68% of MUDRA loans turned bad

Why bad loans are low under MUDRA scheme

  • Non-performing assets expressed as a percentage of MUDRA loans were at 2.68% in 2018-19, up 16 basis points from 2.52% in the previous year
  • As of 31 March, NPAs of bank loans to industry were at 17.5%. In the case of public sector banks, the figure was 23.6%

The Sujoy Ghosh-directed Netflix series Typewriter joins a raft of films and streaming shows focusing on the horror genre.
The Sujoy Ghosh-directed Netflix series Typewriter joins a raft of films and streaming shows focusing on the horror genre.

Horror is the new flavour of the season for Indian audiences

  • Bollywood actors Akshay Kumar, Vicky Kaushal, Rajkummar Rao and Kartik Aaryan are dabbling in horror
  • The success of Stree and Golmaal Again has opened up opportunities for the horror genre in the country

Piramal group chairman Ajay Piramalmint
Karnataka CM H.D.Kumaraswamy.
The misson comes 50 years after Neil Armstrong became the first person to step foot on the moon. (PTI )
The misson comes 50 years after Neil Armstrong became the first person to step foot on the moon. (PTI )

'Stronger than ever': India set for fresh Moon launch attempt

  • Chandrayaan-2 will be launched atop a Geosynchronous Satellite Launch Vehicle (GSLV) MkIII
  • Chandrayaan-2, and India's space programme as a whole, are a source of national pride in India

At least 93% of India’s workforce belongs to the informal sector.mint
The proposed dedicated freight corridors will cover 5,769km.
An IndiGo Airlines Airbus A320 aircraft.  (Reuters )
India is running the world’s largest renewable energy programme, with plans to achieve 175GW by 2022 and 500GW by 2030 as part of its climate commitments. (Bloomberg)
India is running the world’s largest renewable energy programme, with plans to achieve 175GW by 2022 and 500GW by 2030 as part of its climate commitments. (Bloomberg)

Canada’s pension fund OMERS seeks new green energy deals

  • Pension fund said to be scouting for acquisitions in India’s clean energy sector
  • India’s emerging green economy is expected to grow over threefold to $250 bn by 2023-30

Good Home Spaces partners with colleges to provide specialized, custom-built student housing services.
The Bretton Woods conference was held 75 years ago in 1944. (Alamy)
The Bretton Woods conference was held 75 years ago in 1944. (Alamy)

Opinion | India, two anniversaries and a geopolitical kerfuffle

India has a large stake in the global economic order and the way it shapes up over the next 75 years

Prime Minister Narendra Modi and US President Donald Trump had resolved to provide impetus to bilateral trade ties during their meeting on the sidelines of the G20 summit in Japan last month. Reuters
Prime Minister Narendra Modi and US President Donald Trump had resolved to provide impetus to bilateral trade ties during their meeting on the sidelines of the G20 summit in Japan last month. Reuters

Ask members to amend laws that allow unilateral curbs, WTO told

  • India seeks amendments in the domestic laws of countries that permit unilateral action on trade matters
  • US has unilaterally hiked aluminium and steel tariffs on many countries including India

Pakistan PM Imran Khan with foreign minister Shah Mahmood Qureshi (right) and other officials, in Washington DC.
The India-focused private equity fund has already made four investments totalling  ₹270 crore, including in eye care hospital chain ASG Eye Hospitals.
The India-focused private equity fund has already made four investments totalling 270 crore, including in eye care hospital chain ASG Eye Hospitals.

Investcorp closes maiden India PE fund at 1,000 cr

  • HNIs in Gulf, besides local and foreign institutional investors, invested in the fund
  • Investcorp entered India earlier this year, when it acquired the PE, realty unit of IDFC

The government spelt out its key priorities in the budget. Photo: Aniruddha Chowdhury/Mint
The government spelt out its key priorities in the budget. Photo: Aniruddha Chowdhury/Mint

Modi govt 2.0 sets sights on making India $5 trillion economy

  • Nirmala Sitharaman, in her budget speech, said in the current fiscal, India's economy will grow to become $3 trillion economy, sixth largest in world
  • The government has taken several reformative steps in the last 50 days to boost the economy

India’s trade envoy J.S. Deepak. Pradeep Gaur/Mint
India’s trade envoy J.S. Deepak. Pradeep Gaur/Mint

India warns WTO’s appeals body may collapse

  • The Appellate Body will be down to a single member from 11 December, when it becomes dysfunctional
  • The US has repeatedly blocked the selection complaining the Appellate Body failed to follow rules in the Dispute Settlement Understanding

