Corporate News - Page 13

Coronavirus Lockdown: After Zomato, Swiggy sacks 1,100 employees as pandemic continues to hurt business

Joining arch rival Zomato, food delivery platform Swiggy on Monday announced to lay off 1,100 employees, nearly 14 per cent of its workforce, spanning across grades and functions in the cities and head office over the next few days as Covid-19 continues to hurt its business across verticals, IANS reported

Coronavirus Outbreak: Govt's fiscal stimulus package 'hopelessly inadequate', says P Chidambaram

The Congress on Monday said the fiscal stimulus package announced by the government is "hopelessly inadequate" given the gravity of the economic crisis as it amounts to only Rs 1.86 crore, which is 0.91 percent of the GDP

Coronavirus Outbreak: Govt’s economic stimulus package won't stop GDP from contracting in FY21, say analysts

The government’s reform moves and stimulus package will only help the deeply-impacted growth process in the medium term of over three years and will not push up the GDP in the short term, analysts at two foreign brokerages said on Monday

Cipla submits application with USFDA for generic version of asthma drug

Drug major Cipla on Monday said it has submitted an application with the US health regulator for a generic version of GSK's Advair Diskus, which is used in the treatment of asthma and other respiratory disorders

Reliance Industries shares gain nearly 2% after company announces over Rs 6,500 deal with General Atlantic

Shares of Reliance Industries on Monday gained nearly 2 percent after the company announced the sale of 1.34 percent stake in its digital unit to global equity firm General Atlantic for Rs 6,598.38 crore

US economy will recover, could stretch through end of next year, says Federal Reserve chairman Jerome Powell

The US economy, the world's largest, which has been thrown into a recession due to the coronavirus pandemic, will rebound but the recovery could stretch through the end of next year, Federal Reserve Chairman Jerome Powell has said

Rupee slips 31 paise to 75.89 in early trade on weak opening in domestic equities, foreign fund outflows

The rupee depreciated 31 paise to 75.89 against the US dollar in opening trade on Monday tracking weak opening of domestic equities and sustained foreign fund outflows

E-commerce companies may resume full services across country from today; await States' views

E-commerce companies are waiting for more clarity from states before taking a final call on resumption of services in various locations.

Anand Mahindra backs TOD' proposal for civilians; Group may recruit those who serve in Indian Army for 3 years

The Indian Army is considering a proposal--'Tour of Duty' (ToD) or 'Three Years Short Service' scheme, under which civilians could be allowed to join the force for a three-year tenure as officers and in other ranks for a variety of roles, even frontline fighters.

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

Non-banking financial companies (NBFCs) on Friday requested the Reserve Bank of India (RBI) to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic

Trade unions to go on strike on 22 May to protest against labour laws suspension by some states during the lockdown

Ten central trade unions on Friday gave a call for a nationwide strike on 22 May to protest against the suspension of labour laws by some states during the lockdown period, and also decided to take the matter to International Labour Organization (ILO)

Exports plunge record 60.28% to $10.36 bn in April, pandemic hits imports too; trade deficit narrows to $6.7 bn

The country's exports had contracted by 34.57 percent in March 2020.

Banks need to push digital plans now; pandemic an opportunity to revive products, services: Former RBI deputy governor

Asserting that data confidentiality and infrastructural challenges are critical in the banking industry, Khan said many banks lack common shared repositories and databases, which have now become important.

Liquidity infusion into ailing discoms a temporary arrangement; move may put more pressure on states: Experts

Currently, the outstanding dues of discoms towards power generating and transmission companies is to the extent of Rs 94,000 crore, which is expected to come down through the relief package.

Trade unions to go on strike on 22 May to protest against labour laws suspension; seek immediate relief to stranded workers

While Uttar Pradesh suspended major labour laws, Madhya Pradesh has tweaked some rules amid the lockdown to spur economic activities.

Lockdown: EPFO not charging penalty from companies for delay in payment of provident fund dues

Retirement fund body EPFO has decided not to impose any penalty for delay in payment of employees' provident fund contributions by firms during the natiowide lockdown

Malaysia signs record rice import deal with India after rival suppliers restrict exports; shipment may rise this year

India is now offering white rice for around $390-$400 per tonne compared with more than $450 for other countries, exporters said.

Goldman pushes ahead with 1,460 India hires, internships; proceeds with expansion plan despite uncertainties

A spokesman for Goldman stressed that the Indian graduates were existing offers the bank was honoring and not new hires. He said the bank was still recruiting globally, but proceeding more cautiously in light of the crisis.

Nirmala Sitharaman on Economic Package: Govt to amend Essential Commodities Act to deregulate cereals, edible oil, pulses

The government will amend the six-and-a-half-decade old Essential Commodities Act to deregulate food items, including cereals, edible oil, oilseeds, pulses, onion and potato, Finance Minister Nirmala Sitharaman said on Friday

Nirmala Sitharaman on Economic Package: FM announces setting up of Rs 1 lakh cr agri fund for farm-gate infrastructure

Finance Minister Nirmala Sitharaman on Friday announced setting up of a Rs 1 lakh crore agri infrastructure fund for farm-gate infrastructure

Zomato axes 13% workforce, cuts salary up to 50% for all; work from home to become permanent feature

Zomato's business has been severely affected by the COVID-19 induced lockdown as a large number of restaurants have already shut down permanently.

India's gas demand picks up gradually; relaxation in lockdown curbs help resume economic, industrial activities

An executive from India’s top gas importer Petronet also said there had been some recovery in demand compared to last month.

Govt projects 4th consecutive year of record foodgrain output at 295.67 million tonnes for 2019-20

The country is estimated to achieve an all-time high foodgrain production of 295.67 million tonne in 2019-20 crop year, the fourth consecutive year of record production, buoyed by good rains, the Agriculture Ministry's latest data released on Friday said

Moody's cuts outlook for Indian power sector due to coronavirus-induced stress

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