Top biz headlines: ATMs to become virtual bank branches, Airtel deal & more

Bharti Telecom will sell 150 million shares, equivalent to 2.75 per cent of its stake in Airtel, through an accelerated book-build offer
Bharti Telecom, promoter of Bharti Airtel, is expected to raise $1 billion, or more than Rs 7,600 crore, by selling a small stake in the telecom giant. Meanwhile, the Enforcement Directorate chargesheet said Rana Kapoor had overruled objections by risk teams while extending loans to realty firms. Here are the top the 10 news on Tuesday morning.

Promoter to sell 2.75% stake worth $1 bn in Bharti Airtel via block deals

Bharti Telecom is expected to raise more than Rs 7,600 crore, by selling a small stake in the telecom giant through block deals on Tuesday. Read more here

HDFC's pre-tax profit down 27% in Q4 due to higher provisioning for Covid

HDFC has reported a 27 per cent decline in profit before tax at Rs 2,692 crore in the March quarter because of higher provisioning for uncertainties due to the Covid-19. Read more here

Huge scam in YES Bank for many years, says Enforcement Directorate

According to the ED on Monday, a huge scam was brewing for many years during the tenure of YES Bank CEO Rana Kapoor, who knowingly indulged in fraud activities. Read more here

Covid-19 crisis: 80% MSMEs in Sonipat hub await their turn to open

The first of a five-part series captures the restlessness of workers in Haryana's industrial clusters struggling to restart operations. Read it here

ATMs to become virtual bank branches, accept deposits with instant credit

Nearly 95 per cent of replacement orders for ATMs are for new-age recyclers, which not only dispense cash but also allow deposits that get reflected in the account immediately. Read more here

Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds

Gross direct tax collections recorded a 13 per cent fall up to May 23, compared to the same period last year, due to coronavirus pandemic. Read more here

ILO reaches out to PM Modi over labour law changes in various states

The International Labour Organisation on Monday has taken up with PM Narendra Modi the concerns related to the proposed labour law amendments by the state governments. Read more here

Home appliances remain immune to Covid, lockdown relaxation boosts demand

According to a survey, 28 per cent consumers in 12 cities across the country were open to the idea of buying a home appliance in the next few weeks. Read more here

Why ITC's Sunrise Foods deal is positive but unlikely to push up valuation

ITC’s acquisition of Kolkata-based Sunrise Foods, will improve the growth outlook of ITC’s FMCG business, which includes popular brands, such as Aashirvaad, Bingo!, Yippee!, and Sunfeast. Read more here


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