Biz InBrief

13/07/2020

Source: The Print
Full article link: https://theprint.in/economy/imperative-banks-raise-capital-as-pandemic-could-increase-npas-says-rbis-shaktikanta-das/458732/

13/07/2020

Source: The Print
Full article link: https://theprint.in/economy/hdfc-bank-probed-improper-lending-conflict-of-interest-in-its-vehicle-loans-unit/459594/

13/07/2020

Source: Economic Times
Full article link: https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/arvind-fashions-in-talks-with-reliance-retail-to-sell-two-denim-brands/articleshow/76927450.cms

13/07/2020

Source: Economic Times
Full article link: https://economictimes.indiatimes.com/industry/banking/finance/banking/virus-boosts-digital-payments-in-india-where-cash-ban-failed/articleshow/76931917.cms

13/07/2020

Heading: Jio Platforms receives over Rs 30,062.43 cr from 4 investors
Jio Platforms has received all the approvals for its stake sales to L Catterton, PIF, Silver Lake and General Atlantic Singapore, and has got a total of Rs30,062.43 crore for 6.13% stake. So far , 11 global investors that are buying a total 25.09% stake in Jio Platforms for Rs 1.18 lakh crore. These investments, along with Rs 53,124 crore from a rights issue, are helping RIL achieve its aim of becoming net debt free.
Refer Link :-
https://economictimes.indiatimes.com/industry/telecom/telecom-news/jio-platforms-receives-over-rs30362-crore-from-four-investors/articleshow/76904028.cms

11 global investors are buying a total 25.09% stake in Jio Platforms for Rs 1.18 lakh crore.

13/07/2020

Heading: Life insurance sector witnesses 18.6 per cent drop in first-year premium
Due to COVID-19 pandemic, the life insurance sector witnessed an 18.6 per cent drop in the first year premium in the April-June quarter of the current financial year. The overall sum assured also declined 12.9 per cent compared to last year.
For Full Link :-
https://economictimes.indiatimes.com/industry/banking/finance/insure/life-insurance-sector-witnesses-18-6-per-cent-drop-in-first-year-premium-care-ratings/articleshow/76922009.cms

"The life insurance sector continues to report a drop in their first-year premium collection as businesses have been severely impacted by the COVID-19 pandemic.

13/07/2020

Heading: Apple continues breakup with China as supplier plans $1 billion India investment
Apple’s determination to move production away from China continues as Taiwan-based supplier Foxconn is reportedly planning a significant investment in an iPhone assembly factory in southern India. The investment is said to be worth up to $1 billion. reason for this move is due to the trade tension between Washington, D.C., and Beijing, and the COVID-19 pandemic.
For Full Link :-
https://www.digitaltrends.com/mobile/apple-foxconn-1-billion-india/

Foxconn is reportedly planning to invest $1 billion in an iPhone factory in India, as Apple continues to shift production away from China due to trade tensions.

13/07/2020

Heading: Reliance's digital unit wins Qualcomm backing in boost to 5G plans
India’s Reliance Industries said on Sunday Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms for 7.3 billion rupees ($97.1 million). The partnership will help Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm, to “roll out advanced 5G infrastructure and services for Indian customers.

Please refer Full link :-
https://in.reuters.com/article/us-reliance-investment-qualcomm/reliances-digital-unit-wins-qualcomm-backing-in-boost-to-5g-plans-idINKCN24D0KO

India's Reliance Industries said on Sunday Qualcomm Inc's investment arm will buy a 0.15% stake in its digital unit Jio Platforms for 7.3 billion rupees ($97.1 million).

08/07/2020

Heading: Oil Dips As US Inventory Build Stokes Supply Fears
Brent crude futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3%, to $40.52 a barrel. U.S. crude oil stockpiles rose last week, against expectations for a draw, although gasoline and distillate inventories fell more than expected.

