Business highlights

Following are the top business stories at 1930 hours: DEL44 BIZ-VIRUS-FM-GST GST exemption on domestic supplies, commercial imports of COVID drugs to make them costlier: FM New Delhi, May 9 (PTI) Finance Minister Nirmala Sitharaman on Sunday said GST exemption to domestic supplies and commercial import of COVID drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs.

DCM17 BIZ-EXPORTS Exports rise 80 pc to USD 7 bn during May 1-7 New Delhi, May 9 (PTI) Continuing a positive growth, India's exports grew by 80 per cent to USD 7.04 billion during the first week of this month, according to preliminary data of the commerce ministry.

DCM19 BIZ-NCLT-AHLUWALIA CONTRATCS NCLT initiates insolvency proceedings against Ahluwalia Contracts New Delhi, May 9 (PTI) The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor.

DCM23 BIZ-IBA-BAD BANK National Asset Reconstruction Company to be operational next month: IBA CEO New Delhi, May 9 (PTI) National Asset Reconstruction Company Ltd (NARCL), the name coined for the bad bank announced in the Budget 2021-22, is expected to be operational in June.

DCM3 BIZ-STOCKS-MCAP M-cap of eight of top-10 most-valued companies zooms by Rs 81,250.83 cr New Delhi, May 9 (PTI) Eight of the top-10 most-valued companies together added Rs 81,250.83 crore in market valuation last week, with Tata Consultancy Services emerging as the biggest gainer.

DCM2 BIZ-POWER-CONSUMPTION India's power consumption grows nearly 25 pc in first week of May New Delhi, May 9 (PTI) Power consumption in the country grew 25 per cent in the first week of May to 26.24 billion units (BU) over the same period last year, showing consistent recovery in industrial and commercial demand of electricity, according to power ministry data.

DCM8 BIZ-MUTUALFUNDS-EQUITIES MFs on buying spree for 2nd month in a row, infuse Rs 5,526 cr in equities in April New Delhi, May 9 (PTI) Continuing their buying spree for the second straight month, mutual funds invested Rs 5,526 crore in stocks in April with fund managers sensing opportunities after some consolidation in the market. DCM37 BIZ-HERO MOTOCORP COVID-19: Hero MotoCorp extends shutdown of plants across India till May 16 New Delhi, May 9 (PTI) Two-wheeler market leader Hero MotoCorp on Sunday said it is extending the shutdown of its plants across India by another week till May 16 in view of the prevailing COVID-19 situation in the country.

DCM18 BIZ-FPI-OUTFLOW FPIs withdraw Rs 5,936 cr from equities in May amid worries over 2nd COVID wave New Delhi, May 9 (PTI) Foreign investors have pulled out Rs 5,936 crore from the Indian equities in the first week of May amid worries over the intense second wave of coronavirus infection and its fallout on the economy.

DCM9 BIZ-STAR-IPL Pay only for IPL matches played so far, Star tells worried sponsors & advertisers New Delhi, May 9 (PTI) Star Sports has told advertisers who had bought airtime on the now-suspended 14th edition of the popular Indian Premier Leage (IPL) cricket tournament to pay only for the matches that have been played, sources said.

DCM30 BIZ-MARUTI-OXYGEN PLANTS Maruti joins hands with two NCR firms to boost production of oxygen generator plants New Delhi, May 9 (PTI) The country's largest carmaker Maruti Suzuki India on Sunday said it has joined hands with two NCR-based companies to boost their production of PSA oxygen generator plants.

DCM36 BIZ-MAXBUPA-COVID CLAIMS Max Bupa settles over Rs 150 cr Covid claims so far; closely watching impact on premium: Official New Delhi, May 9 (PTI) Max Bupa Health Insurance Company (Max Bupa) has settled over Rs 150 crore as Covid claims to as many as 14,500 customers so far and is closely watching the impact on policy premium, a senior company official said on Sunday.

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