The strategy to provide basic needs such as electricity, housing and cooking gas to the poor was key to BJP’s Lok Sabha 2019 win.pti
The strategy to provide basic needs such as electricity, housing and cooking gas to the poor was key to BJP’s Lok Sabha 2019 win.pti

Opinion | Social capital in new India key to $5-tn economy

Generating social capital will provide the basis for pursuing larger policy change

The sale marks the 50th anniversary of the 1969 moon landing. (Photo: Nasa)
The sale marks the 50th anniversary of the 1969 moon landing. (Photo: Nasa)

Apollo 11 original moonwalk tapes sell for $1.8 mn

  • The tapes, 2 hours and 24 minutes long, includes Neil Armstrong’s famous declaration: “That’s one small step for a man, one giant leap for mankind.”
  • The sale marks the 50th anniversary of the 1969 moon landing.

Photo: AP
Photo: AP

Opinion | Some space for the private sector in the race for space

The country must deregulate the space sector to encourage private enterprise if we are to compete in the new space economy

 (Photo: Mint)
(Photo: Mint)

SmartE raises 100 cr from Japan’s Mitsui

  • SmartE, which operates a fleet of over 1,000 electric rickshaws in Delhi-NCR, will use the funds to expand into new markets
  • The five-year-old startup had raised $5 million in 2017 from Singapore’s Ecotransit Investments International Pte Ltd in a series A fundraise

Delhi Development Authority
A file photo of 2008 Mumbai terror attack mastermind Hafiz Saeed. Photo: AFP
A file photo of 2008 Mumbai terror attack mastermind Hafiz Saeed. Photo: AFP

Opinion | Has India buried its half-hearted policy on Pakistan?

Saeed’s arrest shows that international pressure on Pakistan is increasing

People walk past a building of IL&FS (Infrastructure Leasing and Financial Services Ltd.) outside its headquarters in Mumbai.  (Reuters )
People walk past a building of IL&FS (Infrastructure Leasing and Financial Services Ltd.) outside its headquarters in Mumbai. (Reuters )

IL&FS way: If you can't change the rating, change the agency

  • The report noted that ICRA's decision was 'not agreeable' to then IFIN MD and CEO Ramesh Bawa
  • The e-mail trail suggests that the key employees of IL&FS used to approach other rating agencies if they did not get the desired ratings, the audit report noted

The recommendations of the officers committee is likely to be placed before the Council on 25 July, officials said.  (Pradeep Gaur/Mint)
The recommendations of the officers committee is likely to be placed before the Council on 25 July, officials said. (Pradeep Gaur/Mint)

GST Council to decide on tax cut on electric vehicles this week

  • To push domestic manufacturing of e-vehicles, the Centre proposed to the Council to slash GST rates to 5%from 12%
  • GST rate for petrol and diesel cars and hybrid vehicles is already at the highest bracket of 28% plus cess

A camel herder walks near Adhen Village, Ras al Khaimah, United Arab Emirates.  (Reuters )
A camel herder walks near Adhen Village, Ras al Khaimah, United Arab Emirates. (Reuters )

Camel dung fuels cement production in northern UAE

  • A blend of one part dung to nine parts coal burns steadily - essential for cement ovens that work continuously at up to 1,400 degrees Celsius
  • Each camel produces some 8kg of faeces daily - far more than farmers use as fertiliser

(Photo: Reuters)
Sandeep Dikshit son of former Delhi Chief Minister Sheila Dikshit at the Congress headquarters at 24 Akbar Road where Sheila Dikshit's body was brought there in New Delhi on Sunday. (ANI Photo
Sandeep Dikshit son of former Delhi Chief Minister Sheila Dikshit at the Congress headquarters at 24 Akbar Road where Sheila Dikshit's body was brought there in New Delhi on Sunday. (ANI Photo

With moist eyes, Delhi bids adieu to Sheila Dikshit with state honours

  • Congress workers and admirers braved heavy rains and gusty winds to bid her final farewell
  • Top Congress leaders, including UPA chairperson Sonia Gandhi and Priyanka Gandhi Vadra, were present at the funeral

The company was recently issued a notice for these apps, by the Indian government, for allegedly misusing the platforms for “anti-national activities”. Photo: Reuters
The company was recently issued a notice for these apps, by the Indian government, for allegedly misusing the platforms for “anti-national activities”. Photo: Reuters

TikTok owner to set up data centres in India

  • The move would be in line with the Indian government’s efforts towards data localisation for user data gathered from India by various companies
  • The company also said that it has so far been storing Indian users’ data in third party servers located in the United States (US) and Singapore

Disney co-chairman Alan Horn thanked
Disney co-chairman Alan Horn thanked "fans around the world who lifted Avengers: Endgame to these historic heights."

