IRCTC expects business to normalise by October

‘Adverse impact on Apr.-June revenue’ The Indian Railway Catering and Tourism Corporation (IRCTC), whose operations have been hit due to the suspension of passenger train services due to COVID-19, is hopeful that the business would normalise October onwards. In a communique to the stock exchange, the state-owned firm said that it was a debt-free company and had no liquidity-related concerns. […]

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Auto, pharma unready to wean off China

Industry depends heavily on Chinese supplies; executives say being more self-reliant will take time Days after a border clash with China this month in which 20 Indian soldiers were killed, New Delhi told firms to find ways to cut imports from China. But two big industries, automobiles and pharmaceuticals, say this is easier said than done. Like many countries, India […]

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Oil and gas firms suffer ‘significant contraction’ in 2Q activity

‘Lots of great opportunities in oil’: Investing expert Tom Lydon of ETF Trends shares his tips for investing in oil ETFs. As the U.S. economy begins to recover from the financial fallout of the coronavirus pandemic, the oil and gas industry is still hurting. Continue Reading Below Activity in the oil and gas sector continued to deteriorate in the second […]

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Apparel exports slide 73% in April-May

Major buyers in U.S., EU cancelling orders or invoking force majeure; industry demands govt. support Textile and apparel exports during April and May this year declined 73.1% (in dollar terms) compared with the same months last year, according to quick estimates of exports released recently by the Ministry of Commerce. Textiles and apparel worth $6,066 million were exported in April-May […]

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Wheels India pins hopes on Railways, windmills, tractors

Declining sales, lockdown impacted Q4 metrics, says MD Wheels India Ltd. (WIL) a manufacturer of steel wheels, is betting on three areas — Railways, windmills and agriculture tractors — to tide over the current fiscal, said a top official. “While we have been adversely affected by the lockdown, and expect a decline in the auto industry, we expect the windmill […]

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Vedanta Q4 net loss at ₹12,521 cr

The company had posted a net profit of ₹2,615 crore in the year-ago period, Vedanta said in a filing to the BSE. Diversified natural resources firm Vedanta on Saturday reported consolidated net loss of ₹12,521 crore for the quarter that ended March 31, 2020 on the exceptional loss of ₹17,132 crore, primarily due to impairment of assets in oil and […]

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Clever Leaves Seeks To List On Nasdaq Through Merger With SAMA

Multinational cannabis company Clever Leaves International Inc. intends to list on Nasdaq through a merger with Schultze Special Purpose Acquisition Corp. (SAMA, SAMAW, and SAMAU). Schultze Special Purpose Acquisition or SAMA and Clever Leaves said they have signed a letter of intent or LOI to enter into a business combination, with the combined company to become a publicly-traded company on […]

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Telecom regulator moots national numbering plan

Recommends 11-digit mobile numbers, among other things The Telecom Regulatory Authority of India on Friday recommended that a new National Numbering Plan be issued at the earliest so that a uniquely identifiable number can be provided to every subscriber in India. Some of the options that TRAI has recommended include switching to a 11-digit mobile number, reallocation of mobile numbering […]

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COVID-19 | Synthetic textile industry seeks special relief package

The industry has incurred huge losses and fund shortage due to the cancellation and deferred orders: Synthetic and Rayon Textile Export Promotion Council The Synthetic and Rayon Textile Export Promotion Council (SRTEPC) representing the man-made fibre textile segment has approached the government for a relief package to ensure business continuity post COVID-19 phase. “Man-made fibre textile segment is one of […]

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