Corporate News - Page 7

Rs 90, 000 cr package to provide only temporary relief to discoms but not long-term stability: India Ratings

The Rs 90,000 crore package would provide only a temporary relief to power distribution companies but not long-term stability, India Ratings and Research (Ind-Ra) said on Tuesday

EV startup Euler Motors raises Rs 20 cr as part of Series A funding; to use money to expedite product, technology

Earlier, as part of its pre-series A round, Euler Motors had raised Rs 15 crore from Blume Venture, US based Emergent Ventures and Andrew Lee. With this series A, Euler Motors has so far raised more than Rs 35 crore.

COVID-19 Impact: TVS Motor Company cuts staff salaries by up to 20% for six months as sales plummet

TVS Motor Company has decided to reduce salaries at executive level, barring entry-level workmen, from May till October this year.

PayNearby partners with IndusInd Bank for contactless payments; expands hyperlocal direct to consumer business

PayNearby, a fintech startup has now expanded its hyper local discovery and purchase application ‘BuyNearby’ for pan-India operations with IndusInd Bank

Glenmark to study potential COVID-19 drug combination; to look to enroll 158 hospitalised patients

On 1 May, Glenmark Pharmaceuticals said it has become the first company in India to receive approval from Drug Controller General of India (DCGI) to conduct clinical trials of Favipiravir antiviral tablets for the treatment of COVID-19 patients.

Rupee surges 30 paise to 75.65 in early trade on positive opening in domestic equities; dollar weakens overseas

The rupee appreciated 30 paise to 75.65 against the US dollar in early trade on Tuesday tracking positive opening of domestic equities and weakness in the American currency

Uber cuts 600 jobs in India due to COVID-19; 'made the decision so that we can look to future with confidence', says country head

Uber announced it is laying-off a fourth of its total headcount of 2,400 in the country across customer and driver support, business development, legal, finance, policy and marketing verticals.

Bharti Airtel promoter firm to raise $1 bn through equity to become debt-free; may sell nearly 15 cr shares: Report

Bharti Telecom holds around 41 percent stake in Bharti Airtel, while foreign promoter entities own 21.46 percent stake in the telecom firm. Public shareholders have around 37 percent stake in the company.

Tea producers' body estimates Rs 2,100-cr revenue loss for industry in 3 months; lockdown aggravates financial stress

The apex body of tea planters has urged the commerce ministry and the state governments of Assam and West Bengal to extend a financial package.

COVID-19 impact: IDFC First Bank senior management takes 10% compensation cut in FY21; pays 100% variable pay to 78% staff

IDFC First Bank paid 100 percent of the variable pay to 78.2 percent of employees for FY20.

Kotak Mahindra Bank cuts interest rates for savings accounts to 3.50%, effective from today; applicable on balance up to Rs 1 lakh

The change in interest rates at Kotak Mahindra Bank comes after the Reserve Bank of India on Friday reduced the repo rate by 40 basis points to 4 percent from 4.4 percent earlier.

Gold prices slip on rising dollar, equities; renewed Sino-US trade tensions restrict losses, silver falls 0.7%

Spot gold was down 0.3 percent at $1,729.05 per ounce. US gold futures fell 0.4 percent to $1,729.40.

COVID-19 Impact: Retail trade lost business worth Rs 9 lakh cr in 60 days; businessmen facing acute financial crunch, says CAIT

CAIT said domestic trade is facing its worst period as shops and commercial markets across the country since last Monday could register only 5% of business, and only 8% of workforce could resume their duties in shops.

HDFC reports 22% fall in net profit at Rs 2,233 cr during Q4, interest income up 17%; announces dividend of Rs 21 per share

HDFC said in a statement that 36% of home loans approved in volume terms and 18% in value terms in FY20 were to economically weaker section and low-income groups.

Tata Group firms trim payments of top executives for first time in company's history as lockdowns hit business, revenue

The compensation of CEOs and managing directors (MDs) of Tata Steel, Tata Motors, Tata Power, Trent, Tata International, Tata Capital and Voltas, among others, will be cut the report said citing company executives.

