Business highlights


PTI | New Delhi | Updated: 26-05-2020 19:30 IST | Created: 26-05-2020 19:30 IST
Business highlights
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Following are the top business stories at 1920 hours: DCM17 BIZ-VIRUS-GDP GROWTH-SBI India's GDP growth seen at 1.2 pc for Q4 FY20: SBI report Mumbai: The country's GDP is estimated to have grown at 1.2 per cent in the last quarter of the previous fiscal as economic activity came to a standstill in the last week of March due to the nationwide lockdown to contain spread of COVID-19, a report said. DCM27 BIZ-UBER-LAYOFFS Uber India lays off 600 people New Delhi: Uber on Tuesday said it is laying off about 600 employees in India - about a quarter of its staff in the country - as business has taken a major hit amid COVID-19 pandemic.

DCM21 BIZ-RELIANCE-JIO MART Reliance launches JioMart across 200 cities; analysts say co eyeing spike in online grocery orders New Delhi: Billionaire Mukesh Ambani's Reliance Industries has launched an online extension of its grocery business under JioMart brand across 200 cities DCM41 BIZ-BHARTI TELECOM-STAKE SALE Bharti Telecom sells 2.75% stake in Airtel for Rs 8,433 cr to institutional investors New Delhi: Promoter firm Bharti Telecom has sold 2.75 per cent stake in Airtel to institutional investors in the secondary market, raising over Rs 8,433 crore, the company said on Tuesday. DEL52 BIZ-ZOMATO LD ALCOHOL Zomato, Swiggy start home delivery of alcohol in Odisha after Jharkhand New Delhi: Leading food ordering and delivery platforms Zomato and Swiggy on Tuesday started home delivery of alcohol in Odisha, less than a week after starting similar services in Jharkhand, as part of efforts to prevent overcrowding of people at shops amid the coronavirus pandemic.

DEL68 BIZ-LD STOCKS Indices reverse gains on sharp rise in COVID cases Mumbai: Benchmark indices Sensex and Nifty failed to cling on to day's highs and settled in the red on Tuesday as investors remained unsure about economic recovery amid mounting COVID-19 cases in the country. DEL55 BIZ-LD-RUPEE Rupee recovers 29p to 75.66 on growth optimism, weak dollar Mumbai: The rupee appreciated by 29 paise to close at 75.66 against the US dollar on Tuesday tracking weakness in the American currency as easing of COVID-19 lockdown measures fuelled growth optimism.

DCM6 BIZ-PETROL-MOILY Modi govt denying people benefit of low oil prices; no other nation doing so: Moily New Delhi: When nations around the world have passed on the benefit of plunging oil prices to consumers, the Modi government has irrationally kept petrol and diesel prices at levels prevalent when crude prices had touched an all-time high of USD 107 few years back, former petroleum minister M Veerappa Moily said Tuesday. DEL67 BIZ-INDIA GROWTH India facing its worst recession in current fiscal, says Crisil New Delhi: India's fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 per cent in the current fiscal because of coronavirus lockdown.

DCM32 BIZ-MUTUAL FUND-FOLIO Mutual funds add 7 lakh folios in Apr; total tally surpasses 9-cr mark New Delhi:The mutual fund industry has added nearly seven lakh investor accounts in April, taking the total folio tally to 9.04 crore, amid volatility in broader markets. DCM13 BIZ-VIRUS-GLENMARK Glenmark to study efficacy of two antiviral drugs for treating COVID-19 New Delhi: Glenmark Pharmaceuticals on Tuesday said it will undertake a new study to test the combined efficacy of two antiviral drugs, Favipiravir and Umifenovir, as a potential COVID-19 treatment regimen.

DCM33 BIZ-LOCKDOWN-SENSEX-EARNING Earnings of Sensex companies to decline up to 8 pc: Analyst Mumbai: Earnings of BSE Sensex companies will contract by up to 8 per cent in 2020-21 on the broader economic worries, and hopes of gains in equities should be pinned on a decrease in infections or a fiscal stimulus, an analyst said on Tuesday. DCM23 BIZ-LOCKDOWN-POWER-RATINGS Rs 90K cr package to provide only temporary relief to discoms: IndRa New Delhi: The Rs 90,000 crore package would provide only a temporary relief to power distribution companies but not long-term stability, India Ratings and Research (Ind-Ra) said on Tuesday.

DCM18 BIZ-LOCKDOWN-STATES-DEFICIT States deficit jumps to 4.5pc of GDP; revenue gap seen to soar 7-times to 2.8pc: Report Mumbai: Led by a massive spike in revenue deficit of 2.8 per cent of GDP, the aggregate fiscal deficit of the states will rise to 4.5 per cent of the GDP in 2020-21 at Rs 8.5 lakh crore as against the earlier forecast of 3 per cent of GDP, says a report DES16 RJ-FACTORIES-LD WORKING HOURS Rajasthan restores 8-hour working in factories Jaipur: The Rajasthan government has restored the working hours for factory workers to eight hours per day, according to an official statement. DCM2 BIZ-VIRUS-TVS-PAY CUTS TVS Motor implements temporary pay cuts for employees New Delhi:TVS Motor Company has cut staff salaries by up to 20 per cent for a period of six months, beginning May, amid coronavirus pandemic. PTI SHW SHW.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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