Top headlines: India Inc's EBITDA to shrink 24%, Soota's IPO jackpot

. A major disappointment for India came on the parameter of
India Inc's EBITDA to shrink 24% in FY21 due to Covid disruptions: Moody's
Global rating agency Moody’s on Friday said that the aggregate EBITDA of Indian companies is expected to decline by 24 per cent in fiscal 2021 due to coronavirus disruptions. The credit quality will also weaken across rated Indian non-financial corporates due to the outbreak as a slowing economy dampens consumer confidence and business activity. Read More...


Centre releases Rs 6,195 crore to 14 states as devolution of taxes
The Central government on Friday released Rs 6,195.08 crore to 14 states as the sixth equated monthly installment of the Post Devolution Revenue Deficit Grant (PDRDG) as recommended by the 15th Finance Commission. Office of Union Finance Minister Nirmala Sitharaman in a tweet said that this would provide them with additional resources during the Covid-19 crisis. Read More...

Jaishankar-Yi meet: India, China agree on 5-point plan to resolve standoff
India and China have agreed on a five-point plan for resolving the prolonged border face-off in eastern Ladakh that included abiding by all existing agreements and protocol on management of the frontier, maintaining peace and tranquility and avoiding any action that could escalate matters. The two countries agreed to the plan during talks between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi in Moscow on Thursday evening on the sidelines of a Shanghai Cooperation Organisation (SCO) meet. Read More...

India falls to 105th spot from 79th in global economic freedom ranking
India's ranking in economic freedom tumbled to 105th among 162 countries in 2018 from 79th the previous year. It should be noted that this drop cannot be attributed to the Covid-19 crisis, whose impact would become evident only two years later. A major disappointment for India came on the parameter of "freedom to trade internationally", on which India ranked 139th, compared with 137th in 2017, showed the ‘Economic Freedom of the World’ report — it measures how policies and institutions of countries support economic freedom — released today by Centre for Civil Society and Canada’s Fraser Institute. Read More...

With Happiest Minds, 77-year-old Ashok Soota hits IPO jackpot a second time
Ashok Soota, a pioneer of India’s information technology services industry, has headed three outsourcing companies including one of the nation’s largest, Wipro Ltd., and taken two of them public. The second was this week when the initial public offering of his latest startup, Happiest Minds Technologies Ltd., was oversubscribed 151 times. The IPO got bids for 3.51 billion shares versus the 23.3 million on offer, ranking it among India’s most successful first-time share sales of this decade. Read More...



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel