Top Headlines: Divestment of 23 PSUs, pay cuts at IndiGo, and more

Here are the top business headlines on Tuesday morning

Govt to go ahead with divestment of 23 PSUs 

The government is working on completing the stake sale process of about 23 public sector companies whose divestment has already been cleared by the Cabinet, Finance Minister Nirmala Sitharaman said on Monday. Read More

IndiGo implements another round of pay cuts

India’s largest airline IndiGo has implemented another round of pay cuts for its senior management and pilots. Chief Executive Ronojoy Dutta will take a pay cut of 35 per cent while all executives with designations of senior vice-president and above will take a pay cut of 30 per cent. Read More

RIL now accounts for 10% of all BSE-listed companies' combined market cap

Reliance Industries (RIL) has dominated the Indian equity markets with its share in the total market capitalisation (market-cap) of all BSE listed companies nearly doubling in the past two years. Mukesh Ambani-controlled company saw its combined market-cap (partly and fully paid shares) hitting the Rs 14.38 trillion mark at the bourses on Monday. With this, RIL accounted for 9.8 per cent of the total market-cap of BSE listed companies of Rs 147.23 trillion. Read More

Don't extend loan moratorium, it is being misused: Deepak Parekh

HDFC Chairman Deepak Parekh made a strong plea to the Reserve Bank of India (RBI) on Monday, not to extend the moratorium beyond August because some borrowers, who otherwise have the ability to pay, are taking advantage of the relaxation. Read More

Not just banks, find other ways to finance infra, RBI guv tells India Inc

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday asked India Inc to look beyond banks to fund infrastructure projects, saying the bad debt overhang had made them risk-averse and quite limited in what kind of exposure they would want to take on their books. Read More

V-shaped recovery in Q3, 4: NK Singh

India will see a sharp V-shaped recovery in the third and fourth quarter of the current fiscal, but FY21 GDP growth would ultimately be in negative territory as the coronavirus lockdown led to serious demand and supply dislocations, 15th Finance Commission Chairman N K Singh said on Monday. Read More

47 more Chinese mobile apps blocked

After banning 59 mobile applications (apps), including TikTok, almost a month ago, the Indian government has initiated another digital strike of sorts. This time it has cracked down on 47 more ‘Chinese-origin’ mobile apps - most being clones or lite variants of the ones earlier banned. Read More

Govt plans tough rules to restrict use of Chinese telecom equipment

The government is considering the use of the Mandatory Testing and Certification of Telecom Equipment (MTCTE) regime to discourage private telecom players in India from buying Chinese telecom gear for their future operations. Read More

25-30 million lost jobs in MSMEs during March-June, says survey

A survey on micro, small, and medium enterprises conducted by SKOCH Group in collaboration with Federation of Indian Micro, Small and Medium Enterprises; Bhartiya Vitta Salahkar Samiti, and Tax Law Educare Society showed that estimated 25-30 million have lost jobs by the end of June. Read More