Indian Economy to Recover Gradually : RBI Governor Shaktikanta Das

The Reserve Bank of India Governor assured the industry that the central bank will take all the necessary measures to ensure liquidity in the economy and promote economic growth. Addressing a virtual conference organised by The Federation of Indian Chambers of Commerce & Industry, The governor asked businesses to capitalise on the new opportunities created by the pandemic at the global level.

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Russia to supply Sputnik-V Vaccine to India’s Dr. Reddy’s Laboratories

Russian Direct Investment Fund inked a deal with Dr. Reddy’s Laboratories to conduct a clinical trial and distribution of Sputnik-V in India. 100 million doses of vaccine will be supplied as a part of the deal. The deal is yet to receive an approval from the Drugs Controller General of India.

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Future Enterprises Limited Q1 results: Net loss of Rs 322.92 crore

Future Enterprises Limited on Tuesday reported a consolidated net loss of Rs 322.92 crore for the quarter ended in June, 2020. For the same period, the net loss was reported at Rs 8.59 crore, a year ago. Revenue from operations was down by 87.31 percent to Rs 179.39 crore during the quarter under review as against Rs 1,414.73 crore of the corresponding quarter last fiscal. The primary reason for the loss is attributed to the Covid-19 induced lockdown.

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Revenues of Indian airlines fell by 85.7% in April-June period due to COVID-19

The Civil Aviation Minister Hardeep Singh Puri, said that the revenue of Indian airlines fell by 85.7% YoY to Rs 3,651 crores during the first quarter of FY21. The revenue of airport operators reduced from Rs 5,745 crores during April-June 2019 to Rs 894 crores during April-June 2020. Airline industry is one of the worst hit industries during the pandemic. 

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Computer Age Management Services’ (CAMS) IPO to hit the primary market on September 21

India’s largest registrar and transfer agent of mutual funds, Computer Age Management Services’ IPO is planned to launch on September 21. Price band of Rs 1,229-1,230 per share. The initial public offering will be an offer for sale (OFS) of 1,82,46,600 shares by NSE Investments which at the upper limit of the price band suggests an issue size of Rs 2,242 crore.

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Indian airlines seek $1.5 billion in Interest-Free Credit Line

Airlines in India are seeking at least $1.5 billion in Interest-Free Credit Line from the government as the lockdown and restrictions on air travel impacted the airline industry on a huge scale. Close to 3 million jobs in aviation and related industries as well as more than $11 billion in revenue could be lost in India this year because of the pandemic according to the International Air Transport Association.

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Sterling and Wilson Solar Q1 results: Net profit of Rs 17 crore

Sterling and Wilson Solar Ltd reported that its consolidated net profit dipped 62% on a year-on-year basis to Rs 17.22 crore in the June quarter compared to Rs 46.01 crore consolidated net profit in the same quarter last fiscal year. The primary reason for lower profit is attributed to lower sales in the quarter.

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MobiKwik planning to launch their Initial Public Offering (IPO) by 2022

Fintech Startup, MobiKwik stated that it had started the process for a public listing by 2022. The company reduced its losses to Rs 8.5 crore and posted revenue of Rs 379 crore in financial year 2020. The company joins the list of other startups PhonePe, Zomato and Paytm who announced their IPO.

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ONGC exits Sudan oilfield over non-payment of dues

India’s Oil and Natural Gas Corporation has exited from Sudan oil fields after the African nation refused to pay for oil it lifted from the fields. ONGC Videsh Ltd (OVL), the overseas investment arm of the firm, had a 25% percent stake in Block2A&4 in Sudan. Sudan had since 2011 not paid OVL and partners for oil it bought from the block.

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Ahead of IPL 2020, Reliance Jio launches Jio Cricket Plans

Reliance Jio has introduced new tariff plans for the upcoming cricket season that include bundled data, voice and text benefits with Disney+ Hotstar VIP access for a year. IPL 2020 will begin on September 19 in the UAE after being delayed amid the Covid-19 pandemic. Jio eyes to gain more customers due to 

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