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The plan, as of now, is to create a step-down subsidiary of RIL’s Viacom18, which will absorb Star India via a stock swap, said the people cited above. Reliance is pitching to be the larger shareholder with at least 51% in the merged company with Disney owning the residual 49%, they said. Both businesses are being treated as similar-sized ones, so RIL is likely to pay cash for the controlling stake.

The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special purpose vehicles: Azure Power Solar Energy and Azure Power Energy, as reported by ET.

The global cut-off period for the selection of stocks to the MSCI Global Standard index spans from January 18 to 31. MSCI will announce the changes in constituents for the MSCI global standard indices on February 12. The final changes will take place on February 29.

BBC World Service India disclosed that it had received a letter from the ministry of information and broadcasting dated March 31, for alleged non-compliance with FDI norms. The company said it has sought time until March 31, 2024, for compliance, and communicated its restructuring proposals to the ministry.

Axis Bank predicts that the RBI will not reduce rates in 2024 due to volatile food prices and rising global prices. The bank predicts that food inflation will remain volatile, with supply shocks and erratic monsoons contributing to the situation. Despite export restrictions on wheat and rice, rising global prices have affected local prices, increasing the risk of entrenching inflation expectations.

“Internal estimates suggest that if all the State governments revert to OPS from the National Pension System (NPS), the cumulative fiscal burden could be as high as 4.5 times that of NPS, with the additional burden reaching 0.9 per cent of GDP annually by 2060” said the report titled “ State Finances: A Study of Budgets of 2023-24” released on Monday.

The housing finance sector in India has seen improvements in asset quality despite a sharp rise in interest rates over the past one-and-a-half years. Rising income levels offset higher monthly instalments, and there are no signs of stress from an affordability point of view with rise in housing prices and higher interest rates. PNB Housing Finance, which entered the affordable housing finance space 11 months ago, has 97% of its retail loan assets below Rs 1 crore ticket.

State-run Indian Bank has put bad loans worth ₹610 crore on sale as it looks to clean up books by the end of this financial year. ​​The loans include exposures to real estate firm Ashvi Developers, LMJ International and ACCIL Corporation.

Among oil marketers, Hindustan Petroleum fell 4.36%. Indian Oil and Bharat Petroleum both lost about 1%. The BSE Oil & Gas index was also down by 0.15%. Among oil explorers, ONGC gained 1.1%, while Oil India shed 0.3%.

Schneider cited a Sebi directive instructing the multinational corporation to relist the subsidiary on a nationwide stock exchange.