Business Highlights

Following are the top business stories at 1845 hours: DEL35 BIZ-3RD ID FACEBOOK-JIO Facebook buys 9.99% stake in Jio Platforms for Rs 43,574 cr New Delhi: Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 9.99 per cent stake in Jio Platforms -- a deal that will help RIL cut debt and use WhatsApp to create an Indian e-commerce giant that could rival Amazon and Walmart. DCM51 BIZ-JAN DHAN-DEPOSITS Deposits in Jan Dhan accounts surge in 1st week of April New Delhi: The deposits in Jan Dhan accounts saw a sudden surge in the first week of April, mainly due to the central government transferring money into such accounts to help beneficiaries deal with the difficulties during the lockdown. DCM58 BIZ-VIRUS-EPF WITHDRAWALS EPFO settles 10.02 lakh withdrawal claims including 6.06 lakh COVID-19 advances in last 15 working days New Delhi: Retirement fund body EPFO has settled 10.02 lakh withdrawal claims, including 6.06 lakhs COVID-19 non-refundable advance claims, and disbursed Rs 3,600.85 crore in the last 15 working days.

DEL66 BIZ-LD STOCKS Sensex rallies 743 pts as Facebook dials Jio; RIL tops gainers' chart Mumbai: Market benchmark Sensex jumped 743 points on Wednesday, propelled by index heavyweight RIL after Facebook announced it will pick up 10 per cent stake in Jio Platforms for USD 5.7 billion. DCM30 BIZ-VIRUS-LD OYO-PAY CUTS OYO cuts 25% of fixed pay of employees; sends some staff on leave with limited benefits New Delhi:OYO on Wednesday informed employees that 25 per cent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19. DCM61 BIZ-INFOSYS-GSTN Extremely mobilised on GSTN project, working closely with GST Council: Infosys New Delhi: Infosys is "extremely mobilised" on the GST Network enhancement project and work is progressing at "full speed" even as a large segment of its employees are working remotely amid the nationwide lockdown, its CEO Salil Parekh said.

DEL68 BIZ-LD-RUPEE Rupee recovers from record low to end at 76.68 against US dollar Mumbai: The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies. DCM59 BIZ-FACEBOOK-JIO-BANKERS Dealmaking in times of corona: Facebook-Jio sets new benchmark for remote negotiations New Delhi: Setting a new benchmark in dealmaking, the USD 5.7 billion investment by Facebook in Reliance Industries' Jio Platforms saw a bulk of the active M&A dialogue, including for due diligence and agreement negotiations, happening remotely, bankers and advisors involved in the transaction said.

DCM70 BIZ-VODAFONE GROUP Vodafone Group makes Rs 1,530 cr payment to Vodafone Idea under 'contingent liability mechanism' New Delhi: Vodafone Group on Wednesday said it has accelerated a payment of USD 200 million (about Rs 1,530 crore) to Vodafone Idea, due in September 2020, under the terms of the 'contingent liability mechanism'. DEL50 BIZ-LOCKDOWN-LD PORTS-CREW CHANGE COVID-19: Govt paves way for return of stuck seafarers to homes, issues guidelines for crew change New Delhi: The government has come out with guidelines for change of crew at Indian ports, a move that will put an end to hardships faced by stuck seafarers and pave way for them to return to their homes.

DCM49 BIZ-CAB-LD FERTILISERS-SUBSIDY Govt cuts subsidy for non-urea fertilisers, to cost Rs 22,186.55 crore for FY21 New Delhi: The Centre on Wednesday slashed the subsidy on non-urea fertilisers, a move that would reduce the burden on the exchequer to Rs 22,186.55 crore in this fiscal amid the COVID-19 outbreak. DCM19 BIZ-SEBI-STRESSED COS Sebi proposes easier fund raising norms through preferential route for stressed cos New Delhi: To ease fundraising for stressed companies, markets regulator Sebi on Wednesday proposed easier pricing guidelines under the preferential route and exemption from making an open offer for the allottees of such issues.

DCM16 BIZ-LOCKDOWN-EXIM CARGO-PORTS COVID-19: Govt asks major ports to defer rentals, waive charges, penalty in view of EXIM cargo drop New Delhi: Noting a drop in export-import (EXIM) cargo due to supply chain disruptions on account of the COVID-19 pandemic, the government has asked India's all 12 major ports to defer the lease rentals and licence fees-related charges for April, May and June. DCM47 BIZ-STOCKS-LD RIL RIL shares zoom over 10 pc after Facebook deal; market cap rallies Rs 80,710 cr New Delhi: Shares of Reliance Industries on Wednesday jumped over 10 per cent after Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in Jio Platforms.

DCM7 BIZ-JIO-FB-AMBANI Jio-Facebook deal looks at local level e-commerce; to cover education, health gradually: Ambani New Delhi: Reliance Jio and Facebook will look to use WhatsApp for delivering goods from local neighborhood Kirana stores to consumers before expanding collaboration in education and healthcare sector, billionaire Mukesh Ambani said soon after announcing the mega Rs 43,574 -crore deal. DCM38 BIZ-VIRUS-IRDA-HEALTH INSURANCE COVID-19: Irdai allows insurers to collect health insurance premiums in instalments New Delhi: Irdai has allowed insurers to collect health insurance premiums in instalments for products they deem appropriate, in view of the prevailing conditions due to the COVID-19 outbreak, which has adversely affected economic activities.

DCM33 BIZ-LOCKDOWN-MARUTI SUZUKI Gurugram administration permits Maruti Suzuki to operate Manesar plant on a single shift basis New Delhi: The Haryana government on Wednesday granted permission to Maruti Suzuki India (MSI) to restart its Manesar-based manufacturing facility, but the company said it will resume operations only when it can maintain continuous production and sell vehicles, "which is not possible at this point of time". PTI SHW SHW