Top 10 biz headlines: Slowdown blues, coronavirus lockdown impact, and more

Foreign portfolio investors (FPIs) are once again stepping on the gas when it comes to pulling out of Indian markets. Analysts want RBI to look at ‘unconventional’ monetary policy measures for a revival nudge. Here are the top ten headlines on Monday morning.

Overseas investors once again step up selling as stimulus disappoints

Foreign portfolio investors have flushed out $1.7 billion amid disappointment over the stimulus package and rising Covid-19 cases despite multiple lockdown extensions. Read more here

It’s back to business for industry, but not quite ‘business as usual’ yet

Even as sales are nowhere near last year’s levels and no one is counting projected growth for the year, but compared to April, industry is looking at seeing a sign of slow uptake in May demand as lockdown is slowly relaxed. Read more here

Contrary to govt’s claims, direct tax refunds down 67% till May 21

The direct tax refunds have declined 67 per cent since April 1 over the same period last year, standing at Rs 16,242 crore during April 1-May 21. Read more here

ITC set to acquire spices major Sunrise Foods for estimated Rs 2,000 crore

ITC had entered into an agreement with spice major Sunrise Foods to acquire a 100 per cent stake in the company. Read more here

Cidco wants to check GVK’s Navi Mumbai airport stake sale for breaches

Maharashtra government body City and Industrial Development wants to examine the sale of stake in GVK’s airport holding company to ensure there is no breach in the concession agreement. Read more here

Lockdown 4.0: Restart risks at Maruti, Hyundai as coronavirus strikes

Maruti Suzuki India and Hyundai have reported first cases of coronavirus among their workers in less than two weeks of opening up after the government relaxed nationwide lockdown rules. Read more here

Coronavirus outbreak: Few takers for free LPG cylinders in lockdown

Oil-marketing companies have managed to distribute around 68 mill­i­on cooking gas cylinders, as part of the scheme to distribute three free cylind­ers to 80.3 million families. Read more here.

Covid-19 crisis: Only 46% women with Jan Dhan accounts withdrew money

As of May 20, only about 46 per cent have withdrawn the money from their Jan Dhan accounts even though they have received two instalments of Rs 500 from the government. Read more here

Slowdown blues: RBI rate cuts not effective anymore, say analysts

RBI must look at other measures to nudge for a revival, say analysts as they started doubting if the interest rate cuts alone are effective anymore when the economy is in a contraction mode. Read more here

Lockdown 4.0: New channels strike gold at the bottom of television pyramid

Of India’s 836 million TV viewers, about 240 million watch only free-to-air channels and they could be in 38 million homes that have DD Freedish, a free DTH platform, or 15 million cable homes. Read more here

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