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The Wadhwa Group announces 'High Rise, Pay Wise' festive offer
short by Roshan Gupta / on 23 Oct 2020,Friday
The Wadhwa Group announced the 'High Rise, Pay Wise' festive offer at Wadhwa Pristine, Matunga(W), Atmosphere O2, GMLR Mulund(W) & TW Gardens, Kandivali(E). With upgrading to a lifestyle close to nature, customers can experience premium interiors and mesmerising views at sky residences, the company said. Pay only 10% and enjoy 1 year payment holiday with no floor rise, it added.
short by Roshan Gupta / 10:43 am on 23 Oct
Bharat Biotech's 'COVAXIN' gets approval for phase 3 trials in India
short by Nandini Sinha / on 22 Oct 2020,Thursday
Covaxin, the coronavirus vaccine being developed by Bharat Biotech and ICMR, has received the approval by the Drugs Controller General of India (DCGI) to conduct the third phase of clinical trials. The study would cover 28,500 participants aged 18 years and above across 10 states. The Serum Institute of India began phase 3 clinical trial of Oxford vaccine last month.
short by Nandini Sinha / 11:35 pm on 22 Oct
Benchmark for the efficacy of COVAXIN is 60%: Bharat Biotech
short by Nandini Sinha / on 23 Oct 2020,Friday
The benchmark for the efficacy of India's first coronavirus vaccine candidate COVAXIN is 60% and the efficacy results should be available by early April-May 2021, said Sai D Prasad, President-Quality Operations, Bharat Biotech. "WHO, US FDA and even India's CDSCO approve a respiratory vaccine if it achieves 50% efficacy; for COVAXIN, we aim to achieve at least 60%," Prasad added.
short by Nandini Sinha / 04:31 pm on 23 Oct
Remdesivir becomes first drug to be fully approved for COVID-19 by US
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
The US Food and Drug Administration on Thursday approved Gilead's antiviral drug remdesivir for treating patients hospitalised with COVID-19, making it the first and only drug approved for the disease in the US. Remdesivir was given to President Donald Trump this month when he was diagnosed with COVID-19. It was originally developed as a treatment for Ebola and Hepatitis C.
short by Krishna Veera Vanamali / 09:17 am on 23 Oct
Flipkart to buy 7.8% stake in Pantaloons parent company for ₹1,500 crore
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
Walmart's Flipkart has agreed to buy a 7.8% stake in Aditya Birla Fashion and Retail, which operates over 3,000 stores including the Pantaloons brand, for ₹1,500 crore. Flipkart will also sell and distribute various Aditya Birla Fashion's brands. "This partnership is an emphatic endorsement of the growth potential of India," Aditya Birla Group Chairman Kumar Mangalam Birla said.
short by Krishna Veera Vanamali / 01:11 pm on 23 Oct
Maharashtra invites Tesla, holds video call with its executives
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
Maharashtra has invited US electric-car maker Tesla, weeks after its Chief Executive Officer Elon Musk suggested entering India next year. In a tweet on Thursday, state Tourism and Environment Minister Aaditya Thackeray said he and Industries Minister Subhash Desai held a video call with Tesla executives earlier in the day to invite them to the state.
short by Krishna Veera Vanamali / 11:22 am on 23 Oct
India bans imported goods at 4,000 defence canteens
short by Krishna Veera Vanamali / on 24 Oct 2020,Saturday
The government has ordered its 4,000 defence canteens to stop buying imported goods. The internal order issued by the Defence Ministry on October 19 said that in future, "procurement of direct imported items shall not be undertaken". Imports make up around 6-7% of total sales value in these shops, according to the Manohar Parrikar Institute for Defence Studies and Analyses.
short by Krishna Veera Vanamali / 10:00 am on 24 Oct
Burger King India Ltd has filed its draft prospectus for an IPO with Securities and Exchange Board of India. The IPO is a combination of fresh issue and an offer for sale, where it looks to raise ₹542 crore as fresh capital. Its promoter QSR Asia Pte will partially exit via an offer for sale of 6 crore equity shares.
