Corporate News - Page 11

Rupee rises 6 paise to 75.60 against dollar in early trade on positive opening of domestic equities

The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities

Markets open on positive note: Sensex jumps 300 points, Nifty above 8,900; ITC, HDFC, HUL among top gainers

HDFC Bank Ltd and mortgage lender HDFC Ltd, up more than 1 percent each, were the two biggest boosts to the Nifty 50.

Walmart says Flipkart's 'limited operations' during COVID-19 outbreak negatively affected Q1 growth

Walmart International, which is present in nine markets including China, Japan, Mexico, the UK apart from India, saw sales growing by 3.4 percent to $29.76 billion in the January-March period, with e-commerce accounting for 9 percent sales.

Employees' Provident Fund contribution can go higher than 10%, not of employers: Labour ministry

Last week, Finance minister Nirmala Sitharaman had announced the reduction of statutory provident fund contribution by both employers and employees for the next three months to 10 percent of basic wages from 12 percent.

Coronavirus Outbreak: Pandemic to inflict Rs 1 lakh cr loss on realty sector in FY21; long-term outlook may emerge positive: KPMG

The short-term impact in coming 6 to 12 months may be a dampener for realty sector's recovery, forcing sector entities to contract operations, revisit planned developments, expansions, and investments across the sector.

Snapdeal resumes pan-India deliveries; engages law tech platform Legistify to help in logistics planning

Snapdeal said that all deliverable orders from this backlog are expected to be cleared by the end of this month.

WTO: India pushes for building broadband infra, digital skills in LDCs, developing countries; questions rich nations on e-commerce norms

In a special virtual meeting of the WTO's General Council on COVID-19 trade-related measures last week, India stated that there is a digital divide between developed and developing countries.

Coronavirus Lockdown: CAIT urges govt to reconsider economic package, says traders let down by exclusion

Industry body CAIT has urged the government to reconsider the economic package and announce measures to support traders, saying the community feels let down for exclusion from the Rs 20 lakh crore stimulus to aid the economy reeling from the COVID-19 crisis

Reliance Industries to use three-fourth of Rs 53,125-cr rights issue proceeds to repay debt

Reliance Industries will use three-fourth of proceeds of its mega rights issue for repayment of some of its borrowings, according to offer document

Taking Vedanta private will give Anil Agarwal-controlled parent firm access of company cash; deal credit positive: Moody's

On 18 May, Agarwal-chaired board of directors of Vedanta Ltd approved its parent, VRL's open offer.

Recession, high unemployment, another pandemic outbreak biggest near-term worries; economic distress to rise: WEF study

As per the study, two-thirds of respondents identified a "prolonged global recession" as a top concern for business.

Coronavirus Lockdown: Mahindra & Mahindra offers new finance schemes, special benefits for doctors, cops, women

Auto major Mahindra & Mahindra on Tuesday rolled out a range of new finance schemes, including special offers for the Corona Warriors and women buyers, such as 8-year loan term, 90-days moratorium on payment and 100 percent on-road financing, to help customers purchase its vehicle with ease amid the lockdown

Rupee surges 25 paise to 75.66 on encouraging results in COVID-19 vaccine trial, higher opening of domestic equities

The rupee appreciated 25 paise to settle at 75.66 (provisional) against the US dollar on Tuesday as reports of initial success in the COVID-19 vaccine trial boosted investor sentiment world over

Coronavirus Lockdown: FinMin extends deadline to fulfill contractual obligations of all govt projects by up to 6 months

The Finance Ministry has extended the deadline for fulfillment of contractual obligations of all government projects, including public-private partnerships (PPP), which were due for completion on or after 20 February, by up to six months in view of COVID-19 crisis

OYO takes measures to mitigate COVID-19 impact, offer quality hospitality experience

Hospitality firm OYO on Tuesday said it is taking several measures to minimise the impact of COVID-19, and innovating to meet new standards of good quality hospitality experience at its hotels

Office-sharing startup WeWork India lays off 20% of workforce as COVID-19 lockdowns weigh; eyes to be profitable by early 2021

In October last year, WeWork India’s chief shareholder Jitu Virwani had said the company would be profitable by end of 2020.

Coronavirus Impact: German footwear maker to shift production of over 3 mn pairs per year to India from China

The Germany-based healthy footwear brand Von Wellx, will be shifting its entire shoe production of over three million pairs annually in China to India with an initial investment of Rs 110 crore

Govt to further revise criteria for classifying 'medium' enterprises under MSME definition: Nitin Gadkari

Days after changing the definition of MSMEs, the government has decided to further revise the criteria for medium units by enhancing the investment and turnover limits to up to Rs 50 crore and Rs 200 crore respectively, Union Minister Nitin Gadkari said on Tuesday

Coronavirus impact: Barclays pegs India's current account surplus at $20 bn this fiscal, first-time in 14 years

As imports continue to plunge due to the coronavirus-driven disruptions globally, India may end the current fiscal with a record surplus of about $20 billion or 70 bps of the GDP, says a report

Oil prices gain for fourth day on signs of output cuts, better demand; Brent crude up 0.7% to $35 per barrel

Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic

Coronavirus Lockdown: Rs 6.45 lakh cr worth loans sanctioned by PSBs during 1 March-15 May, says Nirmala Sitharaman

State-owned banks have sanctioned about Rs 6.45 lakh crore worth loans to various sectors including MSME, agriculture and retail between 1 March and 15 May when businesses were reeling under the impact of COVID-19 crisis

India resumes purchases of Malaysian palm oil after four-month gap following diplomatic row

Indian buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources said

US overtakes China as most attractive country for renewables investment; India slips to 7th spot: EY report

The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday

Gold surrenders early gains to trade flat at $1,731.5 per ounce; coronavirus vaccine hopes spur risk appetite

Gold gave up early gains on Tuesday to trade flat below a 7-1/2-year high hit in the last session, as risk appetite improved on promising early-stage data for a potential COVID-19 vaccine

Coronavirus Lockdown: Fiat India Automobiles, Tata Motors JV plant resumes operations at Ranjangaon

Fiat India Automobiles Pvt Ltd (FIAPL) on Tuesday said Ranjangaon-based manufacturing facility, co-owned by it and Tata Motors, has resumed operations

Lendingkart Technologies raises Rs 320 cr equity funding led by FFH, Bertelsmann India Investments

Lendingkart Technologies on Tuesday said it has raised about Rs 320 crore in an equity funding round led by existing investors including Fullerton Financial Holdings Pte Ltd (FFH), Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient

Coronavirus Lockdown: Flipkart partners Vishal Mega Mart for home delivery of essentials in 26 cities

Walmart-owned Flipkart on Tuesday said it has partnered with retail store chain, Vishal Mega Mart for home delivery of essential items in 26 cities in the country, including Delhi-NCR, Bengaluru and Kolkata

Coronavirus Lockdown: Govt implements cut in employees' provident fund contribution to 10% for May, Jun, July

The Ministry of Labour & Employment has implemented the decision to cut employees' provident fund (EPF) contributions to 10 per cent from the existing 12 per cent for three months till July

Bharti Airtel shares jump 10%, hit 1-year high despite company posting Rs 5,237-cr loss in March quarter

Shares of Bharti Airtel on Tuesday zoomed 10 percent after the company reported consolidated revenue of Rs 23,722.7 crore during the reported quarter on broad-based strength, with all segments registering healthy underlying growth

Nasdaq to tighten listing rules, restrict Chinese IPOs due to escalating tensions between US-China over trade: Report

Nasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it harder for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday