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Mid-day break… with EZ Wealth – September 16, 2021

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”67620″ img_size=”large” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Tata Sons Submits Financial Bid for Ailing Carrier Air India

Tata Group has submitted a financial bid for state-run Air India Ltd. as the government tries to sell the money-losing carrier after two failed attempts. SpiceJet Ltd. owner Ajay Singh has also bid for Air India in his personal capacity, according to people familiar with the matter. Proceeds from Air India’s sale will be a critical source of revenue to plug the government’s widening budget deficit and as it looks to spur the pandemic-hit economy. Despite the mounting debt and losses, Air India has some lucrative assets, including valued slots at London’s Heathrow airport, a fleet of more than 100 planes and thousands of trained pilots and crew

Lupin Settles Diabetes Drug Suit In U.S.

Lupin Ltd. opted for an out-of-court settlement of litigation against its diabetes drug Glumetza in the U.S. The drugmaker has decided to pay $150 million (about Rs 1,103 crore) to the Direct Purchaser Group and $98 million (Rs 721 crore) to the Retailer Opt-Out group, the two plaintiffs representing majority of claims against Lupin and its U.S. subsidiary Lupin Pharmaceuticals, Inc.

TVS Motor Company betting big on fast growing 125 cc motorcycle, scooter segment in India

The company launched its 125 cc motorcycle TVS Raider priced between Rs 77,500 – Rs 85,469. It is aiming to sell 5 lakh units of the two new products in the first year of launch. The 125 cc segment has grown at over 20 per cent CAGR in the last five years in the motorcycles category. It will also launch a 125 cc scooter and this segment has been growing at over 40 per cent CAGR in the last four years

JSW Steel eyes $400mn cost saving through digitization

JSW Steel is eyeing cost saving of about $300-$400 million in the short term through its digitization initiatives – a journey that started in 2017. The timeframe by which the company is likely to achieve this is 2-3 years. The EBITDA impact since then has been to the tune of 1200 crore.

RBL Bank resumes credit cards issuance to new customers

After signing a pact with Visa, now private lender RBL Bank has resumed issuing credit cards to its new customers. It plans to issue 1.2-1.4 million cards in the current FY22. Its credit card business faced disruptions in July after the Reserve Bank of India placed curbs on Mastercards on on-boarding new domestic customers for breaching norms for data storage. RBL Banks has a 5% market share in credit cards in India[/vc_column_text][vc_column_text]

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