The Asian Development Bank (ADB) on Tuesday said it has provided $1.5 billion to India to deal with the Covid-19 pandemic. The institution had announced a package of $20 billion in April 2020 to provide financial support to 26 countries to help fight the pandemic, it said in a release.
The government has allowed businesses to verify through electronic verification code monthly GST returns filed till May 31. Currently, businesses are required to digitally sign the GSTR-3B form while filing the monthly return and paying taxes. However, with offices shut due to the lockdown, businesses are unable to generate a digital signature that has led to delay in filing returns.
The space race between the world's two richest men went into hyperdrive on Tuesday after Tesla chief Elon Musk took a swipe at Jeff Bezos' attempt to challenge a major NASA contract.
Business activity has fallen by a fourth of the pre-Covid levels due to lockdowns imposed by states to contain the spread of the second wave of Covid-19, Japanese brokerage Nomura said on Tuesday.
As people were forced to remain indoors for most of the year due to the lockdowns, there was an unlikely winner in the pandemic-ravaged year -- household savings -- which rose to 22.5 per cent of GDP from 19.8 per cent in 2019, according to a report.
The Indian embassy in Nepal has advised passengers not to travel to Kathmandu from India only for the purpose for transiting to others parts of the world. The order comes at a time when a number of countries like the UK, Canada, Australia and UAE have suspended flights to India. While some other countries have restrictions for travellers from India.
Equity indices jumped on Tuesday with the benchmark BSE sensex rising over 550 points led by gains in banking and metal stocks. The 30-share BSE index rose 558 points or 1.15 per cent higher to close at 48,944; while the broader NSE Nifty settled 168 points or 1.16 per cent higher at 14,653.
The Delhi high court Tuesday directed civil aviation regulator DGCA to set up a medical committee to examine whether breath analyser (BA) tests of pilots and cabin crew need to be conducted or blood tests would suffice as an alternative.
Maruti Suzuki India Ltd reported a 9.7% drop in fourth-quarter profit on Tuesday, as weak demand for vehicles during the Covid-19 pandemic and higher commodity costs hurt India's largest carmaker.
The Supreme Court on Tuesday allowed oil-to-metals conglomerate Vedanta Ltd to operate its Tuticorin plant in Tamil Nadu for producing oxygen. "It is a national crisis and the plant to be operated only for production of medical grade oxygen," the top court noted.
Australia on Tuesday announced a temporary ban on direct passenger flights from India following a massive surge in coronavirus infections. Prime Minister Scott Morrison said the suspension would remain in place until at least May 15 due to "clearly present" risks of travel from India, leaving thousands of Australians stranded.
Cognizant CEO Brian Humphries received a total compensation of $13.8 million in 2020, according to the company's 2021 proxy statement filing on the US SEC. It's less than the $15.9 million he received in 2019.
In a show of solidarity, CEOs of some 40 top American companies have come together to create a global task force to mobilise resources to help India fight the battle against Covid-19.
IT services companies are lending a helping hand to their employees to cope with the health challenge thrown by the second wave of the pandemic. Infosys said that employees who have contracted or are recovering from Covid will get 21 days of additional paid leave.
The Reserve Bank of India has said in its ‘State of the Economy’ report that the resurgence in Covid infections, if not contained in time, risks protracted restrictions and disruptions in supply chains and consequent inflationary pressures. The RBI’s warning comes at a time when prospects of regional lockdowns have increased with rising cases of the disease.
Smartphone sales set a record for the January-to-March quarter this year, but a massive second wave of Covid-19 infections will hit future sales in the world's No.2 smartphone market, a research report showed on Monday.
The Reserve Bank on Monday said the government has appointed economic affairs secretary Ajay Seth on the central bank's board.
With domestic air travel declining sharply amid the ongoing surge in Covid cases, the government on Monday decided to retain the 80% cap on flights till May 31, 2021. Additionally, it decided that domestic fare caps will also remain in force during this period.
India's second-largest IT services company Infosys on Monday said it has set up Covid care centres at Pune and Bengaluru for its employees and their families, and is in process of setting up similar facilities across its major offices in the country.
India's economic activity has held up well against the recent spike in Covid-19 cases but the rise in infections risks protracted restrictions and inflationary pressures, the central bank said in its monthly bulletin on Monday.
The Reserve Bank of India (RBI) on Monday fixed the tenure of MD, CEO and whole-time director (WTD) in a private sector bank at 15 years and prescribed the maximum age of 70 years for such functionaries.
Lockdowns and travel restrictions imposed by states such as Maharashtra, Delhi, Jharkhand and Rajasthan have dampened the sale of auto fuels and aviation turbine fuel, leading to refining and marketing companies reducing throughputs, a report said on Monday.
Payments platform Paytm said it is aiming to raise Rs 10 crore to buy 3,000 oxygen concentrators amidst the ongoing oxygen supply crisis in India. The country is currently in the grip of a strong second wave of Covid-19 with record daily cases in India.
Former finance secretary S C Garg on Monday said the fresh Covid-19 wave and consequent local lockdowns may bring down the economic growth to less than 10 per cent in the current fiscal.
The Central Board of Indirect Taxes and Customs (CBIC) on Monday said it has set up a help desk to handle queries related to Covid related imports for their expeditious Customs clearance.
Equity indices jumped higher on Monday with the benchmark BSE sensex rising over 500 points led by gains in banking, realty and metal stocks. The 30-share BSE index finished 508 points or 1.06 per cent to close at 48,387; while the broader NSE Nifty settled 143 points or 1 per cent higher at 14,485.
Former managing director of Maruti Suzuki and founder of Carnation Auto India, Jagdish Khattar, passed away due to a cardiac arrest on Monday. Khattar, 78, served in Maruti Udyog Limited from 1993 to 2007.
HSBC has retained its growth forecasts for India despite the second wave of Covid and has said that it intends to grow its business in the country. The bank, which has around 39,000 employees here, gets a big chunk of revenue from the country and sees it as the third-largest economy by 2030.
China's state-run Sichuan Airlines has suspended all its cargo flights to India for 15 days, causing major disruption to private traders' efforts to procure the much-needed oxygen concentrators and other medical supplies from China despite Beijing offering "support and assistance" to the country to deal with the latest surge of Covid-19 cases.
Reliance Industries Ltd and its partner BP Plc of UK on Monday announced the start of production from the second set of new discoveries the two are developing in the eastern offshore KG-D6 block.
Google chief executive Sundar Pichai and his Microsoft counterpart Satya Nadella on Monday pledged support to India amid the ongoing coronavirus crisis in the country
DXC Technology said it will hire 7,000 from campuses across the country this year — 56% higher than the 4,500 it had recruited last year. The move comes as IT services companies continue to ride the wave of high demand from clients wanting to digitally transform their businesses.
In 2020-21, HCL signed 58 new large deals with a total contract value (TCV) of $7.3 billion, an 18% increase over the previous year. In an interview with TOI, HCL CEO and president C Vijayakumar spoke about the demand outlook.
In China's commercial hub Shanghai, six big state banks are quietly promoting digital yuan ahead of a May 5 shopping festival, carrying out a political mandate to provide consumers with a payment alternative to Alipay and WeChat Pay.
HCL Technologies has offered a skill-based allowance of 25-30% of their CTC (cost-to-company) to about 16,000 employees. “These are skills where customers are paying a premium and we are passing it on to the employees. Over the years the number of people who qualify for this allowance has seen a steady increase,” said Apparao V V, chief HR officer.
The Centre on Sunday moved in with a fresh set of measures aimed at immediately increasing medical oxygen supply by over 20%, while seeking to set up 551 dedicated medical oxygen generation plants at public health facilities across district headquarters, using funds from PM-Cares. Industries have been ordered to restrict the use of liquid oxygen, including existing stock.
The Shapoorji Pallonji (SP) Group filed for a review on Saturday of the Supreme Court verdict in its minority shareholder oppression case against Tata Sons. The move came on the last day to file such an appeal.
Serum Institute of India, which makes the most used Covid-19 vaccine in the country, on Saturday defended pricing Covishield vaccine at 1.5 times the initial rate, saying the earlier price was based on advance funding and now it has to invest in scaling up and expanding capacity to produce more shots.
Apple Inc said on Friday that it is starting a program to help employees get voluntary Covid-19 vaccinations at the iPhone maker's offices. The company is working with drugstore chain Walgreens Boots Alliance Inc as its vendor and will open a website for its workers to sign up for appointments, an Apple spokeswoman said.
The government on Saturday decided to waive off basic customs duty and health cess on import of oxygen and oxygen related equipment for three months as the authorities stepped up measures to augment supplies to fight the raging second wave of the Covid-19 pandemic.
Vaccine maker Biological E Ltd on Saturday said it has received approval of the subject expert committee (SEC) of the Central Drugs Standard Control Organization (CDSCO) to start Phase III clinical trials of its Covid-19 subunit vaccine candidate, that it is developing with the Texas-based Baylor Medical College.
Amid rising Covid cases in India, Kuwait on Saturday suspended all commercial flights from the country for an indefinite period with immediate effect. In a circular, Kuwait’s DGCA said Indians can arrive there from some other country only if they have stayed outside India for atleast 14 days.
Online food ordering platform Zomato on Friday said it has appointed five independent directors on its eight-member board, including four women.
The government on Saturday extended the deadline for making payment under the direct tax dispute resolution scheme Vivad Se Vishwas by two months till June 30 due to a severe Covid pandemic.
Beijing-based ByteDance said on Friday it had no imminent plans for an initial public offering (IPO). ByteDance last month hired former Xiaomi executive Shou Zi Chew to a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.
Macquarie Research has valued Citibank’s India retail business at around $2bn, based on their Basel III disclosures in the country. This makes India the most valuable business among the 10 markets in the Asia-Pacific where Citi plans to exit consumer business. These 10 markets are collectively valued between $6.3 billion and $8 billion by Macquarie.
HCL Technologies reported revenue growth of 2.6% in constant currency for the fourth quarter, compared to last year, continuing the strong run of IT services companies which have all benefited from the digital transformation customers have been undertaking due to the pandemic.
Yes Bank has started the process of relocating its headquarters from Indiabulls Finance Centre in central Mumbai to the iconic erstwhile headquarters of Reliance Anil Dhirubhai Ambani Group in the western suburb of Santa Cruz.
A day after Union finance minister Nirmala Sitharaman tweeted about reports of hospitals denying cashless services to Covid-19 patients and asked Insurance Regulator and Development Authority of India (Irdai) to take action, the insurance watchdog has directed insurers to lodge complaints of such malpractices directly with state governments.