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RBI Governor Shaktikanta Das asks banks to do Covid stress test, focus on raising capital

Reserve Bank of India (RBI) governor Shaktikanta Das said there is a need for legislative backing to have ‘resolution corporation’ for dealing with the revival of stressed financial firms.

Fixed broadband finally gets its chance with Work From Home in time of Covid

Reliance Jio has also entered the FBB market and till date has provided around 1 million connections. State-owned BSNL is the largest fixed-line broadband service provider with a user base of 8.23 million.

Covid-19: Nod for psoriasis drug to be used for coronavirus patients

The average cost of treatment with this indigenous drug is also lesser than comparable drugs that are part of investigational therapies indicated in the clinical management protocol for Covid-19 of the health ministry, DCGI a

FICCI E-Frames: Small comfort, but film industry thankful for OTTs

Going by the trend in international markets like South Korea, Germany and France that saw impressive footfalls at theatres after reopening, producers and exhibitors are confident it will be replicated in India as well.

Utkarsh Small Finance Bank raises Tier II capital worth Rs 195 crore

USFBL, a scheduled commercial bank started its banking operations in January 2017 post receiving the small finance bank licence from Reserve Bank of India.

SAIL posts Rs 2,648-crore profit in March quarter

Steel Authority of India (SAIL) on Thursday reported Rs 2,648-crore net profit for the quarter ended March 2020 on a total income of Rs 16,575 crore.

SAIL, SAIL net profit, Ebitda,SAIL annual sale, SAIL turnover

Lockdown impact: Industrial output index down 34.7%

‘Graded pick-up’ recorded in May after 57.6% plunge recorded in April

Lockdown impact, Industrial output index, IIP data, Consumer non-durables, Covid-19 pandemic, rural economy

No need for system-wide moratorium, but some sectors will continue to need support: SBI chief

In the retail segment, SBI has observed that its borrowers are hesitant to increase their liabilities and a large number of people are paying.

Kumar said the situation was manageable in terms of moratorium applications.

India Box Office collections: Regional cinema led by Telugu, Tamil movies overtakes Bollywood

Regional content is also expected to play a big role in the growth of online video services (OVS), a segment that’s estimated to grow at a CAGR of 30% during FY20-24 to reach $2.5 billion.

The greater availability of regional content has expanded the addressable customer base.

Indo-US trade: Piyush Goyal to meet his US counterpart Wilbur Ross next week to revive bilateral talks

The India-US CEOs Forum is also expected to hold a meet on July 14 to further bolster their engagement, said the source.

The US has been impressing on India to reduce its “high” tariffs on a range of products, including high-end mobiles phones and bikes.

Zomato expects business recovery from Covid disruptions in 3-6 months

Zomato’s FY20 GMV for the India food delivery business grew by 108% year-on-year to $1.49 billion.

Zomato did not disclose revenue figures for Q1FY20.

Yes Bank fixes floor price band at Rs 12-13/share for FPO

The prospective shareholders can bid in the lot of 1,000 shares, the lender said. It had earlier informed that FPO would open on July 15 and close on July 17.

A discount of Rs 1 per equity share will be given to the eligible bank employees, bidding in employee reservation portion.

Nifty declines 2.2% dragged by falling banking stocks over fraud label on DHFL

On Friday, the banking stocks put up a weak performance after being the best performers for the first four trading sessions of the week.

The banking stocks have largely been underperformers in the pull-back rally that equity markets have witnessed after hitting their rock bottom on March 23.

Lakshmi Vilas Bank: Clix amalgamation may bring in Rs 1,900 crore

Besides Clix Group, bank's advisors are looking for a few large marquee long- term investors as well in mutual consultation, S Sundar, MD & CEO, was quoted as saying in a statement.

The due diligence process for amalgamation is currently underway.

NIA begins probe into Kerala gold smuggling case

The Union home ministry had on Thursday ordered an NIA probe into the seizure of 30kg gold at Thiruvananthapuram airport, soon after an audio recording of the accused admitting her links to the UAE consulate came out .

On Friday, the Kerala High Court has posted the verdict on the bail plea of the accused Swapna Suresh for Tuesday.

