At least 20-25 people are feared dead and nearly 50 people went missing after Cyclone Tauktae hit Oil And Natural Gas Corporation’s (ONGC) accommodation barge “Papaa-305” (P305), nearly 35 nautical miles off the Mumbai coast. About 186 people of the total 261 on the barge were rescued so far. The Indian Navy, Coast Guard, ONGC and Afcons are keeping up with the search operations.

American economist Nouriel Roubini on May 19 slams the institutional investors who induced in volatile pseudo-asset 'Bitcoin' which holds no inherent value according to him. He also claims that those investors be fired on the spot. The following reaction by the New York University's Stern School of Business professor comes amid reports of cryptocurrency Bitcoin down by almost 20% in last 24 hours

The National Company Law Tribunal (NCLT) on Wednesday told the administrator of DHFL to study the settlement offer of the non-banking financial company's ousted promoter Kapil Wadhawan before the creditors for their consideration. The tribunal, in a verbal order, has asked the RBI-appointed administrator of Dewan Housing Finance Ltd (DHFL) to present the settlement plan to the CoC.

Google Photos is going to get a new update. It will bring additional features for users like locked folders and enhanced memories function. Google at the I/O 2021 event on May 18 disclosed the update and details were shared in a blog post later by the company. The users will be able to lock their photos and videos within a password-protected folder in Google Photos.

Paytm Payments Bank keeps up its lead as the largest beneficiary bank on the unified payments interface (UPI) platform with 430.04 Mn transactions in April 2021, notwithstanding the transaction went down 8% compared to 469.8 Mn happened in March 2021. The drop in transactions processed by Paytm Payments Bank was in alignment with the overall fall in UPI transactions in the month of April.

Optimus Pharma on May 19 told that Drug Controller General of India's (DCGI) gave its go-ahead to held Phase-III clinical trials for orally administered Molnupiravir capsules on mild to moderate COVID-19 patients. About 2,500 subjects with mild to moderate COVID-19 will be distributed in the study in a 1:1 ratio to Molnupiravir with standard supportive care vs standalone standard supportive care.

Bharat Sanchar Nigam Limited (BSNL) prepaid subscribers can avail 2-months extension of validity that expired on or after April 1. In addition, a 100 minutes free talktime. These measures are in support of subscribers who were hit by the Covid-19 second wave and were not able to recharge further due to movement restriction or other hardships like cyclone Tauktae, said the telecom service provider.

With the ongoing disruption to businesses caused by the second wave of COVID-19, the government is planning to wind up privatisation of PSUs like Air India, BPCL and Shipping Corporation, where the withdrawal process has already started in this fiscal. The worst outbreak of pandemic in India has led to disbalanced the timetable of scheduled activities such as physical due diligence.

Tata Motors will pay 50% of the basic pay every month to the family of employees who passed away due to COVID-19, till the age of retirement. A one-time payment will also be given to the family as immediate relief. PB Balaji, Chief Financial Officer, Tata Motors, said, “Regardless of the employee passing away due to COVID-19 or not the family gets 20-month salary at once in addition to 50% of pay.

The Governor, Reserve Bank of India (RBI) held virtual meetings with the MD & CEOs of Public Sector Banks on May 19, 2021 via video conference. The Deputy Governors M. K. Jain, M. Rajeswar Rao, Dr. Michael D. Patra and T. Rabi Sankar were present in the meeting. In his initial remarks, the Governor acknowledged the important role being played by PSBs in extending various banking facilities.

Social media giant Facebook on Wednesday said it is enlarging its 'COVID-19 Announcement' in India to assist health departments of states and union territories to share essential COVID-19 updates with their communities. India is the second country after the US to launch this feature. Facebook said it has allied with 33 states and union territories to publicize this tool in India.

Indian Oil Corporation (IOC) on Wednesday reported a net profit of Rs 8,781.30 crore for the Q4'FY21, helped by higher refining margins. The company registered a loss of Rs 5,185.32 crore in the same period a year back. Revenue from operation jumped to Rs 1.63 lakh crore from Rs 1.39 lakh crore last year. The Board of Directors of IOC have declared a final dividend of Rs 1.50 per equity share.

Cryptocurrency Bitcoin on May 19 is dropped by almost 20% over the past 24 hours and settled at $36,900. According to reports, another cryptocurrency Ethereum is also dropped by 26%. Earlier in the day, the world's biggest and renowned cryptocurrency, Bitcoin fell about 9% to as low as $38,940.04 and slipped below a key 200 day moving average.

State-owned NBCC and Suraksha group, lined up to acquire Jaypee Infratech Ltd (JIL) through an insolvency resolution process, have submitted their revised bids and along with issue clarification raised by financial creditors. The companies have also improved their offers, which were submitted to the Committee of Creditors (CoC) on Tuesday. Construction firm NBCC submitted its bid first.

CARE Ratings reviewed the credit ratings of Centum Electronics on total bank facilities rated Rs355.7cr. The credit rating agency assigned CARE BBB; Stable rating on Rs196.70cr long-term bank facilities. It also assigned CARE BBB; Stable/CARE A3+ rating on Rs159cr long-term / short-term bank facilities. The rating is assigned taking into account the long track of operations of the company.