Name: DHFL siphoned ₹31,000cr of public money: Cobrapost
Uploaded: 2019-01-30T11:43:12.fff+05:30
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A report released by Cobrapost has alleged that Dewan Housing Finance Limited diverted funds worth 31,000 crore rupees from the public money. The investigative news web

DHFL siphoned ₹31,000cr of public money: Cobrapost

A report released by Cobrapost has alleged that Dewan Housing Finance Limited diverted funds worth 31,000 crore rupees from the public money. The investigative news website accused the non-banking finance company of siphoning the money by granting and disbursing unsecured loans and advances through dubious shell companies controlled by Wadhwans - Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan, which in turn was passed onto a company owned by them. The report also said that donations worth 20 crore rupees to the Bharatiya Janata Party in 2014-2015 and 2016-2017 were under-reported in their fiscal. DHFL has dissed these allegations saying they are done with malafide intent and warned of legal step against Cobrapost.

Good news coming from the skies above, private weather forecaster Skymet is predicting a normal monsoon this year. Rainfall is expected to be ‘normal’

Good news coming from the skies above, private weather forecaster Skymet is predicting a normal monsoon this year.&nbsp;Rainfall is expected to be &lsquo;normal&rsquo; at 103% of the Long Period Average (LPA).
The weather forecaster is putting a 60% probability of normal monsoon and a 15% chance of "Above Normal" monsoon for 2021.&nbsp;This would be the third consecutive year of a good monsoon in the subcontinent.&nbsp; The last time India had three consecutive years of normal&nbsp;monsoon&nbsp;was in between 1996 to 1998, according to&nbsp;Skymet.

The passenger vehicle waiting period escalated to as high as seven months even as some reports suggest that about a million Indians are in the queue. The Federation of

The passenger vehicle waiting period escalated to as high as seven months even as some reports suggest that about a million Indians are in the queue.
The Federation of Automobiles Dealers Association in a recent report claimed that almost half of the PV dealers lost more than 20% of their sales due to supply-side constraints.
Global shortage of wafers which is an input for semiconductor, continued to linger around and kept the PV waiting period high, FADA said in the report.
Moreover, a significant rise in personal mobility needs has given a push to the demand, leading to almost half a million waiting to buy a used car and another half a million Indian are waiting to buy the car they have booked, as reported by the Economic Times.
Due to the waiting period, fewer people are looking to exchange their old cars with new and the repossession by financiers has also declined because of the moratorium benefits. This has lead to a supply shortage in the used car market.

Fresh restrictions imposed in different parts of the country due to the second Covid-19 wave could lead to job losses, similar to what was witnessed in 2020.

Fresh restrictions imposed in different parts of the country due to the&nbsp;second&nbsp;<a href="https://www.editorji.com/covid-19" target="_blank">Covid-19</a>&nbsp;wave&nbsp;could lead to job losses, similar to what was witnessed in 2020.
Data released by the Centre for Monitoring Indian Economy, suggests&nbsp;that unemployment has again started rising in the country. The unemployment rate touched 8.6% for the week ending April 11, from just 6.7% two weeks ago, according to fresh data released by CMIE.
Also Read | <a href="https://www.editorji.com/story/sputnik-v-what-you-need-to-know-about-the-russian-vaccine-1618243022603" target="_blank">Sputnik V: What you need to know about the Russian vaccine</a>
With&nbsp;migrant labourers returning to their native places, the impact seems to be more severe in urban areas where the unemployment rate is now reaching 10%.
Economists fear that the rising cases could severely impact businesses and will lead to a sharp rise in job losses. The overall impact could significantly delay India&rsquo;s economic recovery.
Also Read | <a href="https://www.editorji.com/story/india-recorded-1-61-lakh-new-covid-cases-879-deaths-in-the-last-24-hours-1618290474635" target="_blank">India recorded 1.61 lakh new Covid cases, 879 deaths in the last 24 hours</a>

Some relief on the cards for Kishore Biyani's Future Retail even as the legal tussle with Amazon continues to halt sale to Reliance. Reports indicate&nbs

