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Goa Tourism Minister Manohar Ajgaonkar said the coastal state would be opened for tourists starting July 2. Stay tuned with Business Standard for the latest news of today

(FILE PIC) Security Personals outside the Pakistan High Commission in New Delhi after tension at India-Pakistan border on Wednesday | Photo-Dalip Kumar

10:01 PM

Clermont Group likely to join Clix Capital in Lakshmi Vilas Bank deal

As negotiations progress between capital-starved Lakshmi Vilas Bank and AION Capital-backed Clix Capital over a merger, sources in the know say Singapore-based private equity player Clermont Group has also joined the talks to pick up a sizeable stake in the bank.

With an investment of $150-200 million (Rs 1,100-1,500 crore), Clermont is eyeing a 15-20 per cent stake in LVB, say sources. “The capital infusion is likely to happen ahead of the merger with Clix and this should help the bank stay afloat till the merger is approved by the Reserve Bank of India (RBI) and concludes thereafter, a process that could take nine-12 months,” said a person working on the deal. Read more here

9:49 PM

China sees India's ban on apps as 'discriminatory', calls for reversal

Days after India banned 59 Chinese apps for engaging in activities "prejudicial" to the sovereignty and integrity of the country, Beijing on Thursday issued a predictable reaction, describing New Delhi's actions as "discriminatory" while calling for the reversal of the ban.

Responding to reports that both countries are strengthening import regulations and suppressing each other's export goods amid the tense border situation and its impact on China's foreign trade enterprises exports to India, Chinese Commerce Ministry Spokesman Gao Feng said that China has not taken any restrictive measures against Indian products and services. Read More.

9:46 PM

Indian IT firms may report 5-9% contraction in revenues for June quarter

Indian IT services firms are likely to report 5-9 per cent contraction in revenues for the June quarter, even though deal pipeline is expected to remain firm.

According to industry analysts, margin will also face pressure, despite the various cost-cutting measures. The first quarter will see maximum impact of the pandemic on the profit and loss (P&L) account front, making it the worst quarter in the last three financial years.

“Most top-tier IT firm will see a 5-9 per cent drop in revenues in Q1 sequentially. The revenue contraction is mostly on account of demand deterioration and lower billing,” said Sanjeev Hota, head (research) at Sharekhan. Read more.

9:41 PM

Delhi govt sets up panel to suggest measures for economic recovery

The Delhi government has constituted a 12-member expert panel to suggest measures for economic recovery from the impact of coronavirus in the national capital. According to the government, the panel will do a comprehensive analysis and recommend measures to be initiated by various departments, autonomous bodies, local bodies and MCDs to help people and businesses during the pandemic.

9:37 PM

SpiceJet operates 200 charter flights to fly 30,000 Indians back home

SpiceJet has operated 200 charter flights since May till now to fly 30,000 Indian nationals back home. These charter flights were operated from the UAE, Saudi Arabia, Oman, Qatar, Lebanon and Sri Lanka to repatriate stranded Indian nationals.

"The airline has operated multiple charter flights for seafarers in addition to operating multiple charters within the country," the airline said in a statement. Read more.

9:29 PM

SoftBank-backed Lemonade soares 73% in US market debut

Shares of SoftBank-backed insurance startup Lemonade Inc surged 73% in their market debut, capitalizing on the rebound in U.S. investor demand for new listings following the coronavirus outbreak.

The company's shares opened at $50.06 on the New York Stock Exchange, compared to their initial public offering (IPO) price of $29. The opening price values the company at $2.75 billion.

9:26 PM

Maharashtra energy minister seeks Rs 10,000 cr grant for state discom

Maharashtra energy minister Nitin Raut has sought Rs 10,000 crore as grant from the Centre for state discom Mahavitaran, stating the utility faced huge financial losses due to decline in collections during the coronavirus-induced lockdown.

"During the three months of complete lockdown, electricity bill collection had dropped significantly. This has resulted in a financial burden on Mahavitaran," Raut said in a statement issued by the discom.

According to a Mahavitaran official, the discom suffered losses to the tune of Rs 7,000 crore during the three months of lockdown.

"Providing uninterrupted power supply to consumers is an essential service. However, since the discom is making huge losses, we have sought Rs 10,000 crore grant from the Centre to come out of the financial stress," Raut said in a letter to Union Power Minister R K Singh.

9:10 PM

CBI must have asked for assistance before registering case: MIAL

9:01 PM

Tourism industry seeks govt support for survival, meets Niti Aayog CEO

Representatives of the tourism industry bodies including the Indian Association of Tour Operators (IATO) on Thursday met Niti Aayog CEO Amitabh Kant, seeking government support for the tourism sector, which has been hit hard by the Covid-19 pandemic.

The associations sought government support for the survival and revival of tour operators and other stakeholders in the tourism industry, IATO said in a statement.

During the meeting, IATO President Pronab Sarkaremphasised that inbound tour operators are on the verge of collapse due to the pandemic and need urgent help to survive as there is zero billing and consequently zero cash flow, it added. READ MORE...

8:55 PM

2,373 coronavirus cases and 61 deaths reported in Delhi today; tally now 92,175

8:48 PM

Google, Apple remove most of the banned Chinese apps from their stores

Days after India banned 59 Chinese apps as the government cited security concerns, most of these apps have been removed from Google Play Store and Apple’s App Store. These apps include Bytedance's TikTok, Alibaba's UC Browser and Tencent's WeChat.

Initially, few apps voluntarily delisted themselves in accordance with the government’s order but now Google and Apple have blocked access to all other apps too, according to experts.

"While we continue to review the interim orders from the Government of India, we have notified the affected developers and have temporarily blocked access to the apps that remained available on the Play Store in India,” said a Google spokesperson on Thursday.

According to the experts, few Singapore and Hong Kong-based apps were also banned amongst 59 apps due to the Chinese parent companies or favourable Chinese interest. For instance, live streaming platform Bigo Live, one of the banned apps is owned and controlled by a Singapore-based company Bigo Technology, is ultimately controlled by the Chinese entities, said Sumit Kochar, corporate commercial lawyer and transaction advisory partner at Dolce Vita Trustees. READ MORE...

8:38 PM

Chinese imports, UDAY scheme on agenda of power ministers' meet on July 3

Union Power Minister R K Singh will discuss with his state counterparts a range of issues, including Chinese imports and the UDAY scheme, during a meeting called on Friday. The meeting, which is organised almost every year to discuss key issues pertaining to the power sector, will take stock of the progress made by states on central schemes.

The meeting, to be held virtually this year, assumes more significance as it is being organised at a time when there is a growing clamour for boycott of Chinese goods. It must be noted that there is a significant volume of imports of power sector equipment from China.

"Import of power and renewable energy equipment particularly solar is a key issue which is listed on the agenda for discussion in the energy ministers meet on Friday," a source said. READ MORE...

8:32 PM