Top headlines: Adani stcks remain in MSCI indices, TikTok fires India staff

Stocks of Adani Group remain in MSCI indices after quarterly review

Stocks linked to the Adani Group have escaped removal from MSCI Inc. indexes, as the Indian conglomerate continues to deal with the impact of a short-seller campaign that wiped out almost half of its market value in just over two weeks.

It is still unclear whether the index provider has adjusted weightings of any of the group’s stocks in its equity gauges in its latest review. MSCI said Wednesday it was reviewing the amount of shares linked to the group that were freely tradable in public markets. Read more

Rs 1.5-trn spending rationalisation helps govt meet FY23 deficit target

The Centre has carried out an expenditure rationalisation exercise of at least Rs 1.5 trillion in the current fiscal year (2022-23, or FY23). This move has helped it meet the fiscal deficit target of 6.4 per cent of nominal gross domestic product (GDP), Business Standard has learnt.

These savings have come through better monitoring of funds through a single nodal agency (SNA) dashboard, better scrutiny of schemes like the National Rural Employment Guarantee Act (NREGA), weeding out undeserved beneficiaries and duplication, eliminating leakages in food subsidy, and organic savings for schemes where all of the allocated amounts weren’t used. Read more

Reliance Capital suitors likely to redraw offers after Budget tweak

The removal of tax incentives in the Budget for life insurance companies has made the sale of Reliance Capital’s assets unattractive for acquirers.

Since the Budget, the valuation of listed insurance companies is down 3-11 per cent, making bidders like Torrent and the Hinduja group go back to the drawing-board, say banking sources.

Reliance Capital’s assets include its 51 per cent stake in the group’s life insurance venture and 100 per cent in the general insurance company. Read more

CCI invokes doctrine of necessity to bypass the quorum to clear six deals

The Competition Commission of India (CCI) on Thursday invoked the doctrine of necessity to bypass the quorum to clear six deals.

The deals, approved by the CCI, include acquisition of up to 25 per cent shareholding in Hindustan Ports Private Limited (HPPL) by the National Investment and Infrastructure Fund, and the proposed merger of Hindustan Infralog Private Limited into HPPL.

The watchdog, in a meeting held after four months, also approved the subscription of compulsorily convertible preference shares of Hero Future Energies Global Limited by UK-based Ardor Holdings. The commission approved the acquisition of the textile effects business of the US-based chemical products maker Huntsman International, by Archroma Operations. Read more

Short video app TikTok hands over pink slips, fires entire India staff

Short video app TikTok fired its entire India staff on Monday, a report by the Economic Times (ET) said, quoting sources aware of the matter. Forty people were laid off and were offered severance pay of up to nine months.

“The TikTok India employees were told that February 28 would be their last day and were given feelers to look out for other opportunities for some time as it was conveyed that restarting India operations were not going to take off because of the government’s stance on Chinese apps,” a source told ET. Read more