Top headlines: RBI slashes repo rate, KKR picks up stake in Jio, and more

Business Standard brings the top headlines of the day

RBI says India GDP will contract in FY21, cuts repo rate by 40 bps to 4%

In a new set of measures to trim the impact of coronavirus on the economy, the Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.35 per cent. It has also extended the moratorium on loan repayments by three more months. Read on...

In Jio's 5th big deal in a month, KKR picks up 2.32% stake for Rs 11,367 cr

This transaction values Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion. This is KKR’s largest investment in Asia and will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis. Read more...

Govt scrutiny on new portfolio investors from China, Hong Kong: Report

India has drafted rules proposing tighter scrutiny of new Foreign Portfolio Investors (FPIs) from China and Hong Kong, three government sources told Reuters. The discussions come weeks after the central government said it will screen all FDI from countries with which it shares a land border, a move it said was aimed at staving off takeovers when asset prices are depressed during the coronavirus pandemic. Read on...

China hikes defence budget to $179 bn; nearly three times that of India

China, the second-largest military spender after the US, has hiked its defence budget from last year's 177.6 billion to $179 billion, nearly three times that of India, the lowest increment in recent years apparently due to the heavy disruption caused to its economy by the Covid-19, according to the official media. Read on...

Maruti Suzuki launches 'Buy-Now-Pay-Later Offer': All you need to know

Under the partnership, the Maruti Suzuki India and Cholamandalam Investment & Finance Company Ltd also offering a two-month deferment of Equated Monthly Installment (EMI) to car customers who currently are under resource crunch amidst the Covid-19 pandemic, it added. The new solution will allow customers to start paying the EMIs after 60 days of loan disbursement. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020, it added. Read on...

US court dismisses class action lawsuit filed against IT major Infosys

Infosys on Friday said a class-action lawsuit filed against the company and some of its employees in the US District Court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year. Read more...