Top Headlines: Economic crisis, RIL-Aramco deal, import curbs, and more

Economy already headed for its worst slump in more than four decades, with the International Monetary Fund estimating the nation's GDP will shrink 4.5% this year
Unplanned lockdowns slow economic recovery

India’s economic activity monitors are beginning to flatline just months after showing signs of returning to life. Latest data from Apple Inc. and Alphabet Inc.’s Google showed mobility suffered in recent weeks after notching up an increase since May, when Asia’s third-largest economy began exiting a nationwide lockdown to contain the coronavirus outbreak. Elsewhere, high-frequency indicators from purchasing mangers’ surveys to fuel sales show growth plateauing in July. And that’s not all. Read More

Hungry, with no money, yet rural India backs Modi govt in Covid war: Study

Though nearly 71 per cent of the rural household suffered a drop in their monthly incomes during the lockdown months as compared to pre-lockdown months and almost 35 per cent of families went without food the whole day on several occasions, an overwhelming majority were satisfied with the Modi government’s handling of the Covid-19 crisis, a recent survey said. Read More

Aramco still working on deal to buy $15 bn stake in Reliance Industries

Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices force it to slash other investments. Read More

SC asks Centre to prepare plan for recovering AGR dues from bankrupt telcos

The Supreme Court on Monday adjourned its hearing in the adjusted gross revenue (AGR) matter, which involves telecom operators under insolvency such as Reliance Communications, Aircel, and Videocon Telecommunications. Read More

Tim Cook hits billionaire status as Apple's market value nears $2 trn

Few on Wall Street thought Tim Cook could ever match Steve Jobs. Well. Nine years after Jobs stepped down and thrust Cook to the top of Apple Inc., the company is more valuable than ever -- and so is Cook. Read More

IndiGo to raise up to $534 million through share sale

Interglobe Aviation Ltd, which runs India's largest airline IndiGo, said on Monday it will raise up to Rs 4,000 crore ($533.70 million) through the sale of shares to institutional investors, as it looks to manage cash during the Covid-19 pandemic which has hit its operations. Read More

Tata group seeks financial partners to bid for crisis-hit Air India

The Tata group, which has emerged as a serious bidder for Air India, is seeking financial partners to join in their bid for the airline. The group will offer the financial partner a minority stake in the special purpose vehicle that will bid for the airline, say banking sources. Read More

Import curbs on 101 defence items open big avenue for L&T, Bharat Forge

The government’s policy announcement on the defence sector putting curbs on imports, providing clarity on timelines, and strengthening its “Make in India” initiative bode well for all domestic defence sector suppliers. Government-owned defence undertakings, such as Bharat Electronics (BEL), Hindustan Aeronautics (HAL), Bharat Dynamics, and Cochin Shipyards have already been in the spotlight against the India-China stand-off. The defence sector getting priority has boosted order flow prospects. Read More

Working on idea of land bank to help small businesses: Nitin Gadkari

Union Minister Nitin Gadkari on Monday said the government was working on the idea of a land bank and a social microfinance institution to help people run small shops and businesses. Read More

Retired DGCA official had warned Air India management of accident risk

Air India needs to change its attitude towards safety or else will head to a disaster, a retired Directorate General of Civil Aviation official had warned the airline management last August. Read More

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