Corporate News - Page 7

Hyundai reopens over 800 sales outlets across country; receives 9,000 new bookings in 22 days

Hyundai is also receiving encouraging responses for Creta and the newly launched version of Verna, he added.

Rajasthan govt restores 8-hour working in factories; says factory management, employees working as per norms

Labour minister Tikaram Jully management of factories and workers employed there are working as per the guidelines issued by the Centre and the state government regarding social distancing and safety.

Anil Agarwal-controlled Vedanta seeks shareholders nod for delisting; e-voting till 24 June

Billionaire Anil Agarwal-controlled Vedanta Ltd on Tuesday began the process of seeking shareholders nod for delisting the company

Tata Trusts ties up with 2 medical institutions for online training of staff to manage COVID-19

CMC Vellore's method trains and develops master trainers, who in turn can coach wider groups in their respective facilities. CIHS Hyderabadâ€™s method directly trains small groups.

Earnings of Sensex companies to decline up to 8% this year on economic concerns; fiscal stimulus may help recovery: Analyst

At present, Indian indices are under-performing as compared to others and a package from the government can help cover the ground, he said.

Stock markets pare early gains in afternoon session; Sensex ends 63 points low, NSE dips; Bharti Airtel, IT stocks fall

The Sensex declined 63.29 points or 0.21 per cent to 30,609.30.

Mutual funds add 7 lakh folios in April; total tally surpasses 9-cr mark, reveals AMFI data

The mutual fund industry has added nearly seven lakh investor accounts in April, taking the total folio tally to 9.04 crore, amid volatility in broader markets

GDP growth seen at 1.2% for Q4 FY20; economic activity came to standstill due to nationwide lockdown: SBI report

The country's GDP is estimated to have grown at 1.2 percent in the last quarter of the previous fiscal as economic activity came to a standstill in the last week of March due to the nationwide lockdown to contain the spread of COVID-19, a report said

Rupee settles 29 paise higher at 75.66; easing of COVID-19 lockdown measures fuel growth optimism

The rupee appreciated 29 paise to close at 75.66 against the US dollar on Tuesday tracking weakness in the American currency, while easing of COVID-19 lockdown measures fuelled growth optimism

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

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