Acko sees 3x YoY growth with more car owners opting for their insurance
Digital insurance platform Acko seeks to disrupt the existing car-insurance model by removing middlemen and taking the entire insurance renewal journey online and directly accessible to the user. With this, Acko promises extremely low premiums and zero commissions to its consumers by passing on the savings. To ensure hassle-free experience, Acko urges consumers to buy directly from its website.read more at acko.com
Sensex rises 500 points after World Bank, IMF comment on coronavirus
Indian equity benchmark index Sensex rose around 500 points in early trade on Tuesday, while the broader Nifty rose gained around 150 points. Sun Pharma, Tata Steel, HCL Tech, and ICICI Bank were the top gainers. This comes after World Bank and International Monetary Fund (IMF) assured that they are ready to help member countries address challenges of coronavirus outbreak.read more at Livemint
Sensex ends 7-day losing streak, gains 480 points after RBI comment on coronavirus
Indian equity benchmark Sensex ended its 7-day losing streak to close 480 points higher on Tuesday after the RBI said it is closely monitoring the global as well as domestic situation regarding the impact of the coronavirus. "RBI stands ready to take appropriate actions to ensure orderly functioning of financial markets, maintain market confidence and preserve financial stability," it said.read more at The Financial Express
Flights from South Korea, Japan, Italy must undergo disinfection: DGCA
To prevent spread of coronavirus, the Directorate General of Civil Aviation has said each flight arriving in India from South Korea, Japan and Italy must be subjected to disinfection process before next departure. The regulator ordered airlines and airports to take measures such as providing protective gears like surgical masks to crew members and passengers and having hand sanitising points.read more at India.com
Fed cuts rates by 50bps over coronavirus impact; biggest cut since 2008
The US Federal Reserve has announced an emergency rate cut of half a percentage point to a target range of 1% to 1.25% in order to contain the economic impact from coronavirus. This is the biggest cut since the 2008 financial crisis. On Monday, US President Donald Trump reiterated his call for a rate cut after Australia slashed its rates.read more at Reuters
Around 50% Swiggy's Gurugram delivery fleet boycotts work: Report
Protesting against Swiggy slashing incentive amount for night deliveries by 50% from ₹20 to ₹10, almost 50% of Swiggy's delivery fleet in Gurugram boycotted work, Entrackr reported. Swiggy has been unserviceable since yesterday in several parts of Gurugram and other areas in the NCR region. The firm attempted to pacify the delivery workers by extending revised payouts.read more at Entrackr
Trump administration helped Apple enter Indian market: CEO Tim Cook
Apple CEO Tim Cook said the Trump administration helped the tech company enter the Indian market and amend laws that restricted it from doing so. Apple had to partner with a third-party retailer if it wanted to sell devices in India. "The (Trump) administration worked on this with the Indian government and that change has been made," Cook said.read more at The Next Web
SoftBank Founder tells US investors he will be more careful: Reports
SoftBank Founder Masayoshi Son reportedly promised US investors he will become more careful and listen, after questions were raised on his investments. "My view doesn't change, but my behaviour becomes a little more careful," sources quoted Son. In a meeting held by Goldman Sachs, Son said he had not given enough weight to investors' opinions and company's independent board members.read more at Inc42
Chinese billionaire & owner of Volvo Cars starts building satellites
Volvo Cars parent company Geely, announced it will become China's first private company to produce satellites for autonomous driving solutions. Geely plans to begin launch of commercial low-orbit satellites by end of the year. Chinese billionaire and Geely's Chairman Li Shufu said, "Geely must take initiative to embrace change, develop through innovation...to become a global technology leader."read more at Bloomberg Quint
₹400 cr unaccounted income, hidden cloud servers found at Chennai biz: IT Dept
Searches in Chennai-based business firm have revealed hidden cloud servers and unaccounted income over ₹400 crore, the IT Department said. Moreover, a pen drive with a large sum of encrypted data along with property documents, promissory notes and post-dated cheques were also found. The business deals in non-ferrous metal processing in lead, copper and aluminium.read more at The New Indian Express
Room for further interest rate cuts: RBI Governor Shaktikanta Das
RBI Governor Shaktikanta Das has said that there is further scope to cut interest rates as economic growth may get impacted due to the coronavirus outbreak. "We're ready for a response should the situation warrant," Das said. India's growth will be impacted by the virus through two channels - trade with China and weaker global growth, Das added.read more at Livemint
Rupee falls to 16-month low of 73.3 after fresh coronavirus cases
The Indian rupee fell to its lowest level in 16 months on Tuesday, after three fresh cases of coronavirus were detected in the country. The local currency closed the day 0.8% lower at 73.3 against the US dollar. The rupee has fallen 1.8% in the last five trading days. The RBI assured investors that it stands ready to take action.read more at Livemint
Vodafone pays ₹3,043 crore in AGR dues to telecom dept: Reports
Vodafone Idea has paid about ₹3,043 crore in AGR dues to the telecom department on Tuesday, reports said. The company had earlier paid ₹3,500 crore in two tranches out of the total ₹53,000 crore to be paid towards AGR dues. Bharti Airtel and Reliance Jio also need to pay about ₹2,000 crore and about ₹1,000 crore, respectively, by Tuesday.read more at Livemint
Biggest generic drugs supplier India restricts export of 26 ingredients, drugs
India, the world's biggest exporter of generic drugs, has restricted the exports of 26 active pharmaceutical ingredients and drugs made from them, including paracetamol. Indian pharma companies get almost 70% of the APIs for their medicines from China. The government on Monday reported three new cases of coronavirus, including an Italian national in Rajasthan.read more at Reuters
We want to make in India and sell in India: Uniqlo
Uniqlo India CEO Tomohiko Sei has said the Japanese brand wants to "make in India and sell in India". "Local sourcing is one of the bigger objectives for us. There are some regulations (FDI norms for single brand retailers) for 30% sourcing from India, but this is the very minimum," he added. Uniqlo has opened three stores in India.read more at Livemint
SEBI gives approval to Indian Railway Finance Corporation for IPO
Markets regulator SEBI has given approval to Indian Railway Finance Corporation (IRFC) to launch its initial public offering. IRFC is planning a fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India. ICICI Securities, IDFC Securities, SBI Capital Markets, among others are managing the offer.read more at Livemint
Unilever says half of its 14,000 managers are now female
Consumer goods giant Unilever has said that half of its 14,000 managers globally are now female, up from 38% in 2010. The Anglo-Dutch company achieved the milestone a year ahead of its target. "Women constitute the majority of our consumers and we owe a lot of our success to them," said Leena Nair, Unilever's Chief Human Resources Officer.read more at Bloomberg Quint
Coronavirus to have 'substantial' impact on trade: WTO
The World Trade Organization said that the coronavirus outbreak will lead to a "substantial" impact on the global economy. It said that the effect "will start to show up in the trade data in the weeks to come". WTO added that the June ministerial meeting, where member states will try to get deals on agriculture and e-commerce, will take place.read more at Livemint
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