Some relief on the cards for Kishore&nbsp;Biyani's&nbsp;Future Retail&nbsp;even as the legal tussle with Amazon continues to halt sale to Reliance. Reports indicate&nbsp;Future Retails&rsquo;&nbsp;lenders may give a 2 year relief on loan&nbsp;repayments. Bankers lending to&nbsp;Future Retail&nbsp;approve a debt recast plan for the company by the end of this month and is likely to include a&nbsp;two-year moratorium on repayments but keep interest rate being charged the same.&nbsp; Lenders are considering all options to recover more than $2.5 billion in loans owed by Biyani&nbsp;backed Future group as the sale to Reliance remains in a limbo.&nbsp;

Hopes of revival seem to be grounded for airline companies are reports indicate that bookings have dropped upto 50% as new covid cases surge across the nation

Hopes of revival seem to be grounded for airline companies are reports indicate that bookings have dropped upto&nbsp;50% as new covid&nbsp;cases surge across the nation.&nbsp; Senior airline executives told Economic Times that&nbsp;future bookings have declined by up to 50% and the impact is worse than the first wave. Total domestic passengers declined to as low as 2.3 lakh&nbsp;on Sunday, falling from an average&nbsp;of over 3 lakh&nbsp;passengers&nbsp;&nbsp;a day.&nbsp;

The market mayhem on Monday played havoc for bond street as well as the Rupee plunged past the 75 mark but reports indicate the central bank stepped in to save the day

The market mayhem on Monday played havoc for bond street as well as the Rupee plunged past the 75 mark but reports indicate the central bank stepped in to save the day for the currency.&nbsp; As per unconfirmed reports RBI&nbsp;sold an estimated $600 million in the exchange traded futures market to contain the fall of the rupee against the US dollar.&nbsp; Since April 5 the rupee has lost nearly 2.5% vs the dollar.&nbsp;

Vaccine, Economy to Earnings a booster shot of the headlines Dalal Street is tracking. Vaccine Watch: Sputnik V gets nod for emergency use, the Russ

Vaccine, Economy to Earnings a booster shot of the headlines Dalal&nbsp;Street is tracking.&nbsp;
<ul>
<li>Vaccine Watch: Sputnik V gets nod for emergency use,&nbsp; the Russian jab will now need DCGI&nbsp;approval. May need to be imported for initial use&nbsp;</li>
<li>Covid&nbsp;Tracker: Numbers in Maharashtra see a&nbsp;drop at&nbsp;51,751 new cases, Delhi sees a huge spike reports 11,491 new cases</li>
<li>Lockdown&nbsp;Lookout: Barclays says sporadic lockdowns / mobility curbs and night curfews put in place are likely to cost the nation $1.25 billion per week</li>
<li>Boardroom Buzz: India's largest software company sees record deal making quarter bagging $9.2 bn worth of deals, announces&nbsp;final dividend for FY21 of Rs 15 per share as Jan-March revenue growth tops 4%.</li>
<li>Economy Watch: Inflation quickened to 4 month high on expected lines due to food and fuel prices, while a base pushed IIP into a 3.6% contraction in February</li>
</ul>
Banks will remain shut today and tomorrow on&nbsp;account of new year festivals across states.&nbsp;
&nbsp;

Retail price rise picked up pace in March, Headline CPI rose to 5.5% in March from 5% in February. This marks a 4-month high for the retail prices. The pick u

Retail price rise picked up pace in March, Headline CPI rose to 5.5%&nbsp;in March from 5% in February. This marks a 4-month high for the retail prices.&nbsp; The pick up in inflation came from&nbsp;higher than anticipated uptick in food and fuel prices.&nbsp;&nbsp;Food inflation accelerated to 4.9% YoY in March mainly due to higher price of edible oil, fruits and meat.&nbsp; Industrial production for the month of February contracted&nbsp;3.6% YoY in February vs. -0.9% in January. This contraction however was anticipated given a higher base from last year.&nbsp;

Covid-19 Vaccination News: Russian-made Sputnik V is set to debut as the third vaccine into the Indian market, here is what you need to know about it.

