Top Headlines: Murthy's warning on GDP, PVR eyes the bigger picture, & more

Here are the top headlines on Wednesday morning

Reliance jumps 10 places, breaks into Fortune's top 100 global companies

Billionaire Mukesh Ambani's Reliance Industries has jumped 10 places to break into the world's top 100 companies on the Fortune Global 500 list. The oil-to-telecom conglomerate is ranked 96th in the 2020 ranking released by Fortune on Tuesday. Read More

Indian Railways suspends all regular passenger train services indefinitely

The Railways has stated that all regular passenger train services will remain suspended till further notice, but 230 special trains will continue to be in service. Read More

Biden picks Indian-origin Kamala Harris as his vice president nominee

Democratic nominee Joe Biden has named Indian-origin senator Kamala Harris as his running mate, making history by selecting the first black woman to compete on a major party's presidential ticket. Read More

IIP contraction slows to 16.6% in June amid industrial activity relaxation

The index of industrial production (IIP) contracted by 16.6 per cent in June compared to 33.8 per cent in May and a record 57.6 per cent slide in April. This is likely to pull down first-quarter gross domestic product of 2020-21, the data for which would be released this month-end. Read More

GDP growth might hit the lowest since 1947, warns N R Narayan Murthy

Flagging fears that the country's GDP growth may even touch its lowest since independence in the backdrop of coronavirus pandemic, Infosys founder N R Narayana Murthy on Monday said the economy should be brought back on track and people should be prepared to live with the pathogen. Read More

I-T dept searches Chinese entities over hawala transactions of Rs 1,000 cr

The income-tax (I-T) department on Tuesday unearthed a massive nexus of Chinese companies and individuals that had allegedly created several shell firms to carry out money laundering and hawala transactions of over Rs 1,000 crore. Read More

Reliance plans to follow Jio's success in e-commerce, retail, other biz

Reliance craves scale, whether through organic growth or acquisitions. Its trajectory in telecom is well known but now it is pushing for a similar leap into the ranks of the top players in its other businesses: media and entertainment, e-commerce, a series of online businesses ranging from health to education, and retail. Read More

PVR Cinemas eyes the bigger picture, raises Rs 300 cr to tide over crisis

Disrupted by lockdowns, multiplex theatres have been hit hardest with no business whatsoever. The cinema trade, largely in malls and standalone facilities geared for housing hundreds of people, is anathema to social distancing, and there is no possible alternative as in the case of hotels, which offer staycations and take-out dining, to keep revenue trickling in. Read More

Proxy firms play by new rulebook as Sebi tightens procedural guidelines

Firms that advise investors on how to vote on shareholder resolutions floated by listed companies will now be regulated more closely after the Securities and Exchange Board of India's (Sebi's) issuance of so-called procedural guidelines. Read More

Apple to Amazon line up in battle against Trump's immigrant visa ban

Several of nation’s largest tech companies -- including Apple, Facebook, Amazon and Microsoft -- are the latest to join the court battle against President Donald Trump’s ban on new visas for temporary foreign workers. Read More