BQuick On Oct. 27: Top 10 Stories In Under 10 Minutes
Top news, must-read stories and columns—all served up in less than 10 minutes.
This is a roundup of the day’s top stories in brief.
1. Soon After Quitting India, Harley Finds A Hero
Hero MotoCorp Ltd. has signed a pact with Harley-Davidson Inc. to develop and sell premium motorcycles under the Harley brand name, and take over the existing sales and service operations of the American motorcycle maker in India.
According to the distribution agreement, India’s largest two-wheeler maker will sell and service Harley-Davidson motorcycles, parts, accessories and merchandise.
It will also develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
These actions are aligned with Harley-Davidson’s business overhaul.
2. A Quarter Of Losses For Bharti Airtel, Tata Motors
Bharti Airtel Ltd. reported a loss for the sixth consecutive quarter even as its average revenue per user improved to over a three-year-high.
Net loss stood at Rs 763 crore in the September quarter compared with a loss of Rs 15,933 crore in the previous quarter.
Revenue rose 7.7% sequentially to Rs 25,785 crore—it's highest quarterly topline figure ever.
ARPU rose to Rs 162 from Rs 157.
Find out why Airtel might be well placed to gain market share.
Tata Motors Ltd. reported net loss for the third straight quarter as the homegrown automaker’s luxury arm continued to face pressure, rising costs, and a slowdown in the commercial vehicles business offset the rise in domestic sales.
Net loss stood at Rs 314 crore compared with a loss of Rs 217 crore last year.
Revenue fell 18% to Rs 53,530 crore
The loss came even as domestic sales showed signs of revival.
3. Sensex Rebounds; U.S. Stocks Slump
Indian equity markets erased most of the losses made on Monday, led by a strong rebound in financials and pharma stocks.
The S&P BSE Sensex ended 0.9% or 377 points higher at 40,522.
The midcaps moved in tandem with the benchmarks, with the midcap index rising 1.2%.
Follow the day’s trading action here.
6. RBI Flags Risk From States’ Rising Debt
The Covid-19 outbreak has posed risk to finances of Indian states by pushing up their gross fiscal deficit and causing a rise in debt and guarantees.
That’s according to the Reserve Bank of India’s report on state finances, which said gross fiscal deficit of state governments is projected to widen beyond 4% of the GDP in 2020-21 in the RBI’s baseline scenario, compared with the budgeted 2.8%.
The states will be constrained by their borrowing limits that finance about 90% of the deficit on an average.
States should brace for the 'scissor effect' for the next couple of years.
7. Amazon Vs Future: Many Twists And Turns Ahead
It’s Amazon.com Inc. 1 and Future Group 0.
An emergency arbitral tribunal — constituted under the Singapore International Arbitration Centre Rules — has directed Kishore Biyani’s Future Group to put on hold its deal with Mukesh Ambani’s Reliance Retail Ltd.
The order raises three key questions:
Is the interim relief granted by an emergency arbitrator under SIAC Rules enforceable in India?
Is the interim direction binding on Future Retail, and does Future Coupons’ Articles of Association have a role to play?
And, the potential impact of the interim award on the recent investments in Reliance Retail.
Read more to see what could happen.
8. U.S. Pushes Closer Ties With India To Counter China
U.S. Secretary of State Michael Pompeo and Defense Secretary Mark Esper pushed for closer ties with India at a high-level ministerial meeting with their Indian counterparts, at a time when New Delhi is facing a prolonged border conflict with China.
“The United States will stand with the people of India as they confront threats to their sovereignty and to their liberty,” Pompeo said after the U.S. officials met with foreign minister Subrahmanyam Jaishankar and defense minister Rajnath Singh at the 2+2 meeting in New Delhi Tuesday.
They signed a number of agreements including one that will give New Delhi access to U.S. geo-spatial intelligence.
India and U.S. have sent a "clear message to China", according to an expert.
9. India’s New Covid Cases Fall To Over Three-Month Low
The coronavirus outbreak in India continued to show signs of slowing down.
India added 36,470 new cases taking the total tally to over 79.9 lakh.
The slower pace of daily infections and an improved recovery rate kept active cases below the 7-lakh-mark for the fourth straight day.
Track all coronavirus related news updates in India, here.
Globally, Covid-19 infections rose past 4.33 crore with over 11.5 lakh dead.
Germany is looking at closing restaurants and prohibiting large events as infections continue to surge across Europe.
Italy is coming up with more aid for businesses hardest hit by restrictions as cases rise at a record pace.
Eli Lilly & Co. said a U.S.-run clinical trial of its experimental antibody therapy will end.
Follow the global spread of the virus here.
10. Online Meat Startup Raises Fresh Funds
An online meat and fish seller has raised $121 million in a growth funding round to support its expansion in India and the Middle East.
The fundraising by FreshToHome was led by Investment Corporation of Dubai—an investment arm of the Government of Dubai—Investcorp, Ascent Capital, U.S. government’s development finance institution DFC, and Allana Group, among others, the startup said in a statement.
Existing investor Iron Pillar, too, infused $19 million.
FreshToHome competes with startups such as Licious, Zappfresh and even large online grocery firms.