Twitter labels Trump's tweets as misleading, US President hits back. Day 2 of flight resumption: Over 42,000 ferried; 2 test Covid-19 positive. Senior Indian, Chinese Army commanders in talks to defuse tension in Ladakh. High-level Indian and Chinese military commanders met at designated points along the LAC (line of actual control) on May 22 and May 23 to defuse the current situation in Eastern Ladakh.
Sources told ANI that parallel diplomatic channels in New Delhi and Beijing were also working towards a peaceful resolution. Since the beginning of May, Chinese army has been involved in several incidents in Eastern Ladakh, along the LAC. While the Indian and Chinese military commanders are talking face-to-face in Ladakh, diplomatic efforts are underway in the national capitals of the two countries to resolve the situation. Reliance looks at Nasdaq listing for Jio Platforms; IPO likely by 2021.
An overseas listing may be on the cards for Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries (RIL).
According to sources aware of the development, work in this regard may commence soon after RIL sells 20-25 per cent in Jio Platforms and the government issues direct listing guidelines. In the past one month, five global players have picked up a 17.12 per cent stake in Jio Platforms for a total consideration of Rs 78,562 crore, valuing the company at Rs 4.91 trillion (or $73 billion). Highly placed sources said once the new guidelines for direct international listing were announced by the government, the company would look at various global stock markets.
On May 17, Finance Minister Nirmala Sitharaman had said Indian companies might be allowed direct overseas listing, without a simultaneous listing in the Indian market. Coronavirus LIVE: India cases rise to 151,876; global tally nears 5.7 mn. Senior Indian, Chinese Army commanders in talks to defuse tension in Ladakh. High-level Indian and Chinese military commanders met at designated points along the LAC (line of actual control) on May 22 and May 23 to defuse the current situation in Eastern Ladakh.
Sources told ANI that parallel diplomatic channels in New Delhi and Beijing were also working towards a peaceful resolution. Since the beginning of May, Chinese army has been involved in several incidents in Eastern Ladakh, along the LAC. While the Indian and Chinese military commanders are talking face-to-face in Ladakh, diplomatic efforts are underway in the national capitals of the two countries to resolve the situation. The Indian Army has been effectively responding by building and deploying its own capabilities in Eastern Ladakh, including the Galwan sector. Reliance looks at Nasdaq listing for Jio Platforms; IPO likely by 2021. An overseas listing may be on the cards for Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries (RIL).
According to sources aware of the development, work in this regard may commence soon after RIL sells 20-25 per cent in Jio Platforms and the government issues direct listing guidelines. In the past one month, five global players have picked up a 17.12 per cent stake in Jio Platforms for a total consideration of Rs 78,562 crore, valuing the company at Rs 4.91 trillion (or $73 billion). Highly placed sources said once the new guidelines for direct international listing were announced by the government, the company would look at various global stock markets.
On May 17, Finance Minister Nirmala Sitharaman had said Indian companies might be allowed direct overseas listing, without a simultaneous listing in the Indian market. Microsoft says it will invest in Skype despite success with Teams app. Microsoft says it would continue investing in Skype, the video calling app, despite its video conferencing app Teams getting record popularity as the coronavirus pandemic keeps people indoors.
Purchased in 2011 for $8.5 billion, Skype communication tool has failed to keep up with other messaging rivals to date, while Teams has seen a meteoric rise as millions of people work from home. Sony launches new BRAVIA series TVs in India, price starts at Rs 79,990. Sony India on Tuesday announced the all-new BRAVIA X8000H and X7500H TV series with 4K Ultra HD LED display.
The 85X8000H will be available at Rs 5,99,990, 65X8000H at Rs 1,39,990 and 55X7500H is priced at Rs 79,990, the company said in a statement. Sony's new 4K HDR TVs are available in various sizes. The next generation Smart TVs support true-to-life viewing experience with 'TRILUMINOS' display that reproduces the subtle nuances of colour, light and gradation from video lens to living room. The new Bravia TVs features x-balanced speaker whichnaims to deliver immersive sound experience accompanied with Ultra-vivid Picture. The new lineup comes with Android 9 Pie with voice search powered by Google Assistant. Amazon engineers behind Kindle, Echo working on Covid-19 testing tools.
