Jet Airways crisis: Four little-known bidders finalised for airline's revival
Jet Airways' future hinges on four little-known suitors who have shown interest in the bankrupt airline. As per the latest details, four out of 12 expressions of interest (EOIs) received by the airline have met the eligibility criteria and they will soon submit final bids to acquire the airline. The deadline for corporate insolvency resolution process of Jet Airways has been extended by more than two months to August 21 to exclude the duration of coronavirus lockdown that began on March 25.
Uday Kotak appointed as CII President; to replace Vikram Kirloskar
Veteran banker Uday Kotak has been appointed as the new President of the Confederation of Indian Industry (CII) for 2020-21, the chamber said on Wednesday. Uday, who was also the President-Designate of CII for the last two years, will replace Vikram Kirloskar, Chairman and Managing Director of Kirloskar Systems Ltd, and Vice Chairman of Toyota Kirloskar Motor.
Moody's downgrades ratings of ONGC, HPCL, Indian Oil, Bharat Petroleum
Moody's Investor Service has downgraded the long-term issuer ratings of oil marketing companies (OMCs) including Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL), Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The outlooks on these ratings are negative, the agency said on Tuesday. On Monday, Moody's downgraded India's sovereign rating for the first time in 22 years by a notch to 'Baa3', which is the lowest investment grade.
Coronavirus impact: Mahindra reports production loss of 87,000 vehicles, 30,000 tractors in Q1 FY21
Auto major Mahindra & Mahindra (M&M) on Wednesday said it estimates production loss of 87,000 vehicles and 30,000 tractors in first quarter of current fiscal (April-June period) due to suspension of manufacturing operations amid coronavirus-led lockdown. The estimated loss for March was around 23,400 vehicles and 14,700 tractors, M&M said in an exchange filing.
'Coronavirus impact as bad as demonetisation': Highway developers tell NHAI
Highway developers have urged National Highways Authority of India (NHAI) to widen compensation coverage and treat coronavirus impact at par with demonetisation. National Highways Builders Federation (NHBF) has requested NHAI to extend coronavirus-related relief to all operating projects regardless of them being old, and not keep it limited to model concession agreement (MCA).
Mumbai avoids brunt of cyclone that barrels into India's west coast
Mumbai escaped the brunt of a cyclone on Wednesday after winds changed direction and the storm made landfall further south on India's western coast than expected, giving some respite to a metropolis already ravaged by coronavirus infections.The cyclone barrelled into the western coast around 100 kilometres (65 miles) south of India's financial capital with winds gusting up to 120 kmh (75 mph).
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