Top 10 biz headlines: PM on economic revival, Moody's ratings and more

PM Narendra Modi assured India Inc of help whenever there was need
Prime Minister Narendra Modi on Tuesday asserted that India would return to high growth and promised that his government would undertake further reforms with the help of inputs provided by industry. Here are the top ten headlines that made news on Wdnesday morning:

Anil Ambani-promoted RInfra's total default pegged at Rs 3,315 crore

Anil Ambani-promoted Reliance Infrastructure has, at the consolidated level, defaulted to the tune of Rs 3,315 crore on payments of both interest and principal to various lenders. Read more here

Covid-19 impact: Moody's cuts rating for SBI, HDFC Bank to 'Baa3'

Moody’s has downgraded ratings for SBI and HDFC Bank’s long-term local and foreign currency deposit from “Baa2” to “Baa3” after it downgraded India’s sovereign rating from “Baa2” to “Baa3” with a negative outlook. Read more here

Covid-19 crisis: PM Modi says growth will return, more reforms in the works

Modi urged industry to come up with studies on each sector of the economy. “We will together take up large structural reforms that will change the course of our country,” he said at the 125th annual general meeting of the Confederation of Indian Industry (CII). Read more here

Nearly 70% listed firms' turnover below new MSME threshold due to lockdown

Nearly 70 per cent of the listed companies could now be part of the micro, small and medium enterprises category after the Union Cabinet approved the revised MSME definition, showed an analysis of their sales data. Read more here

Covid-19 can push 60 million into poverty, warns World Bank

The World Bank on Tuesday urged countries to go for comprehensive policies to address health emergencies and secure core public services or 60 million people could be pushed into extreme poverty in 2020. Read more here

IndiGo posts Rs 1,290 crore pre-tax loss in Q4 amid Covid-19 lockdown

IndiGo on Tuesday announced it will not pay any dividend to its shareholders for the financial year ended 2020, the company has announced. Read more here

As investor exits continue, credit risk funds lose half of their asset base

As of May 29, assets under management for credit risk funds stood at Rs 30,248.20 crore, as against Rs 61,611.44 crore at the beginning of the year. This translates into the erosion of nearly 51 per cent. Read more here

RBI seeks clarity from govt on Taiwan's foreign direct investment status

RBI has sought clarity from the government on whether Taiwan ought to be included in the list of countries and regions that would require government approval for FDI. Read more here

Future group likely to sell in-house brands in bid to repay lenders

According to Livemint report, Kishore Biyani’s Future group plans to sell some of its in-house brands as the retail-focused group faces pressure from lenders to reduce debt.

Tax relief likely on creation of ‘permanent establishment’

India will provide relief to overseas companies with global income that may be subject to tax here because the presence of their key management personnel stuck in the country during the lockdown created a ‘permanent establishment’, says Economic Times report. 

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