Top headlines: Job schemes for migrants; Q1 results better than expected

From better-than-expected performance by India Inc in Q1 to pay cuts and job losses, here are the top headlines this morning

Covid-19 impact: Govt plans job scheme for urban poor and migrants

The Central government is considering an employment scheme for the poor and migrants in urban and sub-urban parts of the country, as job creation becomes the biggest priority for the administration trying to steer the country out of an economic decline, made worse by the pandemic. While internal discussion is going on, the plan could mature into either an umbrella programme for urban youths similar to the Garib Kalyan Rozgaar Abhiyaan, launched by Prime Minister Narendra Modi last month, or a modified urban-focused version of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Business Standard has learnt. Read More

Q1 early-bird results better than expected; IT, financial services do well

Early bird results for the June 2020 quarter hint at a better-than-expected showing by India Inc. The combined profit before tax (PBT) of the 95 companies that have declared results so far fell 8.6 per cent year on year (YoY), while their net profit and net sales were down 3.4 per cent each during the first quarter. Read More

RBI seeks internal car loan investigation details from HDFC bank

The Reserve Bank of India (RBI) has asked HDFC Bank to provide details of an internal investigation into allegations of improper lending practices in its vehicle-financing operation, according to people familiar with the matter. The RBI is also seeking information on steps taken by HDFC Bank to remedy any issues identified during the investigation, the people added, asking not to be named. Read More

Flipkart acquires Walmart India's wholesale biz to help transform kiranas

Flipkart has strengthened its wholesale presence with the acquisition of Walmart India, which operates the Best Price cash-and-carry business. Bengaluru-based Flipkart, in which Walmart Inc holds a majority, has announced the launch of Flipkart Wholesale — a new digital marketplace that looks to transform the kirana retail ecosystem by leveraging technology. Read More

Amazon in talks to pick up 9.9% stake in Reliance retail arm

Amazon.com Inc is in talks to buy a 9.9 per cent stake in the retail arm of Indian conglomerate Reliance Industries Ltd, ET Now reported on Thursday, citing sources. Amazon wants a preferred, strategic stake in Reliance Retail for JioMart, according to tweets by the television channel. Read More

No plan to monetise debt for now

The finance ministry has not discussed any proposal to monetise its deficit with the Reserve Bank of India (RBI), Economic Affairs Secretary Tarun Bajaj said on Thursday. Read More

Missed call to free call: The 25-year journey of India's telecom industry

THE ROAD TO MOBILE REVOLUTION 1994: NTP allows pvt players in telecom, introduces mobile services. Licences given to firms in four metros 1999: NTP shifts mobile players from fixed licence fee to a revenue-sharing regime 2001: WLL-CDMA allowed 2002: Tariff comes under forbearance. BSNL launches mobile services and Reliance Infocomm CDMA 2004: ‘Calling-party pays’ regime adopted 2006: FDI limit hiked from 49% to 74% 2008: ADC abolished. CDMA players awarded GSM licence and an average of six new operators allowed under first-come-first-serve basis. Read More

Pay cuts can trigger 'desperate, extreme acts': Air India pilots to govt

Air India’s (AI’s) seniormost pilots in a letter to Civil Aviation Minister Hardeep Singh Puri warned that “massive forced paycuts” and compulsory leave without pay (LWP) schemes could have a “potentially disastrous psychological impact” on employees. Saying that 60 pilots who operated repatriation flights under the government’s Vande Bharat Mission had been infected by the virus, the pilots said employees may be forced to challenge the decision in court, which might be a hurdle for the privatisation process. Read More

A dog in the manger: Mini lockdowns hurt farmers, push up vegetable prices

Green vegetables have to hit the market in a day, but the fresh lockdown will upend the system. “This will mean lower prices for farmers, but consumers will have to pay more,” says Patit Paban De, member of the West Bengal Cold Storage Association. As cities and states reimpose localised mini lockdowns to control the spread of the contagion, fruit and vegetable suppliers worry about the impact on their businesses. Read More

How tech start-ups are working to solve problems, challenges of agri sector

India’s Agritech sector, which attracted $245 million in investments from venture capital firms in 2019, is set to attract over $500 million in the next couple of years. According to the India Agritech Report released by investment bank Maple Capital Advisors, there are more than 500 active agritech start-ups in the country that are working towards solving the problems and challenges in the agriculture sector. Read More