1. Reliance acquires majority stake in Netmeds for Rs 620 crore
Mukesh Ambani led Reliance Industries (RIL) has acquired a majority stake in online pharmacy company Netmeds. The deal is said to be worth about Rs 620 crore. This investment gives Reliance Retail around 60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries. Vitalic’s subsidiaries are collectively known as Netmeds.
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2. Dr Reddy’s launches Avigan (Favipiravir) for COVID-19 treatment
Dr Reddy’s Laboratories on Wednesday announced the launch of Avigan (Favipiravir) 200 mg tablets in India for treatment of patients with mild to moderate COVID-19 disease. The drug comes in a complete therapy pack of 122 tablets with a two-year shelf life. To ensure accelerated access to medicine, the company has initiated a free home delivery service in 41 cities across the country.
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3. Yes Bank repays Rs 35,000 crore to RBI, balance to be paid within deadline
Yes Bank has repaid Rs 35,000 crore to the Reserve Bank of India (RBI) out of the total special liquidity facility (SLF) of Rs 50,000 crore drawn for interim support, Chairman Sunil Mehta said in the bank’s annual report. The lender was rescued by a bunch of lenders led by the State Bank of India (SBI) in March. This was following a near financial collapse of the lender on account of the alleged financial irregularities and careless lending by previous management under founder Rana Kapoor.
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4. RBI allows one-time restructuring of loans worth Rs 8.4 Lakh Crores: Report.
The Reserve Bank of India (RBI) has allowed a one-time restructuring of loans without classifying them as NPAs (Non-performing assets). It is being implemented to help companies and individuals manage the financial stress caused by the Covid-19 pandemic. Banks are likely to restructure up to Rs 8.4 lakh crore of loans, or 7.7 per cent of the overall system’s credit, under the newly announced recast package, a domestic ratings agency said on Wednesday. It estimated the total amount of non-corporate loans to be recast at Rs 2.1 lakh crore.
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5. L&T Finance sells complete stake in CG Power and Industrial Solutions
L&T Finance Ltd has sold its entire equity stake of 9.99 per cent in CG Power and Industrial Solutions through open market transactions. The company has sold (in open market) 6.26 crore shares of CG Power and Industrial Solutions Ltd. constituting 9.99 per cent of the paid up share capital of CG Power and Industrial Solutions Ltd. The filing said 6.26 crore equity shares have been sold in various tranches.
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6. Why is Maruti Suzuki buying land across India?
In the last four years, Maruti Suzuki has amassed 118 land parcels in India, costing over Rs 1,500 crore, to be given to dealer partners for showrooms and service outlets.This is the biggest investment by any carmaker to secure dealership support for the future. Maruti Suzuki is preparing to defend its iron grip over the domestic car market. Maruti Suzuki is buying and providing land parcels to its network partners at reasonable rental rates, thereby preventing stress on their profitability due to rising lease rentals
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7. Muthoot Finance Q1 FY21 results: Net profits rose by 59%
The largest gold loan NBFC, Muthoot Finance, declared their Q1 FY21 results today. The company reported a 59% increase in its standalone net profits to Rs 841 crore. The top line (total revenue) also witnessed a YoY 28% jump from Rs 1,857 crore to Rs 2,835 crore. During the period, Muthoot Finance recorded a four-fold jump in digital loan disbursals. Their share price rose by 0.73% today, gaining Rs 9.10 to end up at Rs 1,247.
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8. Bharti Airtel to replace Huawei and ZTE for 5G trials
Indian telecom giant Bharti Airtel is planning to replace its Chinese vendors Huawei and ZTE for the upcoming 5G trials in India. It is reported that European telecom gear suppliers Nokia and Ericsson might take their place. Recently, the government had banned Chinese gear makers from supplying equipment to BSNL and MTNL. After this move, Airtel is also looking to replace Chinese vendors before the government imposes the ban on them as well.
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9. India-Australia-Japan supply chain to counter China?
India, Japan and Australia are planning to reach on a supply chain agreement. This trilateral Supply Chain Resilience Initiative (SCRI) will help the three countries to reduce their dependence on China for various goods. Recently, Japan’s Ministry of Economy, Trade and Industry reached the Indian government officials to start working on this initiative on an urgent basis.
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10. DoT opposes RCom resolution plan with Reliance Telecom
The Department of Telecommunications (DoT) has opposed the resolution plan of Reliance Communications with Reliance Telecom. DoT has also stated in Supreme Court that they have been consistently asking RCom to pay its dues, just like they have been asking Bharti Airtel and Vodafone Idea.
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