While in west, there is a Google, an Amazon, a Walmart, a Microsoft and an Apple and many more who have changed the world. All of these businesses were founded more then a decade ago, may be two or three. Flipkart, Paytm, swiggy, Amazon India, ola etc are the unicorn that remain talk of the town due to scale and valuation they have achieved in last decade. No doubt that the founders of these companies have demonstrated their excellent entrepreneurship and leadership skills and changed the life of millions of Indians. But an entrepreneur who do not like to be in focus of media but his new venture remain in focus has achieved what two of the top Indian media unicorns combined.
“Jio today valued at $65 bn, pre money, a mammoth of Indian tech space, created in the last 4 years. A company founded just 5 years back is on the path to achieve $100bn valuation may be in next couple of years.”
Here is the top news on the Indian market for investors.
Coronavirus pandemic | Maharashtra government allows home delivery of alcohol
In an order dated May 11, the government allowed liquor licence holders to home deliver alcohol.
In good news for liquor enthusiasts in Maharashtra, the state government has allowed home delivery of alcohol.
In an order dated May 11, the government has allowed liquor licence holders to home deliver alcohol.
The notification states that a person delivering liquor must wear a mask and use hand sanitiser on regular intervals.
“Maharashtra government hereby permits the licensee holding the licensees in form FL-II, FL/BR-II, FL/W-II, as appended to the Bombay Liquor Rules 1953, to sell the IMFL – spirits, beer, mild liquor, wines, to the permit holders by effecting delivery at the home address of the permit holders, subject to the conditions,” the notification said.
“The order shall be in force and effective until the orders of lockdown issues by the government from time to time under the Disaster Management Act, 2005 or any other act are in force in the state. The government may at any time and at its discretion either modify or rescind the same,” it added.
Defaults among fragile emerging market firms set to rise: Moody’s
“The global spread of the coronavirus has led to business closures and restrictions on social interactions in many countries,” Moody’s said in a report.
Defaults by weaker emerging market companies will rise in 2020 and 2021 as the effect of the COVID-19 pandemic hampers business activity, Moody’s forecast on Thursday.
The rating agency said the trailing 12-month speculative-grade default rate for emerging market firms would rise to between 7.8% and 11.2% by the end of 2020, from the low level of 2.2% in March.
SC directs RBI to ensure its moratorium circular is implemented in its letter and spirit
The plea was made that since the March 27 circular was not being implemented in its letter and spirit, it should be set aside.
The Supreme Court on Thursday directed the Reserve Bank of India (RBI) to ensure that its circular on three-month moratorium on loan repayment between March 1 and May 31 is implemented in its letter and spirit as it appears that the banks are not extending the benefit to the borrowers.
The apex court told Solicitor General Tushar Mehta, appearing for Centre, that it appears that the benefit given by the RBI is not been extended to the borrowers.
RBI to battle Covid19, liquidity needs of NBFCs says RBI governer
Bank boards must clear the policy on offering moratorium on loans; RBI has approved it and the onus now remains on the banks, RBI Governor Shaktikanta Das told Cogencis in an interview. Read on for the key highlights
*Fiscal measures key to combat economic impact of COVID-19
*FY21 fiscal gap going beyond 3.5 percent becomes unavoidable
*RBI has not taken a view on the monetisation of government deficit
*On the issue of monetisation, RBI must keep operational realities in sight, preserve RBI’s balance sheet strength
*Will evaluate alternative funding sources for fiscal deficit
*Won’t make specific comment on the private placement of bonds with RBI
*Will take a judicious, balanced call if RBI will take bond private placements
*Not taken any view on COVID bonds
*Repo rate, as decided by MPC, is the “single” policy rate; alone conveys the stance of monetary policy
Before change in FDI rules, Chinese invested millions in Indian tech firms
RBI gives a second booster dose: States get to borrow more, easier terms for NBFCs, liquidity
Franklin Templeton crisis: Short-term bond market is in deep trouble
Coronavirus pandemic | Centre may permit industry to use ESI funds to pay salaries: Report
Facebook buys 9.9% stake in Reliance Jio for Rs 43,574 crore
Facebook on April 22 announced an investment of $5.7 billion (Rs 43,574 crore) to buy a 9.9 percent stake in the firm that houses billionaire Mukesh Ambani’s telecom arm Jio, as the social media giant looks to expand presence in India – its largest market in terms of subscriber base.
This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India, Reliance Industries Limited (RIL) said in a statement.
Donald Trump suspends issuing of new Green Cards for 60 days and also suspends immigration temporarily.
Donald Trump announced that he would soon sign an executive order restricting immigration for 60 days. Temporary visa holders would be exempt, he said at the daily coronavirus briefing — but the policy would apply to those seeking green cards.
Coronavirus lockdown Day 29 live updates | Positive cases cross 20,000, death toll at 647
The Union Health Ministry on April 22 said that 20, 206 have so far been tested positive for COVID-19 in the country and there have been 652 deaths. Reports from States, however, put the figure of persons tested positive at 20,060 and death toll at 647