Top Headlines: Google vs Facebook, new telecom war, Rajan's warning & more

Here are the top business headlines on Wednesday morning

Jio sets off new telecom war with Voda Idea, Airtel

Reliance Jio and Vodafone Idea are set for a legal battle which will determine the future of lucrative data plans. On Tuesday, the Mukesh Ambani-controlled company appealed to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to hear its side before passing any order on Vodafone Idea's petition against the regulatory curbs on premium plans, triggering a new faceoff in the financially stressed industry. Read More

Google vs Facebook: India is set to be their next big battleground

With Google and Facebook both investing billions, India is set to be their next big battleground. On Monday, Sunder Pichai, Google Inc CEO, said the company will invest $10 billion in India in the next 5-7 years. Read More

Walmart infuses $1.2 bn in Flipkart

Walmart, the world’s largest retailer, has led a $1.2-billion investment in Flipkart, valuing the e-commerce firm at $24.9 billion. In 2018, when Walmart invested $16 billion for a majority stake in Flipkart, the Bengaluru-based firm was valued at less than $21 billion. Read More

Wipro sees green shoots in some verticals

Information technology (IT) IT services major Wipro on Tuesday reported a better-than-expected quarterly performance in Q1 of FY21, as its profitability improved despite contraction in revenues on a sequential basis. Read More

Google is in advanced talks to invest $4 billion in Jio Platforms

Google is in advanced talks to buy a $4 billion stake in Mukesh Ambani’s technology venture, people familiar with the matter said, seeking to join rival Facebook in the chase for growth in a promising internet market. Read More

Rajan warns against 'unprecedented' rise in NPA levels in 6 months

Former Reserve Bank of India (RBI) governor Raghuram Rajan on Tuesday expressed disappointment over Finance Minister Nirmala Sitharaman's observations in a newspaper article written by her on Tuesday. He warned that banks were going to see an unprecedented rise in bad debts and the sooner the problem is recognised the better it would be. Read More

India needs to leverage performance of farm sector to push growth: Subbarao

Former Reserve Bank Governor D Subbarao on Tuesday said the government needs to build on "some silver linings" in the farm sector, driven by the prospect of a favourable monsoon, to speed up the economic recovery. Read More

Know what has changed in the New 26AS form

While the deadline for filing income tax returns (ITRs) has changed several times owing to the Covid-19 pandemic, it’s not the only change of which you should be mindful. A new Form-26AS has been introduced by the income tax (I-T) department which will seek far more details than before. Read More

UP asks for Rs 20,940 cr loan to help discoms

The Uttar Pradesh government has requested the Power Finance Corporation (PFC) and the Rural Electrification Corporation (REC) for Rs 20,940-crore loan to help its power distribution companies (discoms), seeking a sizeable chunk of the Centre’s bailout package. Read More

July data indicates consumption may be stagnating amid Covid-19 crisis

High frequency indicators and analyst commentary suggest that July might have fewer positive surprises on the economic front. Analysts have cut earnings estimates more sharply for consumption-oriented companies, even as many other indicators show signs of stagnation. Read More