Biz EOD: Large firms 'cannibalise' small companies' market; Tata ends Tesla tie-up rumours

As the Indian economy recovers from COVID-19 pandemic and subsequent lockdown, it is larger companies that have managed to stage a 'smart' recovery even as small companies continue to face tough times, said the Centre for Monitoring Indian Economy. Tata Sons Chairman N Chandrasekaran has denied speculations on talks between Elon Musk's Tesla and Tata Motors for a possible tie-up in India and said products from both Tata Motors and its British company Jaguar and Land Rover are working well and that there's no need for any "outside partner". Read for more top stories from the world of business and economy:

1. Large companies 'cannibalising' markets of small companies post-Covid: CMIE

The largest companies by size saw their sales shrink by 1.5 per cent in the December 2020 quarter, which was the lowest decline, CMIE said.

2. Why is US curbing export of Covid-19 vaccine raw material

Biden administration aims to buy 600 million vaccines for its 300 million population, which has put stress on American raw material companies given demand from all across world.

3. 'There is no dialogue with Tesla': Chandrasekaran on tie-up rumours

Chandrasekaran says products from both Tata Motors and its British Company Jaguar and Land Rover are working well and that there's no need for any "outside partner".

4. Tax Dept unearths Essel group's alleged Rs 392 cr input credit fraud

As per the initial probe, a layer of "genuine-looking fictitious" intermediatory companies was created to pass on "bogus ITC" from non-existent and fake firms to the Essel Group companies without actual supply of any goods or services.

5. PM Modi tells industrialists to build 'Brand India' on vaccine goodwill

"Vaccines will create an India brand that will go beyond vaccines and pharmaceuticals. We have to capitalise on this goodwill. This should help all sectors. PLI scheme's success will support this," the Prime Minister said.