1. Tata Sons looking to make a formal bid for Air India

Tata Sons today confirmed that it is looking to bid for the debt-laden airline Air India. The group already has two aviation Joint Ventures (JV), Vistara and AirAsia India. The former JV is with Singapore Airlines and the latter is with Malaysia’s AirAsia Group. With regard to Air India, Tata Group company stated that it is not planning to bring in any financial partner. Air India’s total debt stood at Rs 58,351.93 crore as on March 31, 2019.

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2. SC postpones AGR hearing to Monday; brings up spectrum sharing deals

The Supreme Court (SC) on Friday postponed the Adjusted Gross Revenue (AGR) hearing to Monday. The bench asked why Jio was not liable to pay AGR dues for the spectrum it was sharing with RCom. Last month, the apex court had remarked that there is “no going back” on the AGR payment issue and that it will only consider the timeline of repayment.

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3. GoAir gets new CEO amid COVID-19 trouble

GoAir lost Vinay Dube as the CEO this month as he quit from his position after just 6 months of service. He will be replaced by Kaushik Khona, who returns to the seat after a gap of nine years. Kaushik was the CEO of GoAir from 2009 to 2011. 70% of GoAir staff have been on leave without pay since April.

Due to the mounting dues, the Airports Authority of India (AAI) has put GoAir on cash and carry mode. This means that that the airline will have to pay upfront for utilising services of airports operated by AAI.

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4. Fortis Healthcare rebranded as Parkway

The board of Fortis Healthcare announced today that they will be discontinuing the use of Fortis as part of their corporate name, brand and logo. The Malaysia-based promoter IHH Healthcare Berhad proposed the idea of rebranding which the board accepted. It will be known as “Parkway” from now onwards. This step is taken so that the company can disassociate themselves from the erstwhile promoters of the company. The ex promoters, Singh brothers, have been facing several legal issues. 

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5. Micromax to invest Rs 500 crore in Manufacturing under PLI scheme

Micromax is planning to make a grand comeback in the domestic smartphone market with the help of the government’s Production Linked Incentive (PLI) scheme. The company is looking at investing Rs 500 crore for expanding local manufacturing and research and development (R&D) operations. To know more about the PLI scheme, refer to our editorial here. The current smartphone market in India is dominated by Chinese makers, with over 70% market share.

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6. NTPC Q1 FY21 results declared: 5% fall in net profits yet beats the streets estimates

The electric power distribution company, NTPC, declared its Q1 results today. Their YoY standalone net profit dropped by 5% to Rs 2,470.16 crore. Their revenue from operations also fell by 3.06%. Even after the drop, the state-run company has managed to beat the street estimates. Even amidst the COVID-19 lockdown, the company generated and provided power seamlessly. NTPC’s share price finished 1.5% higher today at Rs 88.60.

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7. Hindalco reports Q1 Loss at Rs 40 crore, misses Street estimates

Aluminium Giant, Hindalco Industries, has started the year with a standalone net loss of Rs 40 crore for June quarter. Profit of Rs 23 crore were reported for the same quarter last year.

Revenue from Copper and Aluminium sales are down 51 and 19 per cent respectively for the quarter. Fall in revenues has been attributed to disruptions in operation due to COVID-19

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8. MRF Shares decline 4% as Q1 profit dips 95%

The tyre manufacturer reported a 95.07% fall in consolidated net profit at Rs 13.46 crore for June quarter. The company was impacted heavily by the coronavirus pandemic. In comparison to last year the company’s consolidated net profit came at Rs 273.27 crore.

The group’s plants, offices and godowns were closed when the nationwide lockdown was announced on March 24 in order to reduce the impact of the pandemic, said the company.

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9. Berger Paints Profit plunges 91% Y-o-Y

The consolidated net profit of the paint manufacturer came in at Rs 15.09 crore for Q1 FY21, down 91.45% YoY. Profits for Q1FY20 had stood at Rs 176.41 crore. It was expected that the earnings would be affected by the ongoing pandemic.

The company witnessed nearly no sale in April and a slight increase in sales in May and June. This is the first time that Berger Paints has registered negative growth in the first quarter in at least a decade.

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10. Amazon India launches Online Pharmacy Services

Amazon India has launched Amazon Pharmacy, marking its entry into the $4.5 Billion online medicine segment that has significantly gained momentum during the COVID-19 led lockdown and even after unlocking.

It has launched the online pharmacy service in Bengaluru, to begin with, and may expand into other cities in the future. Its competitors include Healthcare startups like Practo, NetMeds, 1mg, PharmEasy and Medlife. 

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11. RBI approves dividend of Rs 57,128 crore to the Central Government

Reserve Bank of India (RBI) on Friday approved a dividend of Rs 57,128 crore to the Central government. The decision was taken when the Central Board of the RBI met on Friday under the chairmanship of Governor Shaktikanta Das. The Board decided to maintain the Contingency Risk Buffer at 5.5%.

The dividend from the central bank will come at a time when the central government’s finances are under severe strain. The government’s fiscal deficit as on June 30 touched 83.2% of the full-year budget target of Rs 7.96 trillion rupees.

Read more here.

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