The Amazon team behind products like Kindle e-readers and Echo smart home speakers is now working to build Covid-19 testing capabilities.
Amazon's hardware group Lab126 is hiring engineers to work on its coronavirus testing initiative, according to job listings reported by GeekWire. PM 'low key', cannot be seen now that lockdown has failed: Rahul Gandhi. With Lockdown 4.0 slated to end in five days, Congress leader Rahul Gandhi on Tuesday said over two months of the nationwide lockdown has failed to achieve its objective of containing the spread of coronavirus, and demanded to know the government’s “Plan B” for tackling the crisis.
Gandhi said the prime minister was “quick to take centre stage in the early stages” of the battle, but he has “stepped back”, become “low key”, is on the “back foot” when “his leadership is most needed”. He asked the PM to face the country. “The PM will accept that his first plan failed. I request him to play on the front foot,” said the Congress leader during a press interaction. The former Congress president also sparked speculation that all isn’t well among the coalition partners of the Maha Vikas Aghadi government. IndiGo passenger travelling to Coimbatore found Covid-19 positive. On the first day of resumption of domestic flight services across India, a passenger travelling aboard an IndiGo flight from Chennai to Coimbatore was found to be Covid-19 positive.
This is the first case of a passenger being detected on board an aircraft in domestic sector The coronavirus positive case was reported on the Chennai-Coimbatore IndiGo flight 6E 381. The case was discovered during testing at the Coimbatore airport. IndiGo confirmed the incident saying that no passenger was seated near the person and the crew operating the aircraft has been grounded and been asked to stay in quarantine for 14 days. "He was seated on-board the aircraft with all precautionary measures including face mask, face shield and gloves, as were the other passengers. Aaroyga Setu app to become open source, says govt after privacy controversy. The computing code of Aaroyga Setu, India’s coronavirus-tracing app, will opened up for independent developers to check and make suggestions, said the government on Tuesday after privacy activists flagged their worries about its safety and use.
The app's Android version will be made open source first and other makes later, said the government. Military leaders, Doval meet Modi as border tension with China continues. Prime Minister Narendra Modi on Tuesday met with National Security Adviser Ajit Doval, Chief of Defence Staff General Bipin Rawat and the three service chiefs as a border tension with China in eastern Ladakh continued, media reports said. The military leaders apprised Modi about the situation in eastern Ladakh, news agency PTI said quoting sources as officials maintained that the agenda of the scheduled meeting was military reforms and improving India's combat prowess. There was no official comment or details available about the meeting. The meeting came hours after the Indian Army briefed Defence Minister Rajnath Singh about the situation in Pangong Tso lake, Galwan Valley, Demchok, and Daulat Beg Oldi where Indian and Chinese troops have engaged in aggressive posturing for 20 days.
NCLAT quashes NCLT order making MCA a party to all IBC proceedings. The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order to implead the Ministry of Corporate Affairs (MCA) as a party in all proceedings related to insolvency and company matters before it. Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the National Company Law Tribunal’s (NCLT’s) direction was “beyond the power” and amounted to “imposition of a new rule in a compelling fashion”. Earlier, in an order on November 22, 2019 the principal bench of the NCLT had directed to make the MCA a party in all applications filed under the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act before all benches, so that authentic record is made available by the office for proper appreciation of the matters.
ALSO READ: NCLAT's resolution professional ruling: Several bankruptcy cases face delay. 'Treat with urgency': SC tells govt about pleas against compulsory wages. The government must treat "treat with urgency" issues raised in pleas challenging a home ministry notification asking private organisations to pay wages to workers during a nationwide lockdown to contain the spread of the coronavirus.
“All employers, be it in the industry or in the shops and commercial establishments, shall make payment of wages of their workers, at their workplaces, on the due date, without any deduction, for the period their establishments are under closure during the lockdown,” the ministry had said on March 29. The home ministry repealed the order after hearing industry associations, Business Standard reported on May 19 Attorney General K K Venugopal told a three-judge Supreme Court bench the government had issued a notification on May 17 to override the March 29 ministry order.
The court then asked the government to file its response and posted the matter for hearing next week. Govt to raise Rs 80,000 cr via cash mgt bills to meet liquidity mismatch. The government will be borrowing Rs 80,000 crore on Thursday through 84-day cash management bills (CMB), or short-term treasury bills used to meet temporary liquidity mismatches. Cash management bills are off-budget items and are not in use frequently unless the government needs some interim cash.
One side-effect of the CMBs is that it reduces excess systemic liquidity for the tenure of the bill. The excess system liquidity, as on Monday, was at Rs 7.29 trillion. The banks are not lending out their money, and so, the liquidity is getting parked with the RBI earning just the reverse repo rate. The central bank last week reduced the reverse repo rate to 3.35 per cent.
Acting on its own, SC takes note of migrants workers' misery in lockdown. The Supreme Court Tuesday took a suo moto cognizance of the problems of migrant workers who were stranded in states and cities when the country was locked down to contain the spread of the coronavirus. Bharti Airtel slips 5% after promoters sell 2.75% stake via block deals. Shares of Bharti Airtel dropped 5.4 per cent to Rs 561 on the BSE on Tuesday after its promoter, Bharti Telecom, sold some stake in the telecom services provider through open market deals today. Uber trims a quarter of its India workforce, lays off 600 employees. Uber India on Tuesday announced that it was laying off about 600 employees, or a quarter of the 2,400-strong workforce, with the ride-hailing firm’s business taking a massive hit owing to the Covid-19 pandemic. Bayer CropScience surges 10% on strong Q4 results; stock nears record high.
Shares of Bayer CropScience surged 10 per cent to Rs 4,875, also its fresh 52-week high, on the BSE on Tuesday after the company reported profit before exceptional items and tax (PBET) of Rs 54.3 crore for the quarter ended March 2020 (Q4FY20), on the back of strong operational performance. Metal stocks shine amid strong global cues; JSPL, JSW Steel jump up to 10% HDFC advances over 3% as Q4 earnings beat Street expectations. GMM Pfaudler dips 14% on profit booking post March quarter results. Huge scam in YES Bank for many years, says Enforcement Directorate. YES Bank former managing director (MD) and chief executive officer (CEO) Ravneet Gill told the Enforcement Directorate (ED) that the bank had sanctioned huge amounts of credit to many corporates that were facing significant stress and liquidity issues. An ED chargesheet quoted Gill as saying that the private lender on March 31, 2019, had put out a credit watch list naming several large corporates/borrowers. IIT Mumbai alumnus & IBM scientist Rajiv Joshi named Inventor of the Year.
Avenue Supermarts declines 5% as Q4 EBITDA margin contracts 68 bps YoY. Negative price trading on MCX: Brokers approach Sebi with alternatives. Human trials for Covid-19 vaccine may begin in 6 months: ICMR Official. Over 500 flights take off, but states create plane confusion at airports. Covid-19 crisis: Thackeray, Piyush Goyal fight it out over migrant trains. Bharti Airtel slips 5% after promoters sell 2.75% stake via block deals. Uber trims a quarter of its India workforce, lays off 600 employees. India's first quarter GDP growth likely to be weakest since 2012: Poll. Scientists set new record for data transmission over 75 km of optical fibre. Realme to make Smart TVs in India after lockdown, flagship TVs soon. Sadananda Gowda lands in controversy in Bengaluru for skipping quarantine.
Oxford University Covid-19 vaccine trial has 50% chance of 'no result' Domestic air travel resumes with confusion at airports, cancelled flights. Promoter to sell 2.75% stake worth $1 bn in Bharti Airtel via block deals. $717-mn loan case: China banks will have to move Indian courts against ADAG. ITC set to acquire spice major Sunrise Foods for estimated Rs 2,000 crore. Fitch downgrades JSW Steel, Tata Steel to BB- from BB; outlook negative. Crisis-hit IL&FS plans to divest its 26% stake in OTPC, invites bidding. Nissan, Renault to disclose plan to slash production due to Covid shutdowns. ILO reaches out to PM Modi over labour law changes in various states. States need to ask for permission if they want UP workers back: Adityanath. Hockey icon, three-time Olympic gold medalist, Balbir Singh Sr. passes away.
