Top Headlines: Handset shops fall to Covid-19, truck rentals hit top gear

In the past year, thousands of handset retail stores – about 8 per cent of the total of 120,000 - have shut as a result of lockdowns and e-commerce giants enticing consumers with discounted phones. Truck rentals have risen sharply across key trunk routes in the past fortnight as states started unlocking in phases. Business Standard brings to you top headlines on Wednesday.

Vedanta arm is paying almost nothing for Videocon group, says NCLT

The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group.

But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim.

It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout. Read More

Covid-19 crisis: Nearly 10,000 mobile retail stores shut in the past year

In the past year, thousands of handset retail stores – about 8 per cent of the total of 120,000 - have shut as a result of lockdowns and e-commerce giants enticing consumers with discounted phones.

The north India region, the largest market among all four zones of the country, has seen the worst, according to market analytics platform PredictiVu, with close to 10 per cent of outlets closing.

North India typically contributes over 35 per cent of the total handset sales. Read More

Truck rentals up 9-14% in first half of June on low base and unlocking

Truck rentals have risen sharply across key trunk routes in the past fortnight as states started unlocking in phases.

Helped by an increase in the factory output of most bulk goods and last year’s low base, freight rates--a proxy for economic activity--rose by an average 12 per cent, according to the Indian Foundation of Transport Research & Training (IFTRT), a New Delhi-based think tank.

With more than a third of the trucks still idling, the recovery would not be complete till most of the current fleet is deployed. Read More

NSDL statement prevents a $500-million sell-off in Adani group stocks

The clarification by the National Securities Depository (NSDL) – which is tasked with monitoring foreign portfolio investor (FPI) investment in domestic stocks – that the accounts of top investors in Adani group stocks remain ‘active’ has helped prevent a $500-million selloff of shares.

Analysts said a freeze of the FPI accounts, as reported by some media outlets, could have prompted global index providers to cut weighting of four Adani group companies from their global indices. Read More

Covid-19 vaccine Covaxin at Rs 150 not sustainable: Bharat Biotech

Covaxin maker Bharat Biotech said on Tuesday that the Indian government’s procurement price of Rs 150 a dose for the Covid-19 vaccine was “non-competitive” and “not sustainable in the long run”.

The company’s remarks came amid questions over the differential pricing strategy followed by vaccine manufacturers for supplies to the government and private sector. Read More