Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Fitch

Credit rating agency Fitch on Friday said that the second wave of COVID-19 currently soaring in India poses an increased risk for its economic recovery. It cited concerns regarding the MSME sector and the Banking Sector, both of which are still recovering from the shocks of the first. As of April 9, India is hitting more than 1 lakh COVID cases daily as compared to 9600 in February.

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L&T’s Arm Bags Order To Setup 1.5Gw Plant In Saudi Arabia

The Renewable arm of Larsen & Toubro’s Power Transmission & Distribution business had bagged an engineering, procurement, and construction (EPC) contract from Saudi Arabia to construct the Sudair Solar PV Project of 1.5 Gigawatts. This project is considered the

Largest Solar Plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world.

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SII Repays South Africa For Undelivered Covid-19 Vaccines

Serum Institute of India, which was to supply the COVIshield vaccine for COVID-19 to South Africa has refunded the amount for the same after the country decided not to go ahead with the deal. This was because the COVIshield vaccine is not effective against the new variant of the coronavirus in South Africa.

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India Gifts 100,000 Covid-19 Vaccines To Bangladesh Army

Indian Army Cheif General Gen MM Naravane handed over around 100,000 vaccines to the Bangladesh Army in an official visit to the capital Dhaka on Thursday, close to 2 weeks after PM Narendra Modi was in Bangladesh. Bangladesh Army Cheif Gen Ahmed Aziz thanked India for its commendable cooperation in helping Bangladesh tackle the coronavirus pandemic. 

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Macrotech Developers IPO Goes Through On Final Day: Subscribed 1.4 Times

Macrotech Developers IPO which ended at 5:00 pm on Friday was subscribed 1.4 times by the end of the final day of the bidding process. It attracted bids for 4,94,64,480 shares against the issue size of 3,64,18,219 shares. It was subscribed 35% the previous day. 

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DoT Issues Show-Cause Notice To Vodafone-Idea Over Non-Payment Of Dues

The Department of Telecommunications has issued a show-cause notice to Vodafone Idea for non-payment of the license fee for the fourth quarter of the previous financial year (Q4FY21). As per the notice, the Vodafone-Idea failed to pay the license fee for seven circles namely  – Bihar, Kerala, Maharashtra, Gujarat, Jammu & Kashmir, Uttar Pradesh (East), and Orissa in addition to other pending charges.

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SREI Infra Shares Zoom 20% over Rs 1869 Crore Capital Infusion Bid

Shares of Srei Infrastructure Finance Limited, on Friday surgery 20% and hit the upper circuit after its subsidiary Srei Equipment Finance Limited (SEFL) said that it had received an expression of interest(EoI) for a capital infusion of $250 million or Rs 1869 crore from US-based Arena Investors and Singapore’s Makara Capital,

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Direct Tax Collection Exceeds Revised Estimate in FY21

Central Board of Direct Taxes (CBDT) has said in a release that the net direct tax collection for the fiscal ended March 31 was Rs 9.45 lakh crore, an increase of 5 percent over the revised estimates despite the inherent challenges brought by the COVID-19 pandemic.

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India’s Fuel Consumption Contracts 9.1% For The First Time In Two Decades

According to the latest data released by the oil ministry’s Petroleum Planning and Analysis Cell (PPAC), India has consumed 194.63 million tonnes of petroleum products in 2020-21 as compared to 214.12 million tonnes in the previous year. This is the first time that India has witnessed a reduction in petroleum consumption since 1998-99. 

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Centuryply Hires BCG For Operational And Cost Efficiency

Plywood manufacturer CentrutyPly has decided to engage consultancy firm Boston Consultancy Group(BCG) to handle operational efficiency and cost management for the company. In 2019-20, Century Ply had reported Rs 2,282 crore revenue and a profit of Rs 158 crore. As of April 9, 2021, the shares of CenturyPly surged 0.55% in a day, closing in at Rs 311.95 per share. 

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