75 lakh people lost jobs in April due to lockdown
Mon, May 3, 2021 9:30 PM

75 lakh people lost jobs in April due to lockdown

The Centre for Monitoring Indian Economy (CMIE) said that the second wave of COVID-19 and lockdowns restrictions have impacted over 75 lakh jobs. It caused the jump in unemployment rate to four-month high of 8%. The situation of unemployment is expected to continue going forward as well, CMIE's managing director and chief executive Mahesh Vyas said.

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Revenue, trained trainees and MSME units fall to lowest in FY21
Mon, May 3, 2021 9:20 PM

Revenue, trained trainees and MSME units fall to lowest in FY21

The combined revenue for 18 Technology Centers or MSME Tool Rooms, operated by the Ministry of MSME over the country recorded fall in FY21 in the past six financial years. According to the available govt. data, the tool rooms earned Rs 195 Cr revenue in FY21 amid Covid pandemic, whereas Rs 351 Cr in FY20 and Rs 268 crore in FY16 was earned

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IDBI Bank eyes to enhance growth on higher profits, increased provisions
Mon, May 3, 2021 9:09 PM

IDBI Bank eyes to enhance growth on higher profits, increased provisions

IDBI Bank anticipates growth and lending after exiting Reserve Bank of India's (RBI) prompt corrective action (PCA) nearly after four years. The bank recorded its 5th consecutive quarter of profit in March 2021. CEO Rakesh Sharma said the bank now expects 10% growth led by 10% to 12% growth in retail loans in fiscal March 2022.

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PNB Housing Finance hasn't let out deadlines for Rs 1800 Cr equity raise
Mon, May 3, 2021 8:31 PM

PNB Housing Finance hasn't let out deadlines for Rs 1800 Cr equity raise

PNB Housing Finance is yet to disclose the timelines of the proposed Rs 1,800 Cr equity raising scheme, planned two months ago. Its because the promoter Punjab National Bank refuses to infuse capital into it. Chief executive Hardayal Prasad expressed "I would not be able to comment on the large shareholders or any of the entities who would like to enter the terms of the capital raise."

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Footfall in malls down by 50%, facing considerable challenges
Mon, May 3, 2021 8:13 PM

Footfall in malls down by 50%, facing considerable challenges

The retail real estate sector comprising mall operators facing hefty challenges due to second wave of COVID-19. Footfall is down to 35% from 50% depending on the intensity of the restrictions. Rental collections are likely to remain under pressure in the absence of any support to the retail realty sector, such as the moratorium on debt obligations which was available during March-August 2020

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Four-day workweek for Swiggy employees in May
Mon, May 3, 2021 8:05 PM

Four-day workweek for Swiggy employees in May

During rapid spike in COVID-19 cases, online food delivery firm SWIGGY prioritize health of its employees by declaring a four-day workweek in May. Girish Menon, head of HR at SWIGGY emailed every employee to decide the four days that each one would work and utilize the extra day to take rest. Take care of yourself, take care of your family and friends it added.

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Reliance Jio’s strong subscriber net generated positive surprise: Analysts
Mon, May 3, 2021 8:04 PM

Reliance Jio’s strong subscriber net generated positive surprise: Analysts

Reliance Jio's mammoth subscriber net increased to 15.4 million in Q4 FY21. It generated a positive surprise after the slowdown seen over the previous quarters and implies a strong uptick in February and March, alongside role of the new JioPhone offer, many analysts suggested. ICICI Securities, however, flagged "multiple misses on the revenue front", and said revenue growth failed to impress.

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Dry weather in Brazil raises concern for corn supply
Mon, May 3, 2021 7:21 PM

Dry weather in Brazil raises concern for corn supply

Brazilian dryness continues to drive concerns for global supplies of corn. In the previous week, the corn futures scaled to their highest level since March 2013. Wheat futures also rose gaining support from corn, while soybeans were underpinned by strong vegetable oils markets. Chicago Board of Trade most active corn was up 2.2% to $6.88 in Q4 bushel at 1049 GMT.

