Earlier, following allegations by Torrent Group that the challenge mechanism in the Reliance Capital IBC case has been torn up by lenders, RCap Administrator argued that the mechanism is not over until the Committee of Creditors (CoC) decides.

UltraTech also believes that the overall cost trend for the sector is likely to remain elevated.

Layoffs in January 2023: From Google, Amazon to Microsoft, the first three weeks of January have already witnessed layoffs of 55,970 employees across 173 companies around the world, as per data on job cuts tracker website Layoffs.fyi as of Monday morning. This is already 35 percent of the total layoffs seen in 2022 when tech firms began letting go of staff amid a fund crunch, to become profitable to stave off the macro uncertainties. While all firms may not be on Layoffs.fyi list, here is a look at the major job cuts in IT, IT services and other sectors in January 2023

The said issue is also expected to have a greenshoe option to retain an additional 20 billion rupees. The issue will close for subscription later this week. The bonds are rated AAA by CRISIL and will have a put option at the end of the third year.