State Bank of India (SBI) has classified debt-laden Jaypee Associates as a non-performing asset (NPA) and lenders will soon meet to decide on converting debt to equity under Reserve Bank of India’s (RBI) strategic debt restructuring (SDR) provisions, a senior bank official said on Friday.

The official said Jaypee became a non-performing asset (NPA) some time back and the bank’s exposure to the account is around Rs 7,000 crore. Jaiprakash Associates had consolidated debt of Rs 58,250 crore in FY16.

A double-digit decline in sales of the country’s largest car maker, Maruti Suzuki, pulled down the growth of the domestic passenger vehicle industry to sub-three per cent in June. The industry’s sales had grown six per cent in June last year. The May 2016 growth was identical.

June was a mixed bag and growth was limited to Hyundai, M&M (Mahindra and Mahindra), Tata Motors, Renault, Ford, and Nissan. The surprise element was Toyota, with its first double-digit growth in more than a year. All these companies have launched one or more new products in the past one year.

Doing business in overseas markets is fraught with risks; more so when companies enter new markets through leveraged buyouts. But in some cases, the risk taken turns out to be well worth it.

Consider the Tata group. On the face of it, its bravado looks misplaced, as some of its big global bets are backfiring. Its investment in Corus Group Plc.—the largest ever acquisition by the group—is practically a write-off. Now, Brexit threatens to spoil things for Jaguar Land Rover (JLR) and the European operations of Tata Consultancy Services Ltd (TCS).

Comptroller and Auditor General of India Shashi Kant Sharma on Friday said there is a need to consider whether financial regulators like the Reserve Bank of India and the Securities and Exchange Board of India need to be audited.

“In India, the CAG does not audit the RBI. It is a thought for consideration if there is a need for the audit and oversight of the financial sector and its regulators,” Mr. Sharma said, citing the fact that financial regulators in the U.K. and the U.S. such as the Bank of England and the Federal Reserve have increasingly been brought under scrutiny. Mr. Sharma was speaking at an Assocham conference on corporate and financial frauds.

AirAsia India, the official airline partner of superstar Rajinikanth’s Tamil actioner “Kabali” and which has a special aircraft bearing the images of the star, spent over a month in designing the livery.

“It was the work of one person. The whole designing process took over a month and it had to be done with precision as it’s a first-of-its-kind attempt in Asia. Although it’s a regular passenger aircraft, our association with the film has made everything special,” company spokesperson told IANS.

GMR Energy today announced stake sale in two of its transmission projects to Adani Transmission for equity consideration of Rs 100 crore.

“GMR Energy (GEL), a subsidiary of GMR Infrastructure (GIL), has entered into definitive agreements with Adani Transmission (ATL) wherein GEL has agreed to transfer the interest in its transmission projects – Maru Transmission Services (MTSL) and Aravali Transmission Services (ATSL) – to ATL,” GMR said in a BSE filing.

Leading stock exchanges BSE and NSE today launched electronic book platforms for issuance of debt securities worth over Rs 500 crore on private placement basis.

The platforms — BSE-BOND and NSE-EBP (Electronic Debt Bidding Platform) — will facilitate online bidding for private placement of debt securities.

Indian information technology companies like HCL Technologies, Tech Mahindra and Infosys could register a growth in single digit in the near-term as Brexit will have an impact on the earnings vis-a-vis UK growth rates, according to a brokerage house Kotak Institutional Equities.

The brokerage house believes that on the organisation level, Brexit will impact revenue growth by 40-90 bps in constant currency terms and revenue growth by 60-120 bps in dollar terms across IT companies, with the highest impact on TCS, HCL Technologies and Tech Mahindra.

Hyundai Motor India today reported 7 per cent increase in total sales at 55,713 units in June.

The company had sold 52,062 units in the same month last year, HMIL said in a statement.

NEW DELHI: The Maharaja does not want its crew to get naughty on duty. Air India's crew management system (CMS), which pairs pilots and cabin crew for flights and prepares rosters, routinely gets requests from crew to be paired with specific members of their choice.

Keen to avoid a scandal since some married crew members also make requests, the airline has now banned CMS from accepting such requests and warned of action against crew members who do so.

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