Fugitive Vijay&nbsp;Mallya on Tuesday urged the Indian authorities once again to consider the 100% payment of his loan amount. Mallya, who is wanted in India on alleged ₹9,000 crore fraud&nbsp;also said all his companies have effectively ceased operations and manufacturing following the lockdown in India.&nbsp;He sought government help and said, "We are not sending employees home and paying the idle cost. Government has to help.&rdquo;

Fugitive Vijay Mallya on Tuesday urged the Indian authorities once again to consider the 100% payment of his loan amount. Mallya, who is wanted in India on alleged ₹9,000 crore fraud also said all his companies have effectively ceased operations and manufacturing following the lockdown in India. He sought government help and said, "We are not sending employees home and paying the idle cost. Government has to help.”

Australia&rsquo;s economy shrank last quarter, setting the scene for what could be the nation&rsquo;s first technical recession in three decades. The entire business sectors were shut down due to the coronavirus&nbsp;outbreak. Data from the Australian Bureau of Statistics showed the economy contracted by 0.3% in the first quarter ended March, the first drop in nine years.
&nbsp;

Stock markets ended the day in the green, however,&nbsp;indices&nbsp;closed off the day's high due to the profit-booking.&nbsp;The Sensex&nbsp;closed 284 points higher at 34,109 after touching an intraday&nbsp;high of 34,488. Similarly, the Nifty, which surged over 1.6%, ended the session only 0.8% up.
Markets witnessed profit-booking ahead of weekly expiry on Thursday as the Nifty surged more than 11% in the last six days. PSU banks were the biggest contributors in the Nifty's&nbsp;gain.
M&amp;M, Bajaj&nbsp;Finance, Kotak&nbsp;Bank, Nestle and ICICI&nbsp;Bank were the top five gainers.
The rupee also surrendered all intraday gains to settle 11 paise lower at 75.47 against the US dollar.
&nbsp;

The Trump administration has decided to launch an investigation into the digital services taxes (DST) being enforced or proposed by nine countries, including India, and the European Union that would hit US companies, like Google and Amazon. The US Trade Representatives (USTR) said that India has adopted a 2 per cent tax for non-resident companies that deal in online sales of goods and services and have annual revenue more than over ₹2 crore.

India's service sector fell drastically during May as the unfavourable economic effects of the coronavirus pandemic impaired business operations. The IHS Markit India Services Business Activity Index stood at 12.6 in May. Although the figure rose from April's unprecedented low of 5.4.&nbsp;

Oil surged on Wednesday to a near three-month high over speculation that major producers will extend production cuts as the world recovers from the coronavirus pandemic. Brent crude&nbsp;was up 0.9% at $39.79. The Organization of the Petroleum Exporting Countries and others including Russia may extend production cuts of 9.7 million barrels per day&nbsp;or about 10% of global output in July or August, Reuters reported.

The Indian stock markets opened with strong gains on Wednesday following positive global cues.&nbsp;
At 9:20 am, the Sensex&nbsp;was 498 points higher and the Nifty surged 1.62% to trade around 10,141.
Britannia, Bajaj&nbsp;Finance, Bajaj&nbsp;Finaserv, Tata&nbsp;Motors and Axis Bank were the top Nifty movers. 49 out of 50 stocks in the Nifty 50 index were in the green.
&nbsp;

Indian equity markets ended Tuesday with gains, dominated by financials&nbsp;and positive global sentiment.&nbsp;
The Sensex&nbsp;closed the day 522 points higher and the Nifty surged 1.56% to end slightly lower than 10,000.
Bajaj&nbsp;Finserv, Zee, Bajaj&nbsