Corporate News - Page 24

Govt seeks suggestions from auto industry leaders for resource mop-up; sector demands financial package

The government of Thursday sought suggestions on methods of resource mobilisation from captains of the automobile industry, who raised several demands for a financial package to overcome the impact of the COVID-19-induced lockdown

Coronavirus Outlook: Hotel industry mulls pay cuts, reducing manpower to tide over lockdown woes

The hospitality industry has taken up various measures to overcome the impact due to lockdown to contain the spread of coronavirus which include pay cuts, use of short staff besides engaging in partial operation, officials said

Coronavirus Pandemic: RIL chairman Mukesh Ambani to forego salary, board members to take pay cut

Reliance Industries chairman Mukesh Ambani will forego his salary in the wake of the coronavirus pandemic that has gripped the nation and forced a lockdown in the country until 3 May

Markets end week with gain of 7%: Sensex soars 997 points to end at 33,717, Nifty surges to 9,860; Tata Motors, ONGC major gainers

The NSE Nifty 50 index ended 3.2 percent higher at 9,859. The index was up 7.7 percent this week.

Royal Dutch Shell cuts dividend for first time since World War Two as oil demand drops due to coronavirus pandemic

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic

SEBI penalises two persons in WhatsApp leak case related to Ambuja Cements quarterly financial results

Markets regulator SEBI has penalised two persons after finding them guilty of releasing unpublished price sensitive information related to financial results of Ambuja Cements through WhatsApp messages prior to the official announcement by the company

Global gold demand sees modest growth in Q1 to 1,083.8 tonnes on lockdown-led disruptions: WGC

Global gold demand during the January-March quarter grew 1 percent to 1,083.8 tonnes compared to the same period last year mainly due to heavy inflow in gold-backed ETFs as COVID-19 pandemic fuelled safe-haven investment demand for the yellow metal, a World Gold Council (WGC) report said

China's manufacturing weaker in April as coronavirus pandemic hurts exports, two survey show

China's manufacturing activity weakened in April as the coronavirus pandemic clobbered global consumer demand, hampering Beijing's efforts to revive the world's second-largest economy, two surveys showed on Thursday

Coronavirus Outbreak: Govt likely to announce stimulus package on Friday as economic activities grind to a halt

A stimulus package for the industry-hit by a lockdown of more than a month when economic activity has ground to a halt --is expected to be announced soon

Lupin gets inspection closure report from USFDA for Pithampur manufacturing plant in Madhya Pradesh

Drug maker Lupin on Thursday said the US health regulator has closed the inspection of its manufacturing facility in Pithampur, Madhya Pradesh

India's Jan-Mar gold demand falls 36% to 101.9 tonne due to volatile prices, economic uncertainties: WGC

Gold demand in India fell 36 percent in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report

Coronavirus Outbreak: Hotel industry revenue likely to fall by Rs 90,000 cr in 2020 due to pandemic, says report

India's hotel industry is estimated to face a whopping business loss of Rs 90,000 crore during this calendar year, as all hotels are closed due to nationwide lockdown to control coronavirus disease, according to a report by HVS and Anarock

Coronavirus Outbreak: RPG Group's infrastructure firm KEC International resumes operations at all factories

Infrastructure firm KEC International on Thursday said it has resumed operations at all its factories in the country in a phased manner

Sensex rallies over 900 points, Nifty reclaims 9,800 level; Glenmark shares jump 9% on reports of trials for potential COVID-19 drug

Shares of Glenmark Pharmaceuticals Ltd rose as much as 8.9 percent after the drugmaker said it got the Indian drug regulator’s nod to conduct clinical trials of antiviral drug favipiravir, seen as a potential treatment for COVID-19.

Rupee surges 63 paise to 75.03 on foreign fund inflows, positive opening in equity markets

The rupee appreciated by 63 paise to 75.03 against the US dollar in early trade on Thursday tracking positive opening of domestic equities and fresh foreign fund inflows

Auto component maker Motherson Sumi re-opens most plants globally; obtains necessary approvals from local authorities

Motherson Sumi said all necessary precautions are being taken by the teams in adherence with post-COVID 19 guidelines issued by various governments.

Rahul Gandhi to discuss impact of coronavirus pandemic on economy with Raghuram Rajan, experts today

Congress chief spokesperson Randeep Surjewala said Rahul Gandhi will be in conversation with Rajan in the first such dialogue and the same will be aired on social media from Thursday morning.

Indians switch to bank deposits as concerns grow over debt funds; Templeton's announcement sees heavy inflows into bank schemes

As spooked investors called for a government intervention and debt mutual funds saw record withdrawals, traditional bank deposits have gained.

Strides Pharma Science shares zoom 20% after company develops Favipiravir antiviral tablets

Shares of Strides Pharma Science Ltd on Wednesday zoomed 20 percent after the company said it has developed and commercialised Favipiravir antiviral tablets, and stressed that the drug has demonstrated positive outcomes in COVID-19 treatment globally

Oyo to offload more loss-making hotels; coronavirus pandemic derails plans for rapid global expansion

While Oyo does not plan to completely exit any market, it will either terminate or not renew contracts with loss-making hotels, sources said.

Coronavirus Lockdown: Salary cut imminent; 27 out of top 100 companies can't sustain current wage bill, says Deloitte study

As many as 27 out of the top 100 companies listed on the National Stock Exchange (NSE) will not be able to sustain current wage bill if their revenue dip by 30 percent or more due to a nationwide lockdown and imminent salary cuts, a Deloitte study said

Govt task force projects Rs 111 lakh cr infrastructure investment over five years to FY2025: Finance ministry

To augment infrastructure and create jobs in the country, a government task force has projected total investment of Rs 111 lakh crore in infra projects over five years, the Finance Ministry said on Wednesday

Coronavirus Outbreak: Airbus Q1 profit plunges as pandemic crisis starts to bite; lockdowns hamper aircraft delivery

Airbus suspended its outlook and dividend and negotiated new credit lines last month.

Coronavirus Outbreak: Srei Infra's senior management to take voluntary salary cut of up to 30% in FY21

The chairman has reduced his pay by 30 percent and the chief executive officer and other senior management members have reduced their pay in the range of 20 percent to 25 percent, Srei Infra said.

Yes bank scam case: CBI court extends custody of accused Kapil, Dheeraj Wadhawan till 1 May

A special CBI court in Mumbai on Wednesday extended till 1 May the custody of DHFL promoter Kapil Wadhawan and his brother Dheeraj, accused in a corruption case against former Yes Bank CEO Rana Kapoor, officials said

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms

The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record

Boeing cuts 787 Dreamliner production after second straight quarter of losses; may resume 737 MAX production at low rates in 2020

Demand for Boeing’s bigger and more profitable 787 jet had waned as a result of the US-China trade war.

India's domestic air passenger traffic fell by 11.8% in March due to coronavirus outbreak: IATA

Indian domestic air passenger traffic fell by 11.8 percent in March as compared to the corresponding month last year, indicating the impact of COVID-19 on the country's aviation sector, stated global airlines body IATA on Wednesday

Fintech startup NIRA raises $2.1 million in Pre-Series A funding; money to be used to add high quality talent to team, develop technology

NIRA is now operating pan-India with many thousands of customers from more than 100 cities, it was stated.

Asian Development Bank gives over Rs 2,600 cr loan for power sector in rural Maharashtra

The Asian Development Bank (ADB) on Wednesday said it has approved a $346 million (around Rs 2,616 crore) loan to the Indian government to provide reliable power connection in rural areas of Maharashtra