Verizon, Amazon likely to pick stake in Vodafone-Idea: Report
US wireless carrier Verizon and Amazon are in talks with Vodafone-Idea for a significant stake in the telecom company. The deal is estimated to be worth around $4 Billion. Vodafone Idea has said that its board will meet on 4 September to consider proposals for fundraising. Shares of the debt-ridden telecom company rallied 30% during the day.
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Loan moratorium extendable for 2 years as per Covid impact, Centre tells SC
The Centre and RBI on Tuesday informed the Supreme Court that the moratorium period on repayment of loans amid the COVID-19 pandemic is “extendable” by two years.The Supreme Court of India on Thursday passed an interim order saying that the accounts not declared as non-performing asset (NPA) as on 31 August shall not be declared as NPAs till further notice.
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Coal India Q1 Results
Coal India announced its quarterly results late on Sep 02, Wednesday. Its revenue from operations dropped 25.9 per cent to Rs 18,486.77 crore, as compared to Rs 24,938.99 crore in Q1FY20. Coal India reported a 55 per cent drop in its net profit for the quarter ended June to Rs 2,079.60 crore, but still managed to beat analysts’ estimates.It had reported a net profit of Rs 4,629.67 crore in the year ago period
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Tech Mahindra launches dedicated ‘Microsoft business unit’
Tech Mahindra Ltd. has announced the launch of its dedicated ‘Microsoft Business Unit’ to accelerate their digital transformation journey globally. The Business Unit will house a Center of Excellence (COE) to provide a comprehensive suite of solutions across Microsoft Azure, Business Applications Dynamics 365 and Microsoft 365.
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DHFL gets flagged for Fraudulent Transaction worth Rs 14,000 Crores
An investigation carried out by Grant Thornton into the affairs of Dewan Housing Finance Corporation Limited has unearthed fraudulent transactions worth Rs 14,046 Crores. Additionally Rs 3,348 crore being the amount considered as due and outstanding towards notional loss to the company on account of charging lower rate of interest to certain entities
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Govt. increases passenger cap for airlines. Airline Stocks fly
The Centre on Wednesday allowed airlines to operate more domestic flights, by raising the cap on deployed capacity from 45% to 60% of the original summer schedule. DGCA chief Arun Kumar said this move will mean airlines can deploy upto about 2,000 daily domestic flights. Indigo and Spicejet zoomed 3.4% and 1.9% respectively after the announcement.
Meanwhile Indigo has also started a Kochi-Male flight under the air bubble pact.
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Tata Motors reported 13.38% increase in sales in August
The company reported a 13.38% increase in total sales at 36,472 units in August compared to 32,166 units in the same period last year. As the economy is opening up, the total domestic sales increased by 21.6% compared to last year. The company is struggling in the commercial vehicles segment and reported a decline of 28% in total commercial vehicle sales last month.
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TVS Motor raises its stake in Ultraviolette, invests Rs 30 crore
India’s one of the top two-wheeler manufacturers, TVS Motor Company, raised its stake in Bengaluru-based electric vehicle start-up Ultraviolette Automotive by investing Rs 30 crore. Earlier, the company had invested Rs 11 crore in order to put a high performance electric bike on the road by 2021. The exact percentage of stake bought remains disclosed as of now.
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Dish TV Q1 result shows profit of Rs 75 crore
Dish TV India Ltd on Wednesday reported a consolidated net profit of Rs 75 crore for the first quarter of 2020 which ended in June. Renewals and recharges using digital mediums constituted bulk of the subscriptions received by the company. However, the advertising revenue slipped drastically during this period.
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IndusInd Bank allots shares worth Rs 2,500 crores to investors through preferential issue
IndusInd Bank, on wednesday, reported that it had issued shares worth of Rs 2500 crore to a few institutional investors through preferential issue. The number of shares issued is 4.76 crore shares at a price of Rs 524 per share. The institutional investors include Route One Offshore Master Fund, Route One Fund I, L.P. ICICI Prudential Life Insurance Company, Tata Investment Corporation Ltd and AIA Company Ltd.
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PNB Housing Finance to lay off 5-7% of its employees
PNB Housing Finance is set to lay off 5-7% of its workforce and it is reported that it has asked about 80-100 of its employees to leave. Reason attributable to this decision is to shrink costs amid shrinking business. The company in a statement clarified that the numbers are inaccurate and inflated and the real numbers are yet to be published.
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