Business in brief: Govt to sell 51% stake in IDBI Bank; airfares may drop
The Delhi High Court will pass judgment on WhatsApp, a Facebook plea against the Competition Commission of India (CCI) probe against the messaging app’s new privacy policy on Thursday (August 25).
Analysis
Facebook and WhatsApp had previously submitted to the HC that since the Supreme Court is hearing the issue of WhatsApp’s privacy policy, High Court, therefore, had no requirement of CCI to order the probe. Senior Advocate Harish Salve and former Attorney General Mukul Rohatgi appeared for the petitioners.
Also read: Who pays for UPI transactions? Banks, PSPs want their share of penny
They told the court that CCI proceedings must be kept in abeyance as the matter is pending before the Supreme Court and High Court. The Union government contends that WhatsApp keeps sending pop-up reminders regarding its privacy policy to users who haven’t accepted its updated terms and conditions.
Also read: Embedded in WhatsApp’s new privacy policy is a competition issue
This has resulted in some of them clicking the “Yes’ button even though they are against accepting such conditions. But WhatsApp has claimed that it will not deny the entire functions of the messaging services even if the users do not give consent to the updated privacy policy.
Also read: How an unpaid loan helped Adani to make hostile takeover bid for NDTV
Lamborghini Huracan Tecnica launch today
Analysis
The Huracan Tecnica is a two-seater track-focused performance car. It has opened its first showroom in India. The new Lamborghini Huracan Tecnica will come with a 5.2-litre naturally-aspirated V10 tuned to produce 640 bhp and 565 Nm of torque that sends power to all four wheels through a 7-speed dual-clutch automatic gearbox. Lamborghini claims that the new Huracan Tecnica can go from 0 to 100 kmph in 3.2 seconds while accelerating to a top speed of 325 kmph. It is expected to be priced at ₹4.5 crore and will compete with Porsche 911 GT3 when it launches in the Indian market.
Also read: Apple iPhone 14 to be made in India from November: Report
IDBI Bank
The government is considering selling at least 51% stake in IDBI Bank.
Analysis
The government has been in a privatisation mode for a long time. It plans to create four big banks in the country through mergers and acquisitions. IDBI has accumulated losses of over ₹45,500 crore as of March 31, 2022. The board plans to make it sale-ready by clearing off the balance sheet and writing off the bank’s accumulated loss against the share premium account. It means that whenever the sale of the bank happens, the excess amount each sale of share gets will be used to wipe off the accumulated losses. The approval will be put before the AGM this month. The public has a 5% equity in the bank.
Also read: E-commerce firms on hiring spree for delivery workers before festive season
Airfares may drop during festive season
Analysis
With the airlines charging high fares, the demand has slowed down. After removing the airfare cap from August 31, airlines might reduce fares to beef up demand.