Flight resumption paves way for Parliamentary committee meetings in June. 80 flights cancelled at Delhi airport; airlines follow Covid-19 guidelines. SC allows AI to run international flights with middle seats filled for 10 days. MCX enables exchange software to trade negative price or below Re 1. States need to ask for permission if they want UP workers back: Adityanath. ITC set to acquire spice major Sunrise Foods for estimated Rs 2,000 crore.
Domestic air travel, international arrivals: Check guideline details here. Company News: Company Business News, Indian Companies News, Company Analysis, Corporate Industry News. Covid-19 crisis: Domestic flights resume today as talks go down to the wire. Global cues, earnings, Covid updates to set market trend next week: Experts. Guidelines for domestic air travel, train journey issued: Check all details. Four of top-10 companies add Rs 1.12 trn in m-cap; TCS, Airtel, ITC shine. China brings in more troops into Ladakh, India keeps aggressive posture. 4 Covid-19 vaccines may soon enter clinical trial stage, says Harsh Vardhan. After rush to exit India in March & Apr, FPIs invest Rs 9k cr in May so far. India may register recession in Q3 of this fiscal over Covid-19: Report. Guidelines for international arrivals issued; 14-day quarantine compulsory.
Maharshtra to allow 25 daily landings, take-offs from Mumbai airport. UK court orders Anil Ambani to pay $717 mn to Chinese banks within 21 days. Jaguar in talks with British govt for loan as Covid-19 takes toll: Report. Franklin MF sees Rs 616 cr default from Essel Infra in four schemes. Hopeful of starting international flights before August, says Hardeep Puri. Emaar MGF to pass on Rs 13 crore to homebuyers of Gurugram project. IndiGo, SpiceJet open bookings after govt gives nod to resume services. WhatsApp video calls for tax adjudication in wake of Covid-19 pandemic. Bandhan Bank slips 6% on business update post Cyclone Amphan.
Amazon forays into food delivery, sets up direct fight with Swiggy, Zomato. Cyclone Amphan LIVE: PM begins aerial survey of affected areas in Odisha. 'The end of Hong Kong'? China's new plan for the region has Trump fuming. 'The end of Hong Kong'? China's new plan for the region has Trump fuming. SBI Cards and Payment Services slips 9%, hits new low since listing. Coronavirus LIVE: ICSE to conduct pending board exams from July 1-14. SBI Cards and Payment Services slips 9%, hits new low since listing. RBI says India GDP will contract in FY21, cuts repo rate by 40 bps to 4% RBI rate cut a boon for borrowers? Know how your EMIs will be impacted. Gloom for savers: How RBI repo rate cut will impact FD investments, savings. MARKET LIVE: Sensex, Nifty recoup losses ahead of RBI press meet; RIL up 1% In Jio's 5th big deal in a month, KKR picks up 2.32% stake for Rs 11,367 cr. IT firms seek higher volume of work from clients amid price discount demand.
Delhi-Mumbai no more than Rs 10,000 as govt sets limits on airfares. Franklin MF ropes in Kotak Bank to expedite wind-up of 6 schemes. TCS CEO Rajesh Gopinathan's pay package cut 16% to Rs 13.3 cr in FY20. Cabinet approves new methodology for awarding commercial coal mines. JK Lakshmi Cement soars 11% on strong March quarter results. Bajaj Auto rallies 6% on better-than-expected March quarter performance. JB Chemicals & Pharma, Syngene International hit all-time highs. Football is back in Germany: What made Bundesliga's return possible? Zomato to show separate restaurant ratings for delivery and dining. Sebi eases 90-day curing period norm for defaulting firms post-downgrade. Airlines to follow ticket price rules as domestic flights begin from May 25. Train ticket bookings resume at 170,000 centres from Friday: Rail Min. Masks to baggage: India's new rules for flying in coronavirus times.