Vodafone Idea will have to be shutdown if the government doesn't provide relief that the company has sought, its Chairman Kumar Mangalam Birla said on December 6.Birla was responding to a query, posed at the Hindustan Times Leadership Summit, about the company's course of action going forward in the absence of government relief.Birla said the Aditya Birla Group will not invest any money in the company in the absence of relief from the government. "There is no sense that good money should follow bad money," he stated.Close Birla said the company will have to opt for insolvency route in the absence of relief. related news RBL Bank raises Rs 2,025cr through QIP Weekly Tactical Pick: M&M risk-reward enters favourable terrain Can its capital raising rerate RBL Bank? Birla’s comments comes close on the heels of Vodafone Group CEO Nick Read statement in November that the company may head for liquidation of its India business if the government does not ease … [Read more...] about Vodafone Idea will shut in absence of govt relief, says Chairman Kumar Mangalam Birla
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Yes Bank share price sheds 6% after Moody’s rating downgrade
Shares of Yes Bank shed six percent intraday on December 6 after Moody's downgraded the bank's ratings and assigned a negative outlook.Moody's Investors Service has downgraded the company's long-term foreign currency issuer rating to B2 from Ba3, as per a BSE release.The rating agency has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and baseline credit assessment (BCA) and adjusted BCA to b3 from b1.Close However, it kept outlook on the bank's ratings as negative. related news VST Tillers Tractors share price slips 2% on weak November data Gati share price dips 5% on Allcargo majority stake buy The downgrade of deposit and senior unsecured program ratings takes into account Moody's expectation that the bank's pool of potential stressed assets and low loss absorbing buffers against those assets will add pressure to its … [Read more...] about Yes Bank share price sheds 6% after Moody’s rating downgrade
These new Coke and Bud packages ditch plastic six-pack rings for cardboard carriers
The plastic six-pack ring, once ubiquitous on packs of beer and soda, may not necessarily exist much longer. The latest alternative is the KeelClip, a design that attaches a paper lid to the top of the cans, with a hidden flap shaped like the keel on a boat to keep the cans stable. Coca-Cola and AB InBev will begin rolling it out in Europe next year. advertisement It’s one of several ways to avoid plastic rings, including a biodegradable ring that can break down if it reaches the ocean and a minimalist design from Carlsberg that attaches cans with tiny dots of glue. Graphic Packaging International, the company that designed the KeelClip, started working on alternatives to plastic rings 25 years ago. But it’s only in the last couple of years, as consumer sentiment against plastic has grown and countries have started to ban single-use plastic, that beverage companies have started to make the shift. “I think they’re certainly recognizing that both on the … [Read more...] about These new Coke and Bud packages ditch plastic six-pack rings for cardboard carriers
Yes Bank share price sheds 10% after Moody’s rating downgrade
Shares of Yes Bank shed more than 10 percent intraday on December 6 after Moody's downgraded the bank's ratings and assigned a negative outlook.Moody's Investors Service has downgraded the company's long-term foreign currency issuer rating to B2 from Ba3, as per a BSE release.The rating agency has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and baseline credit assessment (BCA) and adjusted BCA to b3 from b1.Close However, it kept outlook on the bank's ratings as negative. related news Shakti Pumps shares fall 3% after CARE revises credit rating Andhra Bank share price falls 3% after RBI imposes Rs 25 lakh penalty Vascon Engineers share price gains 4% on AAI order win The downgrade of deposit and senior unsecured program ratings takes into account Moody's expectation that the bank's pool of potential stressed assets and low … [Read more...] about Yes Bank share price sheds 10% after Moody’s rating downgrade
Insurers’ NCD exposure in DHFL will be written-off: IRDAI Chairman Subhash Chandra Khuntia
The exposure of insurance companies to the non-convertible debentures (NCDs) of debt-ridden Dewan Housing Finance (DHFL) will be written off using due process, said the Insurance Regulatory and Development Authority of India (IRDAI) Chairman Subhash Chandra Khuntia.While the exact figure is not publicly available, it is estimated that insurers have around Rs 50-70 crore worth DHFL NCDs. But the identity of these insurers is not known. A structured process of writing the exposure down will be followed in due course.Speaking on the sidelines of an Assocham event on December 6, Khuntia said that the insurance subsidiaries of DHFL have adequate solvency and that there is no cause for concern.Close According to the public documents of DHFL Pramerica Life Insurance, the solvency margin at the end of Q2FY20 stood at 338 percent while that of DHFL General Insurance stood at 230 percent. Regulatory requirement for solvency is 150 percent. related news CIL eases norms for coal … [Read more...] about Insurers’ NCD exposure in DHFL will be written-off: IRDAI Chairman Subhash Chandra Khuntia
