- Ecommerce Giant Amazon and Walmart owned Flipkart Group had a separate discussion with Aditya Birla Fashion & Retail (which owns brands like Pantaloons, Allen Solly & Peter England) to acquire a minor stake. According to the sources, offline retailers specifically in the fashion & apparel segment, have been severely hit by the covid 19 pandemic & the resulting lockdown.
- Bharat Biotech- a Hyderabad based Indian company has received approval for the final round of trials of Covaxin. 25,000 people are inclined to enroll for the trial in India and they will be given two doses of the experimental vaccine 28 days apart. Preliminary results from the Covaxin trials have shown promising results.
- Gland Pharma gets Sebi’s approval for Rs.6,000 crore IPO- the first listing of an Indian firm with a Chinese parent. It may launch the IPO in November 2020. The IPO is a mixture of primary & secondary issues of shares with both China’s Fosun Group and the founders of Gland Pharma due to dilute shares. A series of IPOs have been launched in recent months, but no pharma company has listed for more than 3 Years. The last IPO by an Indian drugmaker was Eris Lifesciences in June 2017.
- HDFC deposits rates fall to lowest in 43 years. Deposit rates on a 66-month investment fell 20 basis points to 6.25%. A year ago, an investor could earn 7.75% On a deposit with similar tenure.
- Highway builder Dilip Buildcon said its joint venture has emerged as the lowest bidder for a stretch of the Delhi-Vadodara expressway in Rajasthan. The company had bid Rs. 1,000.08 crores for the project to be executed under Bharatmala Pariyojna.
- One of the richest men & owners of the $48 billion conglomerate spread across 34 Countries, billionaire Kumar Mangalam Birla is pleasantly surprised by the comeback In infrastructure. The reversal of fortunes in the second quarter can be explained by what’s happening in rural India. It started with migrant workers hustling back to their villages & hometowns as daily work dried up amid lockdown. People are now building a new home, they are adding one more room to their existing houses out of safety- Just in case they have to stay at their homes for longer. Production saw a massive dip of 86% in April, since then it has shown a V-shaped recovery in the sector. Ultra Tech Cement- a subsidiary of the Aditya Birla Group has shown a 113% rise in net profit in their second-quarter results.
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