short by Pragya Swastik / 08:44 pm on 22 Oct
CA student creates 115 fake companies to commit ₹50 cr GST fraud, held
short by Krishna Veera Vanamali / on 24 Oct 2020,Saturday
GST officials have arrested a 25-year-old student of Chartered Accountancy (CA) for allegedly floating over 115 fake firms to avail Input Tax Credit of ₹50.24 crore. A resident of Ahmedabad, the accused used identity cards of villagers to create the fake companies. The illegal credit was passed on in chains to other fake firms without any actual supply of goods.
short by Krishna Veera Vanamali / 09:54 am on 24 Oct
Goldman Sachs agrees to pay $2.9 billion over 1MDB scandal
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
Goldman Sachs has agreed to pay $2.9 billion in penalties to various authorities to settle a probe into its role in Malaysia's 1MDB scandal. Goldman's Malaysia subsidiary pleaded guilty for violations of American bribery law. The bank will also claw back $174 million in compensation from current and former executives including CEO David Solomon and his predecessor Lloyd Blankfein.
short by Krishna Veera Vanamali / 03:54 pm on 23 Oct
To control rising onion prices, the government on Friday imposed stock holding limit on retail and whole sellers till December 31 to improve the domestic availability of the commodity. Wholesale traders are allowed to keep up to 25 tonnes of onion, whereas the retailers can stock onion only up to 2 tonnes, Consumer Affairs Secretary Leena Nandan said.
short by Nandini Sinha / 07:52 pm on 23 Oct
Sahara Group demands ban on Netflix series 'Bad Boy Billionaires'
short by Pragya Swastik / on 23 Oct 2020,Friday
Sahara Group has demanded a ban on Netflix series 'Bad Boy Billionaires: India', which features an episode on Sahara Group chief Subrata Roy. Sahara Group asked Netflix to remove "ill-researched and baseless" content from its platform and said, "The whole film is a bundle of lie." The Group said the series wrongly mentioned that Sahara is in chit fund business.
short by Pragya Swastik / 07:00 am on 23 Oct
Youth will come to the streets if jobs not created: Raghuram Rajan
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
Former Reserve Bank of India Governor Raghuram Rajan during a webinar on Wednesday said that if India does not create jobs, youth will come to the streets. "Young people without jobs can be diverted to this and that for a little while...We can use social media, fake news to divert things but eventually, it is going to fail," Rajan said.
short by Krishna Veera Vanamali / 12:40 pm on 23 Oct
India's forex reserves touch fresh lifetime high of over $555 bn
short by Krishna Veera Vanamali / on 24 Oct 2020,Saturday
India's foreign exchange reserves touched a fresh lifetime high of $555.12 billion after it surged by $3.615 billion in the week ended October 16, according to the Reserve Bank of India data. The rise was led by a sharp increase in Foreign Currency Assets. The reserves had increased by $5.867 billion to $551.505 billion in the previous reporting week.
short by Krishna Veera Vanamali / 09:30 am on 24 Oct
Govt issues guidelines for compound interest waiver on some moratorium loans
short by Krishna Veera Vanamali / on 24 Oct 2020,Saturday
The Finance Ministry has approved guidelines for the grant of ex-gratia payment of the difference between compound interest and simple interest for loans up to ₹2 crore under the six-month moratorium. Housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.
short by Krishna Veera Vanamali / 11:42 am on 24 Oct
RBI bars payment firms from issuing new proprietary QR codes
short by Hiral Goyal / on 23 Oct 2020,Friday
Under the new guidelines issued by the Reserve Bank of India, it has barred payment system operators from issuing new proprietary Quick Response (QR) codes for payment transactions. It has also asked them to switch to at least one interoperable QR code by March 31, 2022. The measures are aimed at providing better user convenience due to interoperability, RBI said.
short by Hiral Goyal / 03:37 pm on 23 Oct
US proposes not to issue business visa for H-1B specialty occupations
short by Kiran Khatri / on 22 Oct 2020,Thursday
The US State Department has proposed not to issue temporary business visas for H-1B specialty occupations. B-1 visas allowed companies to send technology professionals for a short stay to complete the jobs in the US. The move could impact many Indian companies. The B-1 visa doesn't include procedural requirements to protect the US workers like H-1B visas, the department said.
short by Kiran Khatri / 06:28 pm on 22 Oct
Trump's order on foreign workers' visas cost firms $100 bn: Report
short by Kiran Khatri / on 23 Oct 2020,Friday
US President Donald Trump's executive order, that banned issuance of H-1B and L-1 visas till December 31, caused Fortune 500 firms to lose over $100 billion, according to an American think-tank. "The order barred the entrance of nearly 200,000 foreign workers and their dependents," Brookings Institution said in its report. It will "slow down" the post-COVID-19 economic recovery, it added.
short by Kiran Khatri / 05:05 pm on 23 Oct
Govt to sell up to 15% stake in Rail Vikas Nigam via offer for sale
short by Kiran Khatri / on 23 Oct 2020,Friday
The government has said that it's planning to disinvest up to 15% stake in Rail Vikas Nigam Ltd (RVNL) out of its 87.84% shareholding through an offer for sale (OFS). It has invited bids from merchant bankers and will appoint around three of them to manage the sale. As on March 31, RVNL had a net worth of ₹4,499.77 crore.
short by Kiran Khatri / 09:24 pm on 23 Oct
Indian economy may contract lower in FY21 than projected: NITI Aayog VC
short by Kiran Khatri / on 22 Oct 2020,Thursday
Indian economy might end up with a lower contraction in 2020-21 than projected by various organisations, NITI Aayog Vice Chairman Rajiv Kumar said. "I think this third quarter, we will see smaller contraction than had been forecast and fourth quarter could well be a wash," he added. Kumar further said that the next stimulus should focus on short-gestation infrastructure projects.
short by Kiran Khatri / 10:36 pm on 22 Oct
Yes Bank posts net profit of ₹129 crore in September quarter
short by Kiran Khatri / on 23 Oct 2020,Friday
Yes Bank has reported a net profit of ₹129 crore in July-September period as against a loss of ₹600 crore in the same period last year. The bank's net interest income declined 9.7% to ₹1,973 crore in the second quarter from ₹2,186 crore in the year-ago period. Gross bad loans rose to 16.9% of gross advances from previous year's 7.4%.
short by Kiran Khatri / 08:15 pm on 23 Oct
Room for future rate cuts if inflation moderates: RBI Governor
short by Kiran Khatri / on 23 Oct 2020,Friday
RBI Governor Shaktikanta Das has said that there is space for future rate cuts "if the inflation evolves in line with our expectations". "This space needs to be used judiciously to support recovery in growth," he added. Earlier this month, the Monetary Policy Committee kept the repo rate unchanged at 4% as retail inflation remained above RBI's target range.
short by Kiran Khatri / 08:39 pm on 23 Oct
Hong Kong fines Goldman Sachs record $350 mn over 1MDB scandal
short by Kiran Khatri / on 22 Oct 2020,Thursday
Hong Kong's markets watchdog has fined Goldman Sachs' Asian business $350 million for its role in the 1Malaysia Development Berhad (1MDB) scandal. This is the largest fine ever imposed by the Securities and Futures Commission. "Serious lapses and deficiencies" in management controls at Goldman Sachs Asia had contributed to the misappropriation of $2.6 billion raised by 1MDB, the regulator said.
short by Kiran Khatri / 09:02 pm on 22 Oct
The Centre on Friday borrowed and transferred ₹6,000 crore as first tranche to 16 states and two UTs under the special window to meet the GST revenue shortfall. The interest rate has been fixed at 5.19%. Out of the 21 states that opted for the special window, five did not have any revenue shortfall, the Finance Ministry said.
short by Kiran Khatri / 10:46 pm on 23 Oct
India, China's household wealth rose despite pandemic: Credit Suisse
short by Kiran Khatri / on 23 Oct 2020,Friday
Despite COVID-19's impact on the global economy, household wealth has "emerged relatively unscathed" and even increased in China and India, according to Credit Suisse's Global Wealth Report 2020. China and India's household wealth grew 4.4% and 1.6%, respectively, in the first half of 2020. Meanwhile, North America's wealth per adult is projected to drop 5% in 2020, the report said.
short by Kiran Khatri / 06:07 pm on 23 Oct
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