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FICCI emphasize on speeding up vaccination & maintaining essential supply
Mon, May 3, 2021 7:09 PM

FICCI emphasize on speeding up vaccination & maintaining essential supply

Industry body FICCI suggested the government a few steps for speeding up vaccination, maintaining essential medicines supply, as it would help decline the burden of non-essential COVID admissions in hospitals, providing beds for critical only. Sanjeeva Kumar, Member Secretary, NDMA in a letter said that there is an urgent need for national criteria for hospital admissions for COVID-19

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CarTrade to file Draft Red Herring Prospectus in May
Mon, May 3, 2021 6:54 PM

CarTrade to file Draft Red Herring Prospectus in May

CarTrade is expected to file its draft red herring prospectus (DRHP), which is the preliminary registration document prepared by merchant bankers for IPO-bound companies. The SEBI reviews the DRHP to check whether the company has made adequate disclosures. The auto classifieds platform has a presence in 80 cities. As of last year, it claimed to be selling 1 million vehicles a year.

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Centre announces relief measures under GST law for taxpayers
Mon, May 3, 2021 6:35 PM

Centre announces relief measures under GST law for taxpayers

To help taxpayers, Centre declared relief deeds for taxpayers under GST law. Given the challenges faced by taxpayers in meeting the legal and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of COVID pandemic. Concessional rates of interest in lieu of 18% normal rate of interest per annum announced for delayed tax payments.

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MSSL buys bombardier transportation’s electrical wiring linked system
Mon, May 3, 2021 6:25 PM

MSSL buys bombardier transportation’s electrical wiring linked system

Motherson Sumi Systems Limited (MSSL) has completed the activities of Electrical Wiring Interconnection Systems (EWIS) performed at Bombardier Transportation’s manufacturing site in Huehuetoca, Mexico. Transaction was carried through its Mexican subsidiary, Motherson Rolling Stocks (MRS). Vivek Chaand Sehgal, Chairman, MSSL said, “Motherson is globally favored solutions provider to its customers

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Bajaj Auto sold 3.88 lakh units in April 2021, second-highest ever export
Mon, May 3, 2021 6:14 PM

Bajaj Auto sold 3.88 lakh units in April 2021, second-highest ever export

Bajaj Auto recorded a total sales of 388,016 units in April 2021, comparatively higher than last year when mere 37,878 units were sold. Their domestic sales stood at 134,471 units in April 2021, though its not comparable to April last year due to the nationwide lockdown imposed due to the Covid-19 outbreak. This export was the second highest recorded ever for Bajaj Auto.

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CRISIL ratings believes IDFC FIRST to maintain healthy capital
Mon, May 3, 2021 6:09 PM

CRISIL ratings believes IDFC FIRST to maintain healthy capital

CRISIL said the ability of IDFC FIRST to maintain good asset standard in the growing retail portfolio over a longer term and on a larger scale can be monitored. IDFC FIRST overall rating continues to reflect the bank’s healthy capitalisation, increasing recognition of the portfolio, and expectation of improvement in earnings profile over the medium term.

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Mahindra Holidays & Resorts reports 37% yoy growth in Q4 PBT to Rs170cr
Mon, May 3, 2021 5:01 PM

Mahindra Holidays & Resorts reports 37% yoy growth in Q4 PBT to Rs170cr

Mahindra Holidays & Resorts India announced its standalone and consolidated financial results for the fourth quarter ending 31st March 2021. Q4 FY21 (Standalone) total income was at Rs255cr, up by 4% QoQ. Resort income stood at Rs53cr, up by 19% QoQ and 8.5% YoY. EBITDA at Rs63.5cr, up by 8.5% YoY. FY21 (Standalone) total income was Rs909cr. FY21 PBT stood at Rs169.5cr, up by 36.7% YoY.

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