Russian-made <a href="https://www.editorji.com/story/india-gets-third-covid-19-vaccine-sputnik-v-joins-covaxin-covishield-1618282917454" target="_blank">Sputnik V</a> is set to debut as the third vaccine into the Indian market, here is what you need to know about it-:&nbsp;
1. Vaccine&rsquo;s efficacy is confirmed at 91%,&nbsp;which is higher than Covaxin&nbsp;(80%) and Covishield&nbsp;(70%)&nbsp;
2. Two dose vaccine, Second dose to be taken after gap of 21 days
3. Liquid form of Sputnik V needs to be stored at -18 degree Celsius; dry powder form can be stored at 2-8 degree Celsius
4. Reports indicate Sputnik V will be imported initially for use, may require import duty waiver to keep it under price controls.&nbsp;
Germany among other EU nations have started discussions with Russia to import Sputnik V as well.&nbsp;
Also Read | <a href="https://www.editorji.com/story/india-to-get-5-more-covid-vaccines-by-october-report-1618191074200" target="_blank">India to get 5 more Covid vaccines by October: report</a>

India Inc is working with the government to vaccinate their employees in order to avert more lockdown, a survey conducted by the Confederation of Indian Industry showed

India Inc is working with the government to vaccinate their employees in order to avert more lockdown, a survey conducted by the Confederation of Indian Industry showed. The industry body polled 710 CEOs and senior leaders across manufacturing and service sectors.
93% of the respondents feel that a more stringent implementation of safety norms would be a better alternative to the imposition of a partial lockdown. Almost all of these respondents have indicated that their firm is equipped and well prepared for implementation of stricter health and safety protocols.
A major share of the respondents (67%) have indicated that they are working with the government for mass vaccination of eligible workforce.&nbsp;More than half are stocking raw material and nearly a third of the firms are accommodating labor force within the factory to avoid night curfew.

E-commerce major Flipkart has announced a strategic and commercial partnership with the Adani Group to strengthen its supply chain infrastructure and enhance

E-commerce major&nbsp;Flipkart has announced&nbsp;a strategic and commercial partnership with the Adani Group to strengthen its supply chain infrastructure and enhance its ability to serve its growing base of customers.
As part of the plan,&nbsp;Flipkart will work with Adani Logistics Limited, which will construct a 5.34 lakh sq ft fulfilment centre in Mumbai that will be leased to Flipkart.&nbsp;The centre is expected to be operational byend of 2022 and will have the capacity to house 10 million units of sellers&rsquo; inventory at any point.
In addition, Flipkart will set up its third data centre at AdaniConnecX&nbsp;Private Limited's Chennai based facility.

Upstox, India’s second largest broking firm in terms of number of active clients,said its databases including contact details and KYC may have been breached. In

Upstox, India&rsquo;s second largest broking firm in terms of number of active clients,said its databases including contact details and KYC may have been breached.
In a statement, Upstox co-founder and CEO Ravi Kumar said funds and securities of customers are protected and remain safe.&nbsp;Upstox, backed by investors like Tiger Global and Ratan Tata, has over three million users.
The development follows reports of data breaches at large organisations like&nbsp;Facebook,&nbsp;LinkedIn, and&nbsp;MobiKwik.

Infosys is set to propose it's third share buyback in less than 5 years. In a filing to the stock exchange the company stated board would consider a

Infosys&nbsp;is set to&nbsp;propose it's&nbsp;third share buyback in less than 5 years. In a filing to the stock exchange the company stated&nbsp;board would consider a proposal for buyback of fully paid-up equity shares of the company on April 14.&nbsp;
Infosys&nbsp;stock currently at a 52-week high&nbsp;in the last one year has outpaced the index giving the shareholders a 125% return. The tech major&nbsp;had $3.4 billion in cash at the end of the December quarter.&nbsp;
This would be the third&nbsp;share buyback by Infosys in&nbsp;four&nbsp;years. The previous ones were $1.9bn in Feb&nbsp;2017 and $1.2bn in Jan&nbsp;2019.&nbsp;Infosys also announced a special dividend in FY19.

As investors await earnings from India's largest software exporter TCS, here are a few numbers the street is expecting -: Dollar revenue seen rising over 4% (QoQ), m

As investors await earnings from India's largest software exporter TCS, here are a few numbers the street is expecting -:
<ul>
<li>Dollar revenue seen rising over 4% (QoQ), margins expected to be flat with a slight expansion bias.&nbsp;</li>
<li>Revenue growth to be led by large deals&nbsp;like&nbsp;Postbank and Prudential Financial&nbsp;</li>
<li>Likely to be outpace peers in revenue and margin growth&nbsp;</li>
</ul>
Stock perched up at a 52 week high has outperformed the tech index in the year so far rallying over 15% vs a mere 5% rise in the Nifty in the same period. Earnings expected post markets today.&nbsp;

