ArcelorMittal’s `42,000-crore resolution plan for Essar Steel was on Thursday approved by the National Company Law Appellate Tribunal (NCLAT), but lenders are staring at a `20,000-crore hit after the appellate tribunal said operational creditors be given 60.7% of their admitted claims.

The lenders are expected to challenge the decision on the distribution of funds in the Supreme Court.

Tata Motors has cut by nearly 50% production of its hatchback Tiago and compact sedan Tigor since May, while also temporarily shutting down at least two production lines of commercial vehicles owing to high inventory at the dealers and little space left at the company stockyard, people aware of the development said.

In ordering a probe, CCI has acted upon complaints Maruti does not permit its dealers to give extra discount to their customers beyond an approved level and if a dealer is found doing so, penalty is levied depending upon the number of incidents found in a particular financial year.

In its order, the CCI has observed that Maruti has indulged in resale price maintenance by fixing the maximum discount which its dealers could offer to end-customers.

Adani Power on Thursday announced that it had acquired GMR Chhattisgarh Energy’s 1,370-MW plant for an enterprise value of `4,792 crore after the consortium of lenders, led by Axis Bank, approved the stake sale. This will be the third project to be resolved outside the insolvency route after Prayagraj Project of Jaiprakash Associates and SKS Power’s Binjkote project.

Ahead of Budget 2019, BSE Sensex breached the 40, 000 mark and was trading at 40,003 at 9.19 PM. Nifty too opened in the green and was trading at 11, 974 points, up 28 points.

Union Finance Minister Nirmala Sitharaman will be presenting the budget at 11 AM, and it will be interesting to see how the sensex reacts to the first budget of the Modi government,.

The government has ordered an investigation into grounded Jet Airways and its group companies for alleged diversion of funds, indulging in malpractices and other financial irregularities found during an inspection. The Ministry of Corporate Affairs has directed the Serious Fraud Investigation Office (SFIO) to probe the stressed company’s affairs and summon its founder Naresh Goyal next week, a senior official confirmed.

Charulata Patel, the 87-year-old adorable granny, who cheered for Team India in the ICC World Cup match against Bangladesh, has been roped-in by Pepsi-Co as its face for swag campaign, Economic Times reported.

The lady was spotted at the stadium in Birmingham supporting the team and her enthusiasm rivalled that of the youngsters.

The National Company Law Appellate Tribunal (NCLAT) on Thursday approved Lakshmi Mittal-led ArcelorMittal’s plan for Essar Steel India Limited. The appellate tribunal had on May 21 heard the contentions of all the parties and reserved its judgment in the case. The distribution of amount for all operational and financial creditors will be reflected in ArcelorMittal's resolution plan.

Reliance Jio Infratel Private Limited, which is owned 51 per cent by Tower Infrastructure Trust, an Infrastructure Investment Trust, and rest by Reliance Industries, plans to raise Rs 25,000 crore to fund its capital expenditure and retire old loans. This fund raising exercise is separate from Reliance Jio Infocomm Ltd, which is raising funds on its own from both domestic and overseas markets.

The market ended flat after a volatile trading on Wednesday with the Sensex was up 22.77 points at 39,839.25, while Nifty closed 6.50 points higher at 11,916.80.

Indiabulls Housing, IndusInd Bank, ITC, Zee Entertainment and Grasim Industries were among major gainers on the Nifty, while losers were Eicher Motors, GAIL, Tech Mahindra, Vedanta and Dr. Reddy's Labs.

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