Top Headlines: IndiGo to cut workforce, AGR case, DMart vs JioMart and more

Here are the top 10 business headlines on Tuesday morning

IndiGo to cut 10% workforce

IndiGo, the largest airline in India, will shed 10 per cent of its workforce as the airline scrambles to control the impact of the pandemic. The airline, with more than a 50 per cent market share, is one of the largest job creators in the Indian aviation industry owing to its size. Read More

AGR case: SC turns down telecom companies' demand

Striking down the telecom companies’ demand for re-assessment of dues linked to adjusted gross revenue (AGR), the Supreme Court on Monday reserved its order with respect to the Department of Telecommunications (DoT) plea for a 20-year staggered payment timeline for the service providers. Read More

L&T board members take pay cut of up to 53%

Larsen & Toubro Chairman A M Naik has struck a positive note in his letter to shareholders, saying H2 of FY21 could see better economic activity. With business taking a hit on account of the pandemic, Naik took a 24 per cent pay cut. At its annual general meeting (AGM) scheduled for August 13, the firm will discuss and is likely to approve of a fundraising resolution to the tune of Rs 4,500 crore through various sources such as qualified institutional placement (QIP). Read More

Govt makes it a must for e-commerce platforms to display country of origin

The rules making it mandatory for e-commerce platforms and market places, like Amazon and Flipkart, to display the country of origin of products will be notified later this week, central government officials said. Read More

Centre likely to reduce AGR licence fee for wireless broadband to Re 1

The Union Cabinet may soon take up the proposal seeking reduction in the licence fee for wireline broadband — from 2.5 per cent of the adjusted gross revenue to Rs 1 of the AGR — a move aimed at proliferation of these services. Read More

Top IT firms' headcount drops first time in a decade

For the first time since the global financial crisis in 2008-09, the net headcount of the top four IT services firms — Tata Consultancy Services, Infosys, Wipro and HCL Technologies — declined in April-June 2020-21. Read More

Aviation, automobile sectors see worst tax outgo in Q1

Sales across sectors have been hit by pandemic-induced lockdown, but automobile and aviation have been the worst performers in terms of tax outgo. The aviation sector, particularly airlines, made no tax deposit in the first quarter. Read More

DMart faces JioMart challenge

Reliance Industries’ (RIL’s) announcement on its retail business Reliance Retail, which includes its online grocery segment JioMart, has affected investor sentiment towards Avenue Supermarts. Read More

Policybazaar targets $3.5-billion valuation

Online insurance platform Policybazaar aims to go public in 2021 at a valuation north of $3.5 billion, potentially becoming the first of India’s mega-start-ups to debut as its digital economy booms. Read More

ED freezes 60 bank accounts on Brazil's request

The Enforcement Directorate is understood to have initiated a process to freeze over 60 bank accounts in the country on the request of the Brazilian government in connection with a money laundering case in that country, offiicials said on Monday. Read More