Full Link:-
http://www.businessworld.in/article/Oil-Dips-As-US-Inventory-Build-Stokes-Supply-Fears/08-07-2020-295202/

08/07/2020

Heading: Telcom revenues from wireless services may fall in Q1: Report
Revenue of telecom service providers through wireless services is likely to fall in the first quarter of FY20-21 due to the nationwide lockdown. The report noted that the lockdown delayed recharges by low ARPU (Average Revenue Per User) prepaid subscribers on account of the reverse labour migration and impact on income levels along with curbed subscriber additions, SIM consolidation and absence of international roaming revenues.

Full Link:-
https://www.socialnews.xyz/2020/07/06/telcom-revenues-from-wireless-services-may-fall-in-q1-report/

New Delhi, July 6 (SocialNews.XYZ) Revenue of telecom service providers through wireless services is likely to fall in the first quarter of FY20-21 due to the nationwide lockdown, according to a report by Emkay Global... - Social News XYZ

08/07/2020

Heading: Tata Power subsidiary completes sale of 3 ships for $212.76 million
Tata Power on Tuesday said its Singapore-based subsidiary Trust Energy Resources completed the transaction for the sale of its three ships to Oldendorff Carriers GmbH & Co. KG, Germany for USD 212.76 million (around Rs 1,592 crore). The sale of the shipping assets , is in line with the long term plans to reduce debt and raise funds to invest in future growth plans, including expanding the presence in the renewable energy business.

Full link:-
https://www.moneycontrol.com/news/business/tata-power-subsidiary-completes-sale-of-3-ships-for-212-76-million-5517031.html

"Singapore-based Trust Energy Resources Pte Ltd (TERPL), a wholly-owned subsidiary of Tata Power has announced completion of sale of its three ships -- MV Trust Agility, MV Trust Integrity and MV Trust Amity to Oldendorff Carriers GmbH & Co. KG, Germany -- for a consideration of USD 212.76 million,"...

08/07/2020

Heading: U.S. firms in India not ready to pay digital tax.
A lobby group representing U.S. technology giants has said its members are not yet ready to make the first payment of the country’s digital tax due this week, urging New Delhi to defer the move. India in March said all foreign billings for digital services provided in the country would be taxed at 2% from April 1, a move that caught U.S. technology firms (like Amazon, Google) off guard as they were battling the COVID-19 pandemic.

Full Link:-
https://in.reuters.com/article/us-india-tax-digital/u-s-firms-in-india-not-ready-to-pay-digital-tax-lobby-group-says-idINKBN24812B

A lobby group representing U.S. technology giants has said its members are not yet ready to make the first payment of the country's digital tax due this week, urging New Delhi to defer the move.

08/07/2020

Source: Economic Times
Full article link: https://economictimes.indiatimes.com/news/international/world-news/who-acknowledges-evidence-emerging-of-airborne-spread-of-covid-19/articleshow/76840850.cms

08/07/2020

Source: Reuters
Full article link: https://in.reuters.com/article/uk-tiktok-privacy-children/exclusive-u-s-probing-allegations-tiktok-violated-childrens-privacy-sources-idINKBN24908U

08/07/2020

Source: NDTV Profit
Full article link: https://www.ndtv.com/business/state-bank-of-india-loan-interest-rate-cut-sbi-cuts-key-lending-rate-for-loans-up-to-3-months-2259058

08/07/2020

Source: The Hindu BusinessLine
Full article link: https://www.thehindubusinessline.com/money-and-banking/yes-bank-to-raise-close-to-15000-crore-via-fpo/article32018790.ece

07/07/2020

Source: Business Line
Full article link: https://www.thehindubusinessline.com/companies/franklin-mf-gets-court-permission-to-sell-shares-of-zee-and-dish-tv-shares-pledged-by-essel/article32009750.ece?homepage=true

07/07/2020

Source: Economic Times
Full article link: https://economictimes.indiatimes.com/news/economy/indicators/india-growth-forecast-cut-again-at-citi-as-covid-cases-surge/articleshow/76809579.cms