Name: Covid impact: IRCTC running at a loss for first time in its history
Uploaded: 2020-09-28T02:22:43.fff+05:30
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Channel: editorji
Description: Indian Railway Catering and Tourism Corporation or IRCTC is running at a loss for the first time since its inception in 2002, Hindustan Times reported on Monday. Its operations have been hit by the Covid-19 pandemic and subsequent lockdown. IRCTC handles the catering, tourism and online ticketing operations of Indian Railways. Shares of IRCTC are 30% down from its pre-lockdown highs.

Indian Railway Catering and Tourism Corporation or IRCTC is running at a loss for the first time since its inception in 2002, Hindustan Times reported on Monday. Its op

Indian Railway Catering and Tourism Corporation or IRCTC&nbsp;is running at a loss for the first time since its inception in 2002, Hindustan Times reported on Monday.&nbsp;Its operations have been hit by the Covid-19 pandemic and subsequent lockdown.&nbsp;IRCTC handles the catering, tourism and online ticketing operations of Indian Railways. Shares of IRCTC&nbsp;&nbsp;are&nbsp;30% down from its pre-lockdown&nbsp;highs.

Indian Railway Catering and Tourism Corporation or IRCTC is running at a loss for the first time since its inception in 2002, Hindustan Times reported on Monday. Its operations have been hit by the Covid-19 pandemic and subsequent lockdown. IRCTC handles the catering, tourism and online ticketing operations of Indian Railways. Shares of IRCTC are 30% down from its pre-lockdown highs.

The government is likely to extend the deadline to bid for Air India till December 14&nbsp;and also give flexibility to a potential investor to decide on the humongous 

The government is likely to extend the deadline to bid for Air India till December 14&nbsp;and also give flexibility to a potential investor to decide on the humongous debt with the national carrier, news agency PTI&nbsp;reported. The deadline to bid for buying out Air India&nbsp;ends on October 30. The flexibility to potential investors on the quantum of the ₹60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle.

Maruti Suzuki on Thursday reported a 1% rise in its net profit to ₹1,371 crore during the quarter ended September 30, 2020.
The Operating Profit jumped 72% y

Maruti Suzuki on Thursday reported a 1% rise in its net profit to ₹1,371 crore during the quarter ended September 30, 2020.
The Operating Profit jumped 72% y-o-y to ₹1,167 crore&nbsp;on account of higher sales volume, lower sales promotion expenses and lower operating expenses.
India's biggest carmaker sold a total of 3.93 lakh vehicles during the quarter, higher by 16.2% compared to the same period previous year. Net sales rose 9.7% y-o-y to ₹17,689 crore.&nbsp;

Lack of a reliable ecosystem and the high price of the coveted&nbsp;5G spectrum&nbsp;will deter&nbsp;Bharti Airtel&nbsp;from participating in the auctions if th

Lack of a reliable ecosystem and the high price of the coveted&nbsp;5G spectrum&nbsp;will deter&nbsp;Bharti Airtel&nbsp;from participating in the auctions if they happen next year, Business Standard&nbsp; has reported.&nbsp;Bharti Airtel&nbsp;said it would stay away from the 5G auctions, if they happened next year as the spectrum offered at the current prices was not affordable for the company, the report said.

Hero MotoCorp on Tuesday announced a distribution agreement with&nbsp;Harley-Davidson&nbsp;for the Indian market through&nbsp;which Hero will sell and service H

Hero MotoCorp on Tuesday announced a distribution agreement with&nbsp;Harley-Davidson&nbsp;for the Indian market through&nbsp;which Hero will sell and service Harley motorcycles in the country. After 11 years of operations in India, Harley in September said that it was discontinuing sales and production operations in India as part of a global restructuring plan.

Bharti Airtel reported its highest ever consolidated quarterly revenue as it rose 22% year-on-year to ₹25,785 crore in the second quarter of FY21. Consolidated net loss

Bharti Airtel&nbsp;reported its highest ever consolidated quarterly revenue as it rose 22% year-on-year to&nbsp;₹25,785 crore&nbsp;in the second quarter of FY21.
Consolidated net loss for Q2 came in at&nbsp;₹763 cr, compared with a loss of&nbsp;₹23,045 crore a year earlier.
The average revenue per user&nbsp;rose to&nbsp;₹162 for the quarter, from&nbsp;₹128 a year earlier.
The company's 4G data customers rose by 14.4 million to 152.7 million.