There is nothing stopping online-education startup Byju’s which is now reportedly raising $1 billion from facebook co-founder Eduardo Saverin's&nbs

There is nothing stopping&nbsp;online-education startup Byju&rsquo;s&nbsp;which is now reportedly raising $1 billion from facebook co-founder&nbsp;Eduardo Saverin's&nbsp;B Capital. Bloomberg&nbsp;reports the current fundraising&nbsp;values Byju's&nbsp;at $15 billion. Silver Lake Management,&nbsp;Owl Ventures&nbsp;and&nbsp;T Rowe Price all existing investors will also join into this round of fund raising as well.&nbsp; Byju's&nbsp;is India's&nbsp;second most valued startup&nbsp;after PayTM.

The covid collapse in the economy last year is showing up in numbers across the board. The pandemic caused India’s annual power demand to drop for the first time

The covid collapse in the economy last year is showing up in numbers across the board. The pandemic caused India&rsquo;s annual power demand to drop for the first time in 15 years as per data from&nbsp;Central Electricity Authority. It is not just electricity even fuel demand saw an expected big dip as the country shutdown at the start of the previous fiscal.&nbsp;India&rsquo;s fuel demand contracted by 9.1% in the financial year ended March 31.&nbsp;This is the first time fuel consumption has contracted since 1998-99, the most historical year for which government data is available.&nbsp;

With 9,300 covid cases added in the last 24 hours, Mumbai is now seeing infection double every 34 days. The total number of cases in the city now stands at 5,10,225 out

With 9,300 covid cases added in the last 24 hours, Mumbai is now seeing infection double every 34 days. The total number of cases in the city now stands at 5,10,225 out of which 91,000 are currently active.&nbsp;
The doubling rate for the infection has gone up from 44 days to 34 days in just a week. The financial capital has&nbsp;added over one lakh new cases in the last 13 days.
Mumbai is facing not just a vaccine shortage with private innoculation&nbsp;centres shut over the weekend&nbsp;but is also facing wide shortage of&nbsp;Remdesivir drug across the city.&nbsp;

Reports indicate that price negotiations for importing Russian vaccine Sputnik V have begun. Hyderabad based Dr Reddy's Lab (DRL) has already formulated a tie-up w

Reports indicate that price negotiations for importing Russian vaccine Sputnik V have begun. Hyderabad based Dr Reddy's&nbsp;Lab (DRL) has already formulated a tie-up with Russian Direct Investment Fund to import the vaccine once regulatory approvals are through.&nbsp;
Current rate of procurement for Covishield&nbsp;and Covaxin&nbsp;is at Rs 150/dose for the Indian government.&nbsp; DRL&nbsp;and Sputnik V backer&nbsp;RDIF&nbsp;have agreed upon 100 million doses for import into India.&nbsp; &nbsp;&nbsp;

The Indian startup ecosystem is on a roll as we get two more names adding to the list of unicorns this week. Sharechat owner Mohalla tech and messaging p

The Indian startup&nbsp;ecosystem is on a roll as we get two more names adding to the list of unicorns.&nbsp;Sharechat&nbsp;owner Mohalla&nbsp;tech and messaging platform Gupshup&nbsp;crossed the $1-billion-valuation-mark after the latest round of funding.
Mohalla Tech&nbsp;raised $502 million in a funding round led by Lightspeed Ventures and Tiger Global, pushing the startup&rsquo;s valuation to $2.1 billion.&nbsp;Gupshup&nbsp;achieved the coveted label after raising $100 million from Tiger Global, increasing its valuation ten-fold to $1.4 billion.
10 companies have crossed&nbsp;the $1-billion valuation mark this year. Six of them have turned unicorns in just one week.&nbsp;
&nbsp;
&nbsp;

China's State Administration for Market Regulation has fined Jack Ma's Alibaba a record of 8.23 billion yuan ($2.78 billion) for for abusing market dominant p

China's State Administration for Market Regulation has fined Jack Ma's Alibaba a record of&nbsp;8.23 billion yuan ($2.78 billion) for&nbsp;for abusing market dominant position. China's market regulator has also demanded Alibaba&nbsp;"stop illegal activities." The record fine is equivalent to 4% of 2019's total domestic sales for the e-commerce company.&nbsp; Chinese regulators said it abused its dominance to punish merchants who sold goods on rival platforms.

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