Pune, Pimpri Chinchwad Lockdown news: 10-day lockdown to be imposed to arrest spike in Coronavirus cases

Pune Lockdown: Maharashtra deputy chief minister and guardian minister of Pune Ajit Pawar announced this on Friday after a meeting with the local administrative officials in Pune.

There was no formal notification from the state government regarding this lockdown, and industry representatives are awaiting clarity on whether factories would be allowed to operate or be asked to shut down.

Freshworks acquires Flint for undisclosed sum

The acquisition of Flint, a Singapore-headquartered company with major workforce in Pune, will provide greater visibility for Freshworks' IT teams to better manage hybrid infrastructure, optimise spend and automate employee w

The acquisition is Freshworks’ third in the past year, including Natero Inc, which added customer success to Freshworks’ customer engagement portfolio, and AnsweriQ Inc, which bolstered the capabilities of Freddy AI, the company’s artificial intelligence engine.

Will be mindful while dealing with leveraged businesses: Uday Kotak

Nevertheless, with the state stepping in as a guarantor for small enterprises, KMB will certainly take this opportunity to play a role in helping kickstart the economy, Kotak said.

The bank’s topmost priority is the safety and wellbeing of its people, followed by a relentless focus on costs and productivity.

Private banks’ operating profit may drop 15% in FY21: Report

India Ratings’ analysis also suggests slippages for FY21 would be around 5% for these banks, as against 2.3% in FY19 and 2.7% in FY20 (net slippages would be lower), if refinancing remains a challenge.

The growth in deposits for these top five private banks in FY20 was 18.8% y-o-y, up from 18.5% in FY19, while the loan growth declined to 15% from 19.1%.

Cement industry earnings likely to be hit in Q1 FY21

Volumes are expected to fall 30% y-o-y in the quarter. Led by a lower fall in May at 12% y-o-y and a 1% y-o-y growth in June, cement companies were able to restrict the impact of the 80% fall in April to 30% for the quarter.

Based on data from the Department of Industrial Policy and Promotion, cement production slumped by 54% y-o-y in April-May 2020 on a base of +2.5% y-o-y growth.

Lockdown might increase woes of auto component industry as annual running of vehicles decline

Based on the analysis of 75 mega districts in the country, Crisil Research expects the annual running of vehicles to decline. Three-wheelers are likely to see the highest decline while passenger vehicles and tractors are expe

PNB joins long list of lenders raising capital; plans to raise Rs 10,000 cr via share sale, bonds

The bank took a decision to raise capital after the board meeting held on the combined balance sheet of the amalgamated bank.

PNB, PNB share sale, PNB Tier-II bonds, FPO, Oriental Bank of Commerce,union bank of india, ICICI Bank, credit Suisse,Kotak Mahindra Bank

Shoojit Sircar ‘happy’ with performance of Gulabo Sitabo on digital medium

The Amitabh Bachchan and Ayushmann Khurrana-starrer movie premiered globally on Amazon Prime Video on June 12.

gulaboo sitabo, amitabh bachchan, ayushmann khurana, OTT platforms, amazon prime,digital release, SonyLIV,netflix,hotstar

CIL surpasses targeted Q1 capex despite Covid crisis

“Capex is a key scoring performance parameter in the memorandum of understanding that CIL signs every year with the ministry of coal,” a senior CIL executive said.

CIL, Coal India, Covid-19 slowdown, capex, capex utilisation, NCL,CCL, CPSE

Flipkart picks up minority stake in Arvind Fashions subsidiary for Rs 260 crore

Through this investment, the Flipkart group and Arvind Fashions will collectively work to identify opportunities to develop products at attractive price points, the companies said in a joint statement on Thursday.

Flipkart,

Global economic revival relies on India’s growth: PM Modi

“This is a India that is reforming, performing and transforming,” he said addressing the inaugural address at the India Global Week 2020.

Referring to the country’s agricultural sector, the PM said that reforms in this domain have opened up opportunities to invest in storage and logistics.

Coronavirus cases in India witness record surge; 1 lakh cases reported in just 4 days

Coronavirus cases in India: While it took India nearly three months to add the first one lakh cases, the last one lakh have been added in just four days.

As per a paper by researchers at MIT, if there is no medical breakthrough, including vaccinations, India will be adding 2.9 lakh cases per day by February 2021.
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