Top headlines: RRVL picks up stake in Dunzo; setback for 'Vibrant Gujarat'

Business Standard brings you the top headlines on Thursday

Reliance Retail to invest $200 mn in delivery firm Dunzo for 25.8% stake

Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for USD 200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business.

Dunzo raised $240 million in its latest funding round that was led by Reliance Retail Ventures Ltd - the retail arm of Reliance Industries. Read more

State govt calls off Vibrant Gujarat Summit amid rising Covid cases

The state government on Thursday called off the tent Vibrant Gujarat Global Summit scheduled from January 10 to 12 in Gandhinagar, citing rising Covid-19 cases.

The government said that summit was cancelled in the interest of citizens and in a bid to contain an outbreak of Covid-19. According to the government, the summit had received overwhelming response from participants, partner countries as well as foreign and domestic delegates. Read more

125 flyers on charter flight from Italy test positive for Covid in Amritsar

A total of 125 passengers on a Milan-Amritsar charter flight were found to be Covid-positive when tested on arrival, government officials said on Thursday.

Officials said there were a total of 179 passengers on the charter flight YU-661 that landed at the Amritsar airport at around 1.30 PM on Wednesday. Read more

Spike in Covid cases may impact banking system's restructured book: Icra

The asset quality of the banking system, especially the restructured book, may face headwinds in the coming days as Covid-19 cases have started rising rapidly once again, rating agency Icra said.

As of September 2021, India’s banking system restructured loans worth Rs 2.8 trillion or 2.9 per cent of the standard advances, of which about Rs 1 trillion was restructured under Covid 1.0 and Rs 1.2 trillion was restructured under Covid 2.0, and the rest comprised of restructuring done for micro, small & medium enterprise (MSME). Read more