Fitch revises India GDP forecast for FY21 to -10.5% from -5% earlier

Rating agency Fitch sharply lowered its forecast for GDP growth for the current fiscal 2020-21 (FY21) and now expects it to contract 10.5% versus earlier estimate of 5% contraction. This revision comes as a result of sharp decline in April-June 2020 GDP at -23.9% year-on-year (YoY), which is the worst contraction amongst major nations.

Read more here

Wipro bags multi-year contract from automotive supplier major Marelli

Wipro has received a multi-year global contract for automotive engineering services from Marelli, a global supplier to the automotive sector. Wipro will use its EngineeringNXT framework and strong automotive engineering expertise to establish a software engineering factory for Marelli. This contract will help Marelli to efficiently launch its technology. 

Read more here.

SBI raised Rs 4000 crore via Additional Tier 1 bonds

India’s largest public sector bank, State Bank of India raised Rs 4000 crore via bonds issue at a coupon of 7.74%. These bonds are additional tier 1 bonds which are unsecured, perpetual, high-risk bonds and raising them at this time is a sign that investors are willing to invest again in these types of securities after YES Bank wrote off its Tier 1 bonds in March.

Read more here

Standard Chartered fined Rs 100 crore in TMB buyout bid

Standard Chartered received a fine of Rs 100 crore for breaking foreign exchange rules when it worked with a group of investors to buy out stake in Tamilnad Mercantile Bank ltd in 2007. India’s anti-money laundering agency fined the company in the case where transfers were done through escrow accounts with Standard Chartered, which acted as a transaction agent and a lender to one of the investors.

Read more here.

Tencent no longer have PUBG’s publishing rights in India

PlayerUnknown’s Battlegrounds (PUBG) Corporation has cancelled its deal with Tencent games in India after the Indian Government banned the gaming app in the country. According to PUBG Corporation, it will take all the publishing responsibilities within the country. Since the ban on the game app, Tencent’s market value has dipped by nearly $34 billion. 

Read more here.

India-China tension rises further 

Tensions between China and India have again increased today. Both countries have accused each other of firing shots on the Himalayan border. The relationship between the two countries has continuously deteriorated in the previous three months. It’s been reported that delegates from both the sides are continuously in talks but failing to reach any agreement.

Read more here.

Bharat Biotech to start with Phase 2 trials

Bharat Biotech’s coronavirus vaccine Covaxin is set to enter into Phase 2 human clinical trials. The vice-chancellor of Post Graduate Institute (PGI) Rohtak, Dr OP Kalra, has stated that they have got Bharat Biotech’s nod to start a phase-2 human clinical trial. He also said that they have 300 volunteers ageing between 12 years and 65 years. Covaxin is developed in partnership with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV).

Read more here.

Wipro bags multi-year automotive software engineering contract

The information technology company, Wipro Limited, and Marelli have announced that they have entered into a multi-year global agreement for automotive engineering services. Wipro will use its EngineeringNXT framework and build a software engineering factory for Marelli. This deal will help both companies to build products related to future market needs.

Read more here.

NLC India plans to invest heavily

NLC India Ltd is thinking to invest Rs 43,000 crore plus in various power and mining projects. This investment will give more megawatts of power, solar and greater mining capacity to the company. NLC India has also declared that they will pay a dividend of Rs 7.06 on 19th February 2021. The Navaratna company, under the Ministry of Coal, has announced a 21% rise in profits a few days back for the quarter of April-June.

Read more here.

IKEA to raise funds in India

Swedish multinational group, IKEA, will raise Rs 5,000 crore in India. The world’s largest furniture retailer has only one store in India currently. That only store is present in Hyderabad. The funds raised will aid in opening more stores in a country. This will enable IKEA to reach a larger consumer base and increase its sales.

Read more here.

Latest

Advertisement