'Avengers: Endgame' set to become highest-grossing film of all time

  • The smash hit was just $500,000 behind the decade-old $2,789.7 million record set by James Cameron's "Avatar" as of Friday, and will close the gap this weekend
  • Both films are now owned by Disney following its takeover of 21st Century Fox

Unless TikTok is permanently banned in the country over a series of complaints, there seems to be no stopping this Chinese app. (Reuters)
Unless TikTok is permanently banned in the country over a series of complaints, there seems to be no stopping this Chinese app. (Reuters)

Facebook has no choice but to topple TikTok in India

  • Platforms such as Instagram and Facebook are facing strong competition from TikTok in the country
  • TikTok is swiftly scaling its ecosystem to ringfence its users with 'mini programmes' and, perhaps, a smartphone with pre-installed apps in China

Bharti Airtel's revenue and profit have been eroding due to a fierce tariff war after the launch of services by Reliance Jio.
Bharti Airtel's revenue and profit have been eroding due to a fierce tariff war after the launch of services by Reliance Jio.

Airtel to seek shareholders' nod for waiver of recovery of excess pay to Mittal

  • Mittal's remuneration in 2018-19 was Rs21.19 crore more than the ceiling of 11% of the company's net profit
  • Airtel to also seek shareholders nod to fix and regularise minimum pay for Mittal and CEO Gopal Vittal

(From left) SAP Labs India’s Amit Kumar Singh, Mohit Kanoria, Hemant Rachh, Dilipkumar Khandelwal and Sharath Kumar Raju. Ramegowda Bopaiah/Mint
(From left) SAP Labs India’s Amit Kumar Singh, Mohit Kanoria, Hemant Rachh, Dilipkumar Khandelwal and Sharath Kumar Raju. Ramegowda Bopaiah/Mint

Why there’s a startup inside a big business

  • Through intrapreneur programmes, companies are encouraging employees to come up with innovative business plans and build new verticals and revenue streams
  • Intrapreneurial programmes help employees convert ideas into marketable solutions and keep companies relevant and innovative

Rahul Singh, co-founder and chief executive officer of Ithaka
Photo: iStock
Photo: iStock

Let’s stop talking about generation gap and explore inter-generational synergies

Creativity and entrepreneurship should be age-blind as everyone has something to learn and teach

Bandhan Bank. (Mint )
(Photo: PTI)
Oil tankers pass through the Strait of Hormuz.  (Reuters )
Harry Kane (Photo:L Reuters)
Neuralink founder and CEO Elon Musk speaks in a still image from video provided by Neuralink, during a live-streamed event at the California Academy of Sciences in San Francisco on Tuesday (Reuters)
Neuralink founder and CEO Elon Musk speaks in a still image from video provided by Neuralink, during a live-streamed event at the California Academy of Sciences in San Francisco on Tuesday (Reuters)

Opinion | Is it possible to hack the brain to make us immortal?

The brain-machine interface seeks to mechanize human frailty and humanize machine villainy

Commuters' reflections are seen on an advertisement for Reliance Industries' Jio telecoms business at a bus stop in Mumbai. (Reuters)
Commuters' reflections are seen on an advertisement for Reliance Industries' Jio telecoms business at a bus stop in Mumbai. (Reuters)

Reliance mobile operator Jio to focus on subscriber numbers not tariffs

  • Jio recently topped Bharti Airtel to become India's second-biggest telecoms operator behind Vodafone Idea
  • Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls

Birla's salary was 202.9 times higher than the median remuneration paid to UltraTech employees in FY 2018-19 (PTI)
In its manifesto, the BJP had promised to expand the coverage of the metro network to 50 cities.  ( Aniruddha Chowdhury/Mint)
In its manifesto, the BJP had promised to expand the coverage of the metro network to 50 cities. ( Aniruddha Chowdhury/Mint)

Centre proposes 'Metrolite' train for small cities

  • The 'Metrolite' system will have a dedicated path separating the road traffic with it
  • The three-coach train will have capacity of carrying 300 passengers

An Air India Boeing 777 plane.  (Reuters )
An Air India Boeing 777 plane. (Reuters )

Government tells Air India to freeze all appointments, promotions

  • The direction has come from the Department of Investment and Public Asset Management or DIPAM
  • The reconstituted GoM headed by Home Minister Amit Shah is expected to meet in the next few weeks to take decisions pertaining to Air India's privatization

Karnataka BJP chief B S Yeddyurappa (PTI)