Jindal Stainless has brought down logistics cost by around 15 per cent to help the company exit the corporate debt restructuring (CDR) framework.

The company has also tweaked raw material sourcing and its distribution value chain to become the few companies in the country to successfully achieve an exit from the CDR.

Abhyuday Jindal, Managing Director at Jindal Stainless, told BusinessLine that “All our processes and functions had to really be spruced up and improved for us to jointly get out of CDR. From operations side, the primary focus was to get our Jajpur Plant (in Odisha) fully utilised. When we started in Jajpur, we did not have our railway siding ready, this was completed in the last three years and now we have moved most of our logistics to rail. Rail is the lowest cost transportation in the country.”

“Then we went into strategic sourcing, this was an important

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The premium motorcycle segment has been grappling to garner volumes and profitability in India due to a slew of factors such as low volumes owing to its niche nature, high operational cost and minimal profit margin, fierce competition among OEMs to gain share in a small segment, and the relatively high tariffs on imported premium bikes.

With the iconic American motorcycle-maker Harley-Davidson announcing its exit from the Indian market last week, the troubles brewing in this segment have been accentuated.

“The overall size of the premium motorcycle industry above 500cc and the ₹5-lakh price-point continues to be niche. In the last 12 months, the size of the industry was 6,000-7,000 units only. The size itself is small, and that’s a reason for concern,” Shoeb Farooq, Business Head, Triumph Motorcycles India, told BusinessLine. The automobile sector had already been undergoing a prolonged slowdown when Covid-19 hit discretionary purchases, he added.

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Prices at the auctions of Coonoor Tea Trade Association have fallen for the third consecutive week, after skyrocketing to new records since June. In the last three weeks, average prices have fallen by as much as ₹23 a kg.

More distressingly, in the last two weeks, teas worth ₹38.85 crore remained unsold at the auctions because there were no takers for as much as 40-45 per cent of the offer. Producers were forced to sell these at a discounted price privately.

Prices skyrocketed in the previous months due to reduced availability following a massive fall in production, especially in North India, because of unfavourable weather and the lockdown.

However, now, upcountry buyers are hesitant to bid contending that prices had been rising to all-time high levels in the last few weeks. Some trader bodies have urged the government to take soft action towards imports to tame the prices of indigenous

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India’s agriculture and food supply chain have demonstrated ample resilience during Covid. Despite the hiccups during the start of the lockdown, which coincided with rabi harvesting, most notably of wheat, potato, cotton, and many fruits and vegetables, the sector has done fairly well.

After five months since the Covid pandemic started, India is in good shape on the food security front. In late March, coinciding with the start of the lockdown, the government announced 5 kg additional free grains per month for three months (April to June) for 80 crore National Food Security Act beneficiaries on top of the highly subsidised grains they receive through the Public Distribution System (PDS).

In addition, the government increased the PDS subsidised grains from 5 to 7 kg per month for each beneficiary. This means that each beneficiary received 12 kg grains per month in the past three months. The record amount of grains

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The All India Majlis-e-Ittehadul Muslimeen party chief Asaduddin Owaisi has described the acquittal of all 32 accused in the Babri masjid demolition case a sad day and a ‘black day’ in the history of the Indian judiciary.

The AIMIM party chief read out excerpts from the Supreme Court’s November 2019 Ram Janmabhoomi-Babri Masjid title dispute verdict and said that the apex court called the mosque’s demolition a calculated act of destroying a public place of worship.

While criticising the clean chit to the accused, Owaisi said “I hope the Central Bureau of Investigation takes up and appeals against the judgment. And if does not appeal, I will appeal to the Muslim Personal Law Board to appeal against the verdict, which says there was no conspiracy.”

The world has seen those who made speeches and encouraged people to go ahead and demolish the masjid. The CBI chargesheet had said that on

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Denmark is eager to move ahead on Prime Minister Narendra Modi’s recent proposal of setting up energy parks in India for Danish companies, which would also include facilities for research and development and skilling centres for job creation, according to Freddy Svane, Denmark’s Ambassador to India.

“We are discussing the concept right now as PM Modi’s proposal has just been made. We are keen to work on it and have started preparations on the Danish side. We will soon talk to the relevant Ministries in Delhi as well as States where we think there is a possibility of setting such parks. It can be in Tamil Nadu or Gujarat…we will have to see,” Svane told BusinessLine.

Modi and his Danish counterpart Mette Frederiksen, in their virtual bilateral summit on Tuesday, agreed to elevate India-Denmark relations to a ‘Green Strategic Partnership’ which also calls for increased focus on renewable energy,

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Banks have made a submission to the Finance Ministry to the effect that if they are required to waive interest on the deferred interest in the case of borrowers who opted for the Covid-related loan moratorium, the Ministry should make good the amount waived.

The Supreme Court is hearing a batch of petitions by individuals and industry bodies, seeking relief on loan repayments and waiver of interest in view of the adverse impact of the pandemic. The next date of hearing is October 5.

Bankers reason that since banks pay interest on interest on deposits or liabilities (compounding effect), they cannot afford to forego interest on the deferred interest on the assets (loans) side of the balance sheet.

In case the Ministry does not acquiesce to this request of banks, they will be forced to cut interest rates on deposits further. Depositors are already reeling under the impact of the

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I have watched a lot of presidential general election debates. This was the first time that I spent much of the time hoping that the feed to foreign nations was somehow disabled, because what we saw Tuesday night what President Donald Trump did on Tuesday night was so deeply embarrassing to the nation.

Whether it was the constant interruptions, or the refusal to condemn right-wing violence, or the false claims about the voting process and how they undermine the democracy, or the steady stream of false statements, or the habit of casting blame on anyone and everyone except for himself, or the wild conspiracy-theory rantings, Trump spent 90 minutes demonstrating how he is not fit for the office he holds.

What he did not demonstrate is that he has any grasp of the US governmentor public policy.

At one point, former Vice-President Joe Biden — he was there too, he

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Gold buying by central banks, an important driver of bullion’s advance in recent years, is forecast to pick up in 2021 after a slowdown this year.

Citigroup Inc sees demand from the official sector rising to about 450 tonnes after a drop to 375 tonnes this year, which would be the lowest in a decade. HSBC Securities (USA) Inc expects a slight uptick to 400 tonnes from an estimated 390 tonnes in 2020, potentially the second-lowest amount in 10 years.

While the forecasts are far from the near-record purchases of more than 600 tonnes a year seen in both 2018 and 2019, increased central bank activity will help bolster bullion. Russia could return to the market next spring and China’s central bank may resume adding to reserves after the US elections, Citi said in a report this month.

This development may have a bigger impact on the market if exchange-traded

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Govt looking to sell nearly 53% stake in PSU to strategic buyer in privatisation bid

The government has extended the deadline for the submission of expression of interest (EoI) for the privatisation of state-run oil refiner Bharat Petroleum Corporation Ltd (BPCL) to November 16.

Also read: BPCL employees filing litigations against sale will be denied shares under ESPS

“In view of the further requests received from the interested bidders and the prevailing situation arising out of Covid-19, the last date and time for submission of EoIs is extended up to 16 November,” said a corrigendum issued by the Department of Investment and Public Asset Management (DIPAM) on Wednesday.

 

The earlier deadline was Wednesday, September 30.

 

The government has sought initial bids to privatise BPCL, India’s third biggest oil refiner and second largest fuel retailer, by selling its 52.98 per cent stake to a strategic buyer.

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