Top headlines: Retailers defy pandemic woes, Vistara explores Intn'l routes

From retailers adding new stores in pandemic to the crisis at Lakshi Vilas Bnak, here are top headlines this morning

Reliance Retail to Titan, retailers defy pandemic woes to add new stores

Some of the country's top retailers such as Starbucks, Reliance Retail, DMart, and Titan are looking to add new stores at a time when shopping and eating out remain largely constrained due to the pandemic. While India has unlocked almost fully as part of the fifth phase of guidelines, aimed at kick-starting economic activity, consumers remain cautious, said market research agency Nielsen in a survey released last week, adding that safety, hygiene and value were attributes that many were seeking as they sought to override challenges induced by Covid-19. Read More

Clix Group submits offer for up to 90% stake in Lakshmi Vilas Bank

Chennai-headquartered Lakshmi Vilas Bank (LVB), where shareholders had recently voted against the appointment of seven directors including the chief executive and managing director, said on Thursday that it had received an indicative non-binding offer from the Clix Group. The offer suggests the private equity firm comprising Clix Capital Services Private Limited, Clix Finance India Private Limited and Clix Housing Finance Private Limited would be amalgamated with LVB. According to the offer, Clix Group’s stake in the struggling bank could exceed 74 per cent with its capital infusion of Rs 1,500–1,700 crore. Read More

Regaining the milestone: Sensex reclaims 40k level after more than 7 months

The Sensex on Thursday regained the 40,000 mark after more than seven months while the Nifty got closer to the 12,000 level on optimism around a US stimulus package and a rebound in the Indian economy amid further easing of Covid-19 restrictions. Read More

Double-digit rise in exports helps India nearly halve trade gap with China

India’s robust double-digit exports growth to China, coupled with sharp contraction in imports, nearly halved the trade gap between the two trading partners in the first five months of the current fiscal year (2020-21, or FY21) over the same period of 2019-20 (FY20). Read More

Future group, Amazon to initiate arbitration proceedings over RIL deal

Global retail giant Amazon and Future Group are planning to initiate arbitration proceedings following a dispute over the latter’s sale of its retail and wholesale businesses to Reliance Industries Ltd (RIL). This decision, according to Amazon, has breached its non-compete agreement with Future Group, apart from the right of first refusal the US ecommerce giant has to Future Retail shares. Read More

Spreading wings: Vistara plans international flight with expanded fleet

Vistara is looking aggressively beyond the pandemic and planning to deploy 30-40 per cent of its available seat kilometres (ASK) on international routes within the next three years. The airline, a joint venture between Tata and Singapore Airlines, faced a jolt when Covid-19 forced the suspension of all scheduled international flights. Read More

We can make over 1.5 bn doses in 2021: Biological E MD & CEO Mahima Datla

Hyderabad-based Biological E is readying a billion vaccine doses for Texas-based Baylor College of Medicine (BCM), and about 500 million doses for Johnson & Johnson (J&J) unit Janssen Pharmaceutica. Despite planning for such huge capacities (the world's largest vaccine maker Serum Institute of India made 1.5 billion doses in FY20), the company feels risk-sharing for clinical trials, and manufacturing infrastructure is a must. Read More

India's richest club sees nine new entrants; Ambani dominance continues

The Covid-19 pandemic may have hit India hard, but nine newcomers joined the ranks of India’s top richest Indians. Forbes released 2020’s top 100 richest Indians on Thursday, which included newcomers, Sanjeev Bikhchandani, co-founder of Info Edge (India), who owns popular job and property websites; siblings Nithin and Nikhil Kamath, co-founders of discount stock brokerage Zerodha Broking, and three specialty chemicals producers — Vinod Saraf, founder of Vinati Organics, Arun Bharat Ram, the patriarch of SRF, and brothers Chandrakant and Rajendra Gogri of Aarti Industries. Read More

RBI policy review: New MPC may opt for interest rate pause, says BS poll

Economists and bond traders are anticipating a pause in policy rates on Friday (today), expecting the monetary policy committee (MPC) of the Reserve Bank of India (RBI) to wait for more rate transmission. All 10 economists and bond traders polled by Business Standard expect the status quo to continue on rates. Read More