Nearly half of travel, tourism firms staring at complete shutdown risk in next 3-6 months; resumption of flights revive hopes: Report

The report said that 81 percent travel and tourism companies have lost their revenue up to 100 percent while 15 percent of the companies have witnessed it slide up to 75 percent.

Strides Pharma receives regulatory approval to conduct trials in India for potential COVID-19 drug

Indian pharmaceutical company Strides Pharma Science Ltd said on Thursday it has got regulatory approval to conduct clinical trials of antiviral drug favipiravir, considered a potential treatment for COVID-19

RBI monetary policy: Central bank extends Rs 15,000-cr credit line to EXIM Bank to help revive sagging foreign trade

The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade

Amazon India to add 50,000 temporary roles for warehousing, delivery network to meet surge in demand for products

E-commerce major Amazon India on Friday said it will add 50,000 'seasonal' or temporary roles to meet the surge in online demand for products, particularly from those most vulnerable to being out in public in the backdrop of the coronavirus pandemic

ITC to acquire spice manufacturer Sunrise Foods; to augment product portfolio, boost FMCG revenue by 7%

ITC Ltd has entered into a share purchase agreement (SPA) to acquire 100 percent of the equity share capital of Sunrise Foods Private Limited

After mangoes, now litchis in your mail; India Post to home-deliver fruits in some cities in Bihar

India Post has now partnered with the Bihar government to deliver ‘Shahi Lichi’ and ‘Zardalu Mango’ at the doorstep of people in Patna, Muzaffarpur and Bhagalpur

Oil jumps as coronavirus lockdowns ease, boosting hopes for demand pickup; rising Sino-US tensions likely to cap gains

Amid quiet trading, with financial centres Singapore, London and New York all closed for holidays, Brent was up 6 cents, or 0.2 percent, at $35.19 a barrel.

Deepak Fertilisers forays into hand sanitiser segment; evaluates other IPA-based product opportunities

Deepak Fertilisers is leveraging its existing strong distribution network along with pharmacy and hypermarket chains, modern trade and e-commerce channels to make the product easily available on pan-India basis.

COVID-19 impact: NITI Aayog suggests short-duration R&D projects for quick results; says self-reliance should be rural development model

NITI Aayog Vice Chairman Rajiv Kumar suggested a seven-point development model for India laying stress on the need to make development a public movement on the lines of the freedom movement.

Ratan Tata-backed startup Repos Energy to manufacture, sell around 3,200 mobile petrol pumps in FY21

Repos Energy which specialises in supplying diesel at the doorstep for commercial users has seen daily demand go up to 15,000 litres from the earlier average of 10,000 litres, a senior official said, at the end of March.

Japan to end Tokyo's state of emergency, eyes fresh $930 bn stimulus; eyes to expand economic activities in stages

To support an economy on track for its deepest slump in postwar history, the government is considering fresh stimulus worth 100 trillion yen ($930 billion), mostly comprising financial aid for companies, the Nikkei newspaper said.

Suzuki Motor resumes manufacturing operations at Gujarat plant; says will adhere to govt regulations, norms

Suzuki Motor had suspended production at the Hansalpur (Gujarat) plant on 23 March to check the spread of COVID-19.

Reliance Industries launches JioMart service across cities, offers discounts: Here's how to buy groceries, place an order

Customers can now log on to the newly-launched website jiomart.com to place an order

RBI cuts repo rate by 40 bps: It is unexpected like rain in summer; regulatory, monetary measures to boost economy, say experts

The Reserve Bank of India (RBI) on Friday slashed the benchmark lending rate by 40 basis points to mitigate the impact of COVID-19 crisis.

About 20% SBI borrowers avail loan repayment moratorium; banks can go for debt recast: Chairman Rajnish Kumar

The SBI chairman advised borrowers to pay their loans if they are not facing any funding challenge.