Tata Motors aims for near ‘zero debt’ within 3 years



Indian automotive manufacturing company, Tata Motors, is planning to cut their consolidated debt to zero in the next three years.  N Chandrasekaran, chairman of the company, stated that the company’s main aim over the short-term future is to reduce debt and improve its product portfolio. Currently, the Tata Motor group has a net automotive debt of Rs 48,000 crore. 

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Vistara launches new scheme to cover its losses amid COVID-19


Indian carrier Vistara has partnered with a Canada-based firm to launch a new scheme. This scheme will introduce a bidding system through which passengers can upgrade their seats to superior class. This is done to offset the losses which are being reported in the previous two quarters. It will also aid Vistara to utilize its higher capacity of superior cabins. The Indian airline industry has been under a huge stress due to the pandemic. To understand more about the current state of Indian airlines, click here.

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ICICI Bank to use satellite to check the creditworthiness of farmers



Private Lender ICICI Bank will be using satellite to check the creditworthiness of the farmers who are asking for loans. This will make ICICI Bank the first bank in India to use this technique. The data from the satellite will help the bank to judge whether the farmer who is borrowing has a higher probability of good output in the field or not. The bank will take note of irrigation level and crop patterns, alongside the financial conditions of the farmer to give out loans.

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Minda Industries rights issue opens today


The auto components manufacturer, Minda Industries, has launched their maiden rights issue of equity shares today. The last date for application submission is 8th September 2020. The issue price is discounted by 26.8% at Rs 20 per share. Minda Industries is said to have one crore of fully paid equity shares with a face value of Rs 2. Every shareholder can get one share for every 27 shares they own.

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LIC Housing Finance Q1 results: Stock price moves up by 8% today


LIC Housing Finance reported strong Q1 FY21 numbers. The entity declared a 35.3% year-on-year rise in consolidated net profit to Rs 824 crore for the quarter ended June. Total income of the company also increased to Rs 4,977.49 crore this quarter as compared to Rs 4,807.21 crore last year. Investors were bullish today about its stock as the price increased by a total of 8.10% to close at Rs 299. 

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Lupin’s ProAir gets FDA approval


The U. S. Food and Drug Administration (FDA) gave its approval to Lupin for the generic drug ProAir. It is an inhalation product for asthma patients. According to the analysts in this field, it is a big win for Lupin as ProAir will serve a very large market. Lupin’s share price got a gap-up opening of almost Rs 20 after the news broke out. The stock closed Rs 3.45 higher today to end up at Rs 973.55.

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Retailers Association: Weekend curfews hurting business

Retailers Association of India (RAI) has termed weekend lockdowns as “irrational”. Many states have been forced to remove the complete lockdowns to kick-start the economy. To limit the spread of the virus, state governments are relying on weekend lockdowns. According to RAI, this is damaging consumer sentiment and hurting the retail business. The retailers are not able to cover their fixed cost of rent and salaries to employees as customers are not able to show up during their non-working days.

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TVS Automobile Solutions to launch a new platform


TVS Automobile Solutions announced a tie-up with Google Cloud. They will build a digital super-platform which will be launched between October and March 2021. This platform aims to bring vehicle owners, parts outlets, retailers, roadside garages and insurance companies into a common stage to provide service, insurance and any other type of assistance.

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Reliance Jio launches two new prepaid plans


Telecom Giants, Reliance Jio. has launched two new prepaid plans worth Rs 499 and Rs 777. Along with data and calling benefits, these new plans will also have a free subscription to Disney Hotstar+. The timing of these two launches is perfect as IPL 2020 is around the corner. The demand for data will substantially increase as no one will be able to go to stadiums to watch the games. Another little masterstroke from Reliance?

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ONGC to raise funds of up to Rs 45,000 crore


The state-owned oil major, ONGC, is planning to raise Rs 45,000 crore. To decide on this, ONGC’s board will be meeting on 1st September 2020. On the same day, they will also approve the company’s Q1 FY21 results which are still pending. ONGC is planning to raise these funds via availing bank loans and/ or issue of debt instruments.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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