Top headlines: PM chairs meet on Covid situation; PNB to raise Rs 6k cr

Business Standard brings you the top headlines on Friday

PM Modi chairs high-level meeting on Covid-19 situation, vaccination

Prime Minister Narendra Modi on Friday chaired a high-level meeting to review the Covid-19 related situation and the vaccination drive in the country, government sources said.

The meeting comes a day after Union Health Secretary Rajesh Bhushan said India is still going through the second wave of Covid-19 and it is not over yet. Read more

PNB board approves Rs 6,000 crore capital raising plan

The board of Punjab National Bank has approved raising of capital through Basel III-compliant Additional Tier-1 (AT-1) bonds and Tier II bonds up to an amount of Rs 6,000 crore.

The plan approved by the lender’s board includes raising of AT-1 bonds or AT-2 bonds or a combination of both. The capital would be raised in one or more tranches, the lender said in an exchange filing. Read more

Udaan names co-founder Vaibhav Gupta as CEO, eyes IPO in 18-24 months

Udaan, India’s largest b2b e-commerce platform has appointed co-founder Vaibhav Gupta as CEO. This is part of the plan for the next phase of growth for the Bengaluru-based company. The firm said this is in line with the evolution needed to become a publicly listed entity in 18-24 months and become a best-in-class large global public company. Read more

Ford in talks with another auto firm for Chennai unit handover: TN govt

The Ford Motor factory at Maraimalai Nagar wore a deserted look on Friday, a day after the announcement of the company announcing the shut down of its factory. However, in a huge relief to about 2,600 workers, the state government said talks are on between Ford and another automobile major to take over the operations of the unit. Read more