Top headlines: Second Covid wave stings indices; Delhi goes under lockdown

From second Covid-19 wave stings indices as markets drop 1.8% to Delhi going under lockdown for a week, here are top headlines this morning

Monday blues: Second Covid-19 wave stings indices as markets drop 1.8%

The worsening coronavirus crisis triggered yet another sell-off in the domestic stock market on Monday, with the benchmark indices dropping more than 3 per cent before recouping some of the losses. A sharp jump in Covid-19 cases and fresh curbs to contain the spread of the virus have stoked concerns about the revival of the economy and corporate earnings, prompting some investors to pull back. Read More

Delhi under lockdown for a week as rising Covid cases stretch health infra

With more than 25,000 daily Covid cases stretching Delhi’s health infrastructure to its limit, patients gasping for oxygen, and bed occupancy running full, the national capital went into a week-long lockdown, starting 10 pm on Monday until 5 am on April 26. Meanwhile, the high court in Telangana gave a two-day ultimatum to the state government to decide on a lockdown or curfew. Read More

Serum, Bharat Biotech to get suppliers' credit for 300 mn Covid-19 doses

Vaccine manufacturers Serum Institute of India (SII) and Bharat Biotech will together get Rs 4,500 crore from the Centre as suppliers’ credit, sources in the know said. This will be an upfront payment for the vaccine doses that these two companies will supply to the government. At Rs 150 per dose, excluding taxes, this roughly works out to be 300 million doses. Read More

Govt fast-tracks Covid-19 fight, to start vaccination for 18+ from May 1

In a much-awaited move, India has allowed Covid vaccination for all above 18 years of age, starting May 1. The decision, taken at a meeting chaired by Prime Minister Narendra Modi on Monday, is expected to change the course of the pandemic currently raging through the country. India Inc and political parties have for long demanded the opening up of vaccination for all adults. Read More

Tech firms reach out to employees as Covid-19 cases rise in India

Infosys, Facebook, Genpact, Cognizant among others have reached out to employees and offered support in different ways as the second wave of Covid cases sees an exponential rise. Companies are advising employees not to venture out of their homes and give prominence to the health and safety of the family. This is of significance as several IT and Tech firms were going to take a call of work-from-home scenario from June and had plans to allow some employees to come back to offices. But that seems to be now extended. Read More

How GIC's ownership problem is keeping insurance biz from growing up

Like the rest of the insurance industry, General Insurance Corporation of India, or GIC Re, had a diffic­ult FY21. At the worst of the tro­ugh in the first quarter of FY21, the solvency ratio, a key indicator showing how far as­sets cover commitments to fut­ure payments, went down to 1.52 in June 2020, just above the in­s­urance regulator’s man­d­ated 1.5. Read More

Mankind Pharma eyes 50% revenue from chronic therapy drugs in 3 years

Mankind Pharmaceuticals, a key player in acute therapies, has sharpened its focus on chronic therapy drugs (like anti-diabetics and cardiac) and is eyeing 50 per cent revenue from this segment in three years. In fact, it recently applied to drugs regulator Drugs Controller General of India (DCGI), seeking approval to start phase 1 human trials of its novel anti-diabetes drug, which has completed animal trials. Read More

Amazon vs Future: SC stay on proceedings at Delhi HC; hearing on May 4

A day after lenders to Future Retail approved a debt recast plan extending repayment of its loans by up to two years, the Supreme Court (SC) on Monday stayed all proceedings pending before the Delhi High Court (HC) in the Amazon versus Future case. The matter will be next heard on May 4 in the SC, by when the two sides have been asked to complete their pleadings. Read More