Global Business News Daily Updates

Sensex ends 153 points lower as govt confirms new coronavirus cases

Sensex gave up all gains and closed 153 points lower for the day as government reported two new cases of coronavirus in Delhi and Telangana. After touching an intraday high of 39,083 points, the index ended 0.4% down at 38,144.02 points. Today, markets had recovered marginally from Friday's losses on hopes central banks globally would support the slowing world economy.
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Sensex rises nearly 800 points as Asian markets rebound

The Sensex rose nearly 800 points at day's high before giving up some of its early gains. This comes as Asian markets rebounded on hopes central banks globally would support the slowing world economy. US central bank chair Jerome Powell had issued a statement saying that the Federal Reserve would "use tools and act as appropriate to support the economy".
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Free voice calls no excuse for poor service quality: TRAI Chief on call drops

Telecos are citing free voice calls to escape action on the poor quality of service, but that won't pass regulatory muster, Telecom Regulatory Authority of India (TRAI) Chairman RS Sharma said about call drops on Sunday. "Their argument is that if something is free, how much can you (TRAI) punish me because I'm not getting anything for that," said Sharma.
read more at Deccan Herald

Tata Motors, Mahindra's Indian operations affected due to coronavirus

Auto companies including Tata Motors, Mahindra and Mahindra said that the coronavirus outbreak has affected production in India due to supply chain challenges from China. Mahindra has reported a 42% fall in total sales to 32,476 units in February while MG Motor India reported fall in sales to 1,376 units. Tata Motors' domestic sales were down 34% to 38,002 units.
read more at The Financial Express

Nokia appoints Pekka Lundmark as CEO, replace Rajeev Suri from Sept

Nokia CEO Rajeev Suri is set to step down from his position in September and will be replaced by Fortum CEO Pekka Lundmark. Suri, who has been with Nokia for 25 years, has been its CEO for the last six years and headed Nokia Siemens Networks earlier. Lundmark has previously worked with Nokia and held executive positions between 1990-2000.
read more at Reuters

₹10.52 lakh cr of corporate debt at risk of default due to slowdown: Report

Nearly ₹10.5 lakh crore of corporate debt is going to be at risk of default over the course of three years due to economic slowdown, a report said. About 25% of the debt at risk is likely to default, resulting in an additional ₹2.54 lakh crore of delinquent debt. India's economic growth is pegged at 5% for FY19-20.
read more at The Financial Express

Vistara evaluating Air India bid: Chairman Bhaskar Bhat

Vistara is looking into Air India and will decide whether it wants to bid for the national carrier or not, its Chairman Bhaskar Bhat said on Monday. The government is selling its entire stake in Air India along with 100% stake in Air India Express and 50% stake in Air India SATS. Air India disinvestment process started on January 27.
read more at Livemint