Morning Buzz: Sony-Zee merger okayed; camera and printer imports may face restrictions, and more

Here are the top business headlines this morning to get your day started

  • Published:
  • 11/08/2023 09:34 AM

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Camera and Printer Imports May Face Restrictions

Imports of cameras, printers, and hard disks could be placed under the mandatory licence category as the Centre looks to spur domestic manufacturing. The imports of these goods amounted to $10.08 billion in FY23. In addition, the government is also renewing high-import products such as urea, antibiotics lithium-ion accumulators, refined copper, sunflower seed oil, and cashew nuts to be put on the licence list. After curbs on laptops and tablets have been imposed from November 1, Apple, HP, and Lenovo are looking to increase imports to beat the deadline.

(Economic Times)

New Guidelines for Bank Resetting Loan Tenor

The Reserve Bank of India will issue guidelines to banks and housing finance companies on resetting the tenor for EMIs after there have been reports of unreasonable elongation of the tenor following the rise in interest rates. The central bank has said lenders must take into account the age of the borrower and loan repayment capacity before changing loan terms. The guidelines would be broad in nature and would not define the term of the loan.

(Economic Times, Business Standard, Financial Express, Mint)

Sony-Zee Merger Plan Gets NCLT Approval

The Mumbai bench of the NCLT approved the merger between Zee Entertainment and Sony Entertainment. Earlier, Zee Entertainment, in its Q1 earnings call, had said all clauses regarding the merger would be the same except the one regarding Punit Goenka, as there was a SEBI order barring him from the directorship of companies. The companies should now approach the Registrar of Companies within 30 days of the order.

(Economic Times, Business Standard, Financial Express)

Yusuf Hamied Dismisses Reports of a Stake Sale

At Cipla’s annual general meeting, Yusuf K Hamied has dismissed reports of the company founders selling their stake to private equity players as speculative. This is the first public statement from the promoter family on the stake sale. Shareholders appealed to Hamied to “draw a line” on the sale as the company is known for its affordable medicines, and a stake sale may increase the prices.

(BusinessLine)