Morning Buzz: Tata Consumer plans rights issue; Bengaluru has more private cars than Delhi, and more

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Tata Consumer Plans Rights Issue

Tata Consumer, which announced the acquisition of Capital Foods and Organic India plans a Rs3500 crore rights issue. The company also plans to raise debt to fund the two acquisitions. The company has Rs3000 crore of cash on its books and will raise another Rs4000 crore through a mix of debt and equity.

(Economic Times, Financial Express)

Reduce lending to smaller NBFCs: RBI

The RBI has asked large non-bank financial companies to reduce lending to smaller NBFCs in a bid to reduce unsecured lending. These small companies often play a dominant role in the small ticket personal and business loan segment. At present the loan exposure of large NBFCs to smaller NBFCs is 15-40 percent. Piramal Finance has 19 percent exposure to NBFCs while Aditya Birla Capital has 27 percent.

(BusinessLine)

India Inc worried about end of manufacturing tax sops

Indian companies are awaiting clarity on the end of the 15 percent tax rate on manufacturing that is set to expire in March 2024. Companies have petitioned the Ministry of Finance and are awaiting clarity on whether the tax sops will be announced in the interim Budget. The companies are asking for an extension on account of the time lost during the covid pandemic.