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MoD inks <span class='webrupee'>₹</span>1,200-cr deal with Tata Power SED to upgrade 37 airbases

This is the phase two of the Modernisation of Airfield Infrastructure programme, the ministry said


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E-commerce companies see big opportunity in kirana store tech

While Paytm is looking to equip kiranas with a tech ecosystem, Swiggy has on-boarded several on its platform


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Rating announcements on Edelweiss, Shriram firms to add pressure on debt MFs

ICRA downgrades multiple Edelweiss Group companies.Mutual funds have a collective exposure of around Rs3,300 crore to Edelweiss companies as of 31 March


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Founders grappling to make startups ‘recession-proof’ in crisis: Sequoia Capital

Sequoia India launches a microsite to serve as a resource for founders and their teams during the challenging months ahead.The impact of covid-19 can be seen on Indian startups, with several unicorns including Udaan, OYO and Swiggy laying off and furloughing their permanent and contractual staff


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Gilead announces global remdesivir licensing plan even as patents hit rough waters in India

Gilead said it was in discussions with 'some of the world’s leading chemical and pharmaceutical manufacturing companies' to produce remdesivir for Europe, Asia and the developing world through at least 2022


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Adani Ports Q4 profit crashes 74% on forex loss

Net profit falls 74% at Rs340.21 crore in March quarter of FY20, from Rs1,314.19 crore in same period of previous fiscal.For the full year, APSEZ reports net profit of Rs3,784.53 crore, down 6.4% year-on-year from Rs4,044.75 crore in FY19


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Smartphone makers brace for doubling of demand as lockdown is lifted

Xiaomi India MD Manu Jain expects losses in Q2 2020, but Q3 and Q4, along with Diwali sales to go fine.Realme is expecting 100% growth in 2020 despite effectively losing two months of the year


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We are on the cusp of a new automation era, says Hyundai’s S.S. Kim

In our second interview in the Pivot or Perish series, wherein top companies share their vision for mapping the future after the coronavirus outbreak, Hyundai's S.S. Kim shared how digital will play a critical role in sales operations of automobile companies.


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Freshworks appoints CFO who helped with Zuora's IPO

Prior to Zuora, Sloat held executive finance roles at firms such as NetApp Inc. and Siebel Systems, Inc


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IHFL withdraws plea seeking protection from coercive action by NCD holders

The company relied on RBI moratorium of three months on payment of instalments of all term loans outstanding between 1 March and 31 May


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Edtech platform Classplus raises $9 mn in Series A round led by RTP Global

Over 3,500 coaching centres across 70 cities and towns in India use the platform, says Classplus, which was launched in 2018


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Fitness startup Cure.fit downsizes India, UAE business

The company is to also repurpose its business on digital fitness offerings, including tele-consultants.Apart from layoffs, Cure.fit has moved 90% of trainers across its gyms to a variable pay model to cut costs


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Citing revenue loss, private hospitals want Maharashtra govt pricing caps rolled back

Private hospitals say the order in its current form will result in losses and would also affect the salaries of healthcare workers.The reduction in prices for private healthcare providers comes at a time when they are dealing with lower hospital occupancy rates, as patients opt to postpone planned medical procedures due to the pandemic


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Over 1,100 customers to lose out in CKP Co-operative Bank's liquidation

These customers are those who have deposited more than ₹5 lakh in their accounts .RBI cancelled the bank's licence citing its highly adverse financial position


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NCLT nods CarVal's Rs2,300 cr bid for Uttam Value Steel, Uttam Galva Metallics

The resolution plan would allow lenders to get close to 40% of their claims for both the companies.While the joint resolution plan was approved by the committee of creditors (CoC) in April last year, SSG Capital, the other bidder for these assets contested the decision


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Pharma sales drop 19% in April vs March on demand slump

The worst hit among the top 20 companies was Cipla, whose sales fall by 28%, while that of Zydus Cadila, GSK Pharma and Dr Reddy’s down by 25%, each.There seemes to be less panic buying of medicines for chronic illnesses in the last two weeks of April


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Reliance sells 1.15% stake in Jio Platforms to PE  firm for <span class='webrupee'>₹</span>5,655 crore

Reliance is raising funds at a breakneck pace as it attempts to cut its debt and secure its capital needs amid a sharp downturn in the global economy.Silver Lake is a major technology investor, with over $40 billion in combined assets under management and committed capital


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Hyundai to reopen its factory in Tamil Nadu from Wednesday

The move comes close on the heels of Centre allowing gradual resumption of economic activity amid the pandemic.Hyundai was planning to manufacture around 12,000 to 13,000 vehicles in May


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Investors likely to revise offers under IBC as virus alters plans 

IBBI has already said the lockdown imposed by the government will not be reckoned in the resolution timeline.Since its inception, the IBC process has been mired in last-minute litigations with promoters trying hard to retain control of their firms


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Uber, Ola can operate in certain districts with a single passenger: MHA

However, the notification doesn't explicitly state whether two-wheeler taxis and shared vehicles operated by the like of Bounce, Yulu, and VOGO would be allowed 4 May onwards.Meanwhile, in green zones public transport buses can operate at 50% capacity


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Covid-19 impact: Automakers' domestic sales draw a blank in April

Auto companies, however, managed to export vehicles due to resumption of port operations.Maruti, Hyundai, M&amp;M, Toyota Kirloskar, MG Motor reported zero domestic car sales for April


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Amazon, Snapdeal disagree with US counterfeit list

'We strongly disagree with the characterization of Amazon in this USTR report,' said an Amazon spokesperson..The list names Amazon India and Snapdeal along with a few other shopping complexes in India.


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‘Beauty of 3D printing is that there is no fixed way of manufacturing’

Rajiv Bajaj, MD, Stratasys India and SEA, talks about the company’s involvement in 3D printing initiatives in India, tie-up with GNA University


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RIL announces mother of all equity fundraising; to raise Rs53,215 crore through rights issue

The promoter and promoter group of the company have confirmed they will subscribe to the full extent of their aggregate rights entitlement.In addition, they will also subscribe to all the unsubscribed shares in the Issue


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Reliance Jio Q4 net profit at <span class='webrupee'>₹</span>2,331 crore, up 72% QoQ

Average revenue per user (ARPU) increased to ₹130.6 during the quarter.Data consumption continued to grow exponentially to 11.3 GB per user per month from 11.1 GB in the December quarter


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April issue of sovereign gold bonds saw record subscription worth <span class='webrupee'>₹</span>822 crore

This is the highest ever subscription since the October 2016 issue


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Covid-19 impact: Pay health insurance premiums in instalments

Irdai, on Tuesday, asked all general and standalone health insurers to give policyholders the option to pay health insurance premiums in instalments


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Easing of loan defaults norms can help borrowers

Retail borrowers who are facing difficult times, and are unable to repay their loans even after the moratorium ends, will get another three months to regularise their loans.As a standard practice, lenders need to classify a loan as NPA if a borrower doesn’t repay for 90 days.


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CBDT clarifies how employers should deduct TDS in FY21

Employees will have to inform their employers about their intention to opt for the new optional tax regime to enable the latter to deduct TDS while paying salaries, says CBDT


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Liquidity is the king, says Priya Sunder

The financial planner says the covid-19 pandemic will change people as individuals, making them more wary about how they spend, save and invest


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Employees can donate to PM-CARES Fund through employer

Full deduction can be claimed by an employee while referring to the Form 16 issued by the employer


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Covid-19 lockdown on storage vaults presents problems for gold ETFs

Physical market participants also noted the effect of coronavirus-related restrictions on gold trading


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Small savings schemes like PPF, NSC and SSCS see big cuts in rates

Rates of these schemes have been slashed by between 70 bps and 140 bps for the April-June quarter.Those who depend primarily on the income from these fixed instruments, may need to revisit their portfolio


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Policyholders get an extension on insurance premiums due in March

The regulator has asked life insurance companies to allow a one month extension on premiums due in the month of March 2020.Health insurers have been asked to accept a delay in policy renewals up to 30 days without deeming the same as a break in policy


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Mutual fund new folios jump 50% in Covid market correction

The fall of about 30% in the markets in the first two weeks of March allowed investors to take advantage of lower stock prices.To be sure, a single investor can have multiple folios and the 50% jump does not mean that the number of new investors has jumped by 50%


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How Yes Bank's relationship managers sold its AT1 bonds to retail investors

A small portion of the estimated ₹10,000 crore AT1 bonds issued by the bank are also held by individual investors.Many of the investors are guilty of believing that the bonds are as safe as FDs and will give better returns


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Airtel Payments Bank rolls out Aadhaar-enabled payment system

Airtel Payments Bank customers can also do financial transactions at any Aadhaar-enabled payment system.One can make a transaction with just Aadhaar number without revealing bank account or debit card details


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PFRDA plans alternative to compulsory annuity in NPS

There are two proposals in the works that the PFRDA will put forth to the finance ministry after the feedback it received from subscribers.One of the options that PFRDA is working on is introducing a Systematic Withdrawal Plan (SWP) for NPS subscribers on maturity as an additional option.


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Why Indians need to invest in the world

In the last 9 months, the Indian equity market has been underperforming global assets. Therein lies an opportunity.Investors can diversify out of Indian equities into debt and global assets via RBI’s Liberalised Remittance Scheme or even with exchange-traded funds in India, against rupee payment


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India’s active internet user base to hit 639 mn by year-end

Currently estimated at 574 million, the number of monthly active internet users has grown 24% over that of 2019, indicating an overall penetration of 41% last year


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Pandemic opens the door for home delivery of alcohol

At the moment, there is no clear policy that governs home delivery of alcohol as it is a state subject.Home delivery of liquor is a key step in easing overcrowding and ensuring social distancing during the pandemic, say experts


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Delhi HC lets Bharti Airtel claim GST refund of <span class='webrupee'>₹</span>923 crore

The telecom operator had excess input tax credits but could not use them to adjust its final tax liability.The HC allows Bharti Airtel to rectify its returns for the September quarter of 2017


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PNB seeks extension of loan moratorium for MSMEs from RBI

Punjab National Bank also requests RBI to permit one-time restructuring of loans till March 31, 2021 on a case to case basis


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FMCG companies open links with retailers to ensure supply

Companies have launched tele-services and even dedicated apps that let shopkeepers place orders.The companies say this will help ensure supplies do not run out at a time when distributors and wholesalers have been immobile because of lockdown


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Digital lenders struggle to cope with slowdown induced by virus

Digital lenders are seeking guidelines for full digitization and allowing eKYC and eSign mandates.eKYC was suspended for NBFCs as the SC had ruled that private firms cannot force anyone to share Aadhaar data for KYC authentication


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Airlines set to miss deadline on PW engines

A senior DGCA official said that the watchdog will take a decision on extending the deadline after the nationwide lockdown is lifted.IndiGo has 106 PW-powered A320neo planes in its fleet, while GoAir has 43


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Demand for remote workers sees an uptick

Work-from-home jobs doubled in the third week of April versus the first week of March, said a market analyst.The new normal of WFH has also led to a need for reskilling especially in digital skills, according to staffing firms


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Shoppers may need to book ahead after the end of lockdown

Retailers may go the the extra mile, devising ways to woo customers back while complying with norms on hygiene and social distancing.Besides reaching out to their customers online and apprising them of the safety measures taken, retailers are betting on the word of mouth publicity to bring shoppers back


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Lenders to focus on corporates as retail loans expected to drop

Retail loan growth is likely to be subdued because of the recent spate of job losses and a sense of uncertainty.Some banks are already seeing higher growth in their corporate book, as compared to their retail loan book


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Organized retail now accounts for 30% of FMCG sales in metro cities: Nielsen

Nielsen says in the first quarter of 2020, share of modern trade stores in metro cities rises to 24.7% from 22.3% a year ago


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