Corporate News - Page 3

Oppo partners with T-Hub, inks MoU to support startup ecosystem in India

Oppo, the global smart device brand, and T-Hub, innovation ecosystem, on Monday announced their partnership to support the startup ecosystem in India

South Korea’s K-Startup Grand Challenge 2020 accepting applications till 25 June

The Korean government’s K-Startup Grand Challenge supported by the Ministry of SMEs and Startups (MSS) and National IT Industry Promotion Agency (NIPA), is now accepting applications for the program till 25 June, 2020

IDBI Bank shares rally 20% after lender posts net profit of Rs 135 cr in March quarter

IDBI Bank shares on Monday zoomed 20 percent to its highest trading permissible limit for the day after the company posted a profit of Rs 135 crore in the quarter ended March

Maruti Suzuki India records 86% slump in May sales at 18,539 units; exports decline 49%

The country’s largest carmaker Maruti Suzuki India (MSI) on Monday reported a 86.23 percent decline in total sales at 18,539 units in May

India's manufacturing output falls further in May, rate of job cuts accelerates: PMI survey

The country's manufacturing sector activity recorded another sharp deterioration in business conditions during May as new orders placed with producers continued to fall after April's record contraction, leading firms to cut jobs at the quickest pace on record, a monthly survey said on Monday

India's most valuable companies likely to lose $25 bn of brand value as COVID-19 pandemic wreak havoc: Brand Finance report

Brand Finance has assessed the impact of COVID-19 based on the effect of the outbreak on enterprise value, compared to what it was on 1 January 2020

Financial stocks zoom: Sensex rallies over 900 points, Nifty surges to 9,823-level; ICICI Bank, RIL, HDFC among top gainers

The Sensex rallied over 900 points in early trade on Monday, driven by gains in HDFC twins, ICICI Bank and Reliance Industries amid firm cues from global markets.

Gold climbs as US riots spark safe-haven rush; mounting tensions with China extend support to yellow metal

Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.3 percent to 1,123.14 tonnes on Friday, a fresh seven-year high.

Biocon gets DCGI nod for emergency use of CytoSorb to treat critical COVID-19 patients

Biotechnology major Biocon on Wednesday said its subsidiary has received approval from the Drugs Controller General of India (DCGI) for a medical device to treat critical COVID-19 patients

Aegon Life Insurance launches first Life Plus hospitalisation cover for COVID-19 with Flipkart

Aegon Life Insurance on Wednesday announced the launch of ‘Life Insurance with COVID-19 Cover’ for hospitalization expenses up to Rs 1 lakh along with Flipkart, India’s homegrown e-commerce marketplace

Sterling Holiday Resorts to open 21 properties in first phase after it gets go-ahead from govt to resume services

Currently, the company has around 41 resorts across the country and all of them are closed for guests currently on account of lockdown imposed due to the COVID-19 pandemic, Sterling Holiday Resorts said.

Vistara's first 787-9 Dreamliner aircraft operates maiden commercial flight on Delhi-Kolkata route

Vistara said its first 787-9 Dreamliner aircraft, which was delivered to it by Boeing in February this year, operated its maiden commercial flight from Delhi to Kolkata on Thursday morning

SpiceJet converts three Q400 passenger aircraft into freighters; will be used for operations to smaller towns, cities

SpiceJet on Thursday said it has converted three of its Bombardier Q400 passenger aircraft into freighters

COVID-19 impact: Alibaba extends reach in China as pandemic outbreak opens doors; traffic at online marketplace shoots higher

Alibaba on Friday reported increases of 21 percent in quarterly revenue and 19 percent in core commerce sales, beating expectations.

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as "very positive" and hoped that these would help in containing the decline in growth

Sun Pharma to conduct clinical trial of pancreatitis drug in COVID-19 patients

Shares of Sun Pharma rose 5 percent intraday on Friday after receiving approval from the Indian drug regulator for clinical trial of its drug on COVID-19 patients.

GST Council to meet in June; finance ministry not in favour of raising rates on non-essential items

The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19

Pfizer CEO says COVID-19 vaccine likely to be ready by October this year; 'will have enough evidence of safety, efficacy'

Pfizer is working with German firm Biontech for several possible vaccines in Europe and the United States, said the report.

Infosys among UK firms accessing Rishi Sunak’s COVID-19 job saving scheme; IT major furloughed 3% of staff

The COVID-19 job saving scheme was unveiled by the Indian-origin finance minister, married to Murthy’s daughter Akshata, at the peak of the crisis and is set to gradually wind down until it is fully closed at the end of October.

Yes Bank's leadership team opts for salary restructuring for FY'20-21; up to 30% of CTC to be allocated as variable pay

Yes Bank’s employees had also voluntarily contributed an amount equal to one day’s salary to the PM CARES Fund to support ongoing relief efforts to combat COVID-19, the company said in a statement.

KEC International to speed up mechanisation, automation to compensate for COVID-induced labour shortage

The COVID-19 pandemic and the subsequent lockdown prompted millions of jobless migrant workers to flee cities and return to their home towns.

COVID-19 Lockdown: Majority of consumers want to buy goods from kiranas going forward, finds survey

Spending pattern of the consumers has changed over the past six weeks with 55 percent respondents, of the 1,000 participated, are willing to spend a lot more on less discretionary items like groceries, and 52 percent on everyday household goods.

Seven of top 10 most valued companies add Rs 1.76 lakh cr in m-cap; HDFC Bank emerges biggest gainer

HDFC rallied Rs 24,733.64 crore to Rs 2,87,407.32 crore.

Two-wheelers, passenger vehicles seeing resurgence in inquiries; CVs witness negligible demand: Motilal Oswal

In May, wholesale volumes are estimated to decline by 77 percent for two-wheelers, 77 percent for passenger vehicles and 90 percent year-on-year for commercial vehicles due to the lockdown and low demand.

Fiscal deficit widens to 4.6% of GDP in 2019-20, higher than revised estimates of 3.8%

The country's fiscal deficit widened to 4.6 percent of the Gross Domestic Product in 2019-20 mainly on account of poor revenue realisation, according to official data

COVID-19 Impact: GDP growth dips to 3.1% in Jan-Mar quarter, slowest growth in 8 years; economy grows at 4.2% in FY20

The gross domestic product (GDP) had expanded by 5.7 percent in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO) on Friday.

Delhi HC restrains OLX, Quikr from posting fake Reliance job ads on web portals; says postings cause harm to firm's reputation

The lawsuits said fake and fraudulent recruitment advertisements were being published on the defendants’ web portals which are accessible under various words like “JIO JOBS, RELIANCE TRENDS JOBS”.

Coronavirus Lockdown: Eight core sector output contracts by record 38.1% in April; cement falls 86%, steel by 84%

The output of eight core infrastructure industries shrank by a record 38.1 per cent in April due to the coronavirus-induced lockdown, according to the official data

Wipro shares jump nearly 7%c on Thierry Delaporte's appointment as CEO, MD; market valuation rises to Rs 1.21 lakh cr

In January this year, Wipro had said its CEO and Managing Director Abidali Z Neemuchwala decided to step down from the position.

Crisil affirms AA-negative, A1-plus on Vedanta's debt instruments, bank facilities; operating profitability in FY21 likely to be lower

Vedanta is expected to undertake cash preservation measures such as reduced capital expenditure (capex) and limited dividend payout in fiscal 2021.