The State Bank of India-led consortium of banks told the Supreme Court on October 26 that around ₹3,600 crore has been recovered from fugitive businessman Vijay Mallya 

The State Bank of India-led&nbsp;consortium of banks told the Supreme Court on October 26 that around ₹3,600 crore has been recovered from fugitive businessman Vijay Mallya so far. Senior Advocate Mukul Rohatgi, representing the SBI-led banks consortium, also informed the apex court that&nbsp;₹11,000 crore&nbsp;still need to be recovered&nbsp;from Mallya.

Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums. The company also said

Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums. The company also said that&nbsp;Future Retail Ltd&nbsp;is not a party to the agreement under which Amazon has invoked arbitration proceedings.&nbsp;
Meanwhile, RIL&nbsp;said it intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay. The&nbsp;Reliance-Future Retail deal has been done under proper legal advice and the rights and obligations are fully enforceable under Indian Law, RIL&nbsp;said in an exchange filing.

Amazon Inc has won an interim award against its partner Future Group selling retail business to Reliance Industries after a Singapore-based arbitration panel put the de

Amazon Inc has won an interim award against its partner Future Group selling retail business to Reliance Industries after a Singapore-based arbitration panel put the deal on hold.
The e-commerce giant had dragged Future to arbitration after the indebted Kishore Biyani group firm signed pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance&nbsp;for ₹24,713 crore.
Amazon had purchased 49% in one of Future's unlisted firms last year with the right to buy into Future Retail Ltd after a period of three years to 10 years. It believes Future Group violated the contract by entering into the deal with rival Reliance.

Global financial giant Goldman Sachs has agreed to pay $2.9 billion in penalties to settle criminal charges in the Malaysian bribery scandal, news agency AFP has report

Global financial giant Goldman Sachs has agreed to pay $2.9 billion in penalties to settle criminal charges in the Malaysian bribery scandal, news agency AFP has reported. This is the largest US fine ever in a corruption case, the Justice Department announced on Thursday. Goldman Sachs helped raise $6.5 billion for the Malaysian government's sovereign wealth fund. The US Justice Department has said more than $4.5 billion was stolen from the fund by high-level officials at the fund and their associates between 2009 and 2015. The guilty plea could curtail activities of Goldman Sachs Malaysia but allows the parent company to avoid admitting wrongdoing in court -- which would have damaged its ability to do business.

Drugmaker Purdue Pharma, the company behind the powerful prescription painkiller OxyContin that experts say helped touch off an opioid epidemic, will plead guilty to fe

Drugmaker Purdue Pharma, the company behind the powerful prescription painkiller OxyContin that experts say helped touch off an&nbsp;opioid&nbsp;epidemic, will&nbsp;plead&nbsp;guilty to federal criminal charges as part of a settlement of more than $8 billion, the Justice Department announced Wednesday. This is the largest settlement ever reached with a pharmaceutical company.
&nbsp;

Hong Kong-based Cathay Pacific Airways said on Wednesday it would cut 8,500 jobs, about 24% of the company’s workforce, as it struggles with the pandemic-led plunge in 

Hong Kong-based Cathay Pacific Airways said on Wednesday it would cut 8,500 jobs,&nbsp;about 24% of the company&rsquo;s workforce, as it struggles with the pandemic-led plunge in air travel.
The company will also shut down Cathay Dragon, its regional airline unit, with operations ceasing from Wednesday.
The restructuring is aimed at reducing Cathay Pacific&rsquo;s cash burn to $64.5 million a month, from about $193.5 million to $258 million currently.
Executive pay cuts will also continue throughout 2021 and there will be no pay increments for 2021 nor bonuses for this year for all Hong Kong employees, Cathay Pacific said.

The government may ask some public companies to buy back shares in order to shore up its finances amid the coronavirus pandemic, according to a Bloomberg report. Coal I

The government may ask some public companies to buy back shares in order to&nbsp;shore up its finances amid the coronavirus pandemic, according to a Bloomberg&nbsp;report.
Coal India Ltd., NTPC Ltd., NMDC Ltd., MOIL Ltd., KIOCL Ltd, and Engineers India Ltd. are among the eight companies that might be asked to repurchase shares this year, the report said.
The strategy will help the government access part of the more than ₹40,000 crore&nbsp;of cash hoard with the companies as of March 31.

Pushing back reopening of offices, Amazon on Tuesday decided to extend the work from option for its employees, Reuters reported. 'Employees who work in a role that can 

Pushing back reopening of offices, Amazon on Tuesday decided to extend the work from option for its employees, Reuters reported. 'Employees who work in a role that can effectively be done from home are welcome to do so until June 30, 2021', an Amazon spokeswoman said in an emailed statement.
Amazon had earlier allowed that option until January. The development comes less than three weeks after the world's largest online retailer said more than 19,000 of its US&nbsp;workers contracted the coronavirus this year.
&nbsp;

In order to remove the constraints from the current Air India deal, the government may allow potential bidders for national carrier to decide how much of the debt they 

In order to remove the constraints from the current Air India deal, the government may allow&nbsp;potential bidders for national carrier to decide how much of the debt they want to take on, Bloomberg&nbsp;reported on Tuesday. Current rules require bidders to take over the carrier's entire $3.3 billion debt.&nbsp;The bid date is also likely to be further extended beyond October 30.&nbsp;

Maruti Suzuki is considering a series of steps to improve the financials of its struggling dealers, including boosting their profit margins, a Hindustan Times report sa

Maruti Suzuki is considering a series of steps to improve the financials of its struggling dealers, including boosting their profit margins, a Hindustan Times report said on Tuesday.
The country&rsquo;s largest carmaker is likely to increase the dealer margin on cars after the festive season to help dealers at a time when sales are likely to be subdued. The company&nbsp;has also urged dealers to start repaying their loans to improve their creditworthiness and encourage banks to ease the stringent lending norms.
Auto dealers have been facing intense scrutiny from lenders because of their poor financials amid the coronavirus pandemic.

Jet Airways' committee of creditors on Saturday approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari La

Jet Airways' committee of creditors on Saturday&nbsp;approved a resolution plan submitted by&nbsp;a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.&nbsp;
The domestic airline&nbsp;was forced to ground all flights in April 2019, crippled by mounting losses as it attempted to compete with low-cost rivals.
The airline's financial and operational creditors were owed nearly&nbsp;₹30,000 crore&nbsp;after the operations were halted.

Wipro's board of directors on Tuesday approved a buyback proposal worth ₹9,500 crore. As per the exchange filing, Wipro plans to purchase 23.75 crore scrips at ₹400 per

Wipro's&nbsp;board of directors on Tuesday&nbsp;approved a buyback proposal worth&nbsp;₹9,500 crore.&nbsp;As per the exchange filing,&nbsp;Wipro plans to purchase 23.75 crore scrips at&nbsp;₹400 per equity share. Its&nbsp;shares closed at&nbsp;₹375 on Tuesday. The buyback price is at a 6.6% premium to today's closing price.

Reliance Jio has become the first mobile service provider to cross 40 crore customers mark in India with net addition of over 35 lakh subscribers in July, according to 

Reliance Jio has become the first mobile service provider to cross 40 crore customers mark in India with net addition of over 35 lakh subscribers in July, according to data released by&nbsp;TRAI.&nbsp;
Bharti Airtel&nbsp;added 32.6 lakh and&nbsp;Vodafone Idea lost over 37 lakh customers.&nbsp;
Reliance Jio now dominates India's mobile market with 35.03% market share.

Parle Products, the company behind the beloved Parle G biscuits, has won hearts on social media after its latest announcement. Speaking to Mint, a Parle executive annou

Parle&nbsp;Products, the company behind the beloved Parle&nbsp;G biscuits, has won hearts on social media after its latest announcement.&nbsp;
Speaking to Mint, a Parle&nbsp;executive announced that the firm&nbsp;will not advertise on news channels that broadcast toxic and aggressive content. The move comes amid Mumbai&nbsp;Police's crackdown on the 'false TRP&nbsp;racket.'&nbsp;
While Parle&nbsp;isn't the only one considering the boycott, the announcement has struck a chord with people on Twitter. People have welcomed the move, calling Parle&nbsp;a 'socially responsible brand.'&nbsp;&nbsp;

Microsoft has become the latest employer to expand work-from-home provisions due to the Covid-19 pandemic. The software giant will let employees work from home permanen

Microsoft has become the latest employer to expand work-from-home provisions due to the Covid-19 pandemic. The software giant will let employees work from home permanently if they choose to, The Verge reported on Friday. Most Microsoft employees are still working from home as the health crisis drags on, and the company doesn't expect to reopen its US offices until January of next year at the earliest. But when it does, workers can choose to work from home permanently, although in that case they will have to give up their office space, the report added.

IRCTC&nbsp;is running at a loss for the first time in its history owing to the Covid-19 pandemic and&nbsp;subsequent lockdown

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Covid impact: IRCTC running at a loss for first time in its history

Sep 28, 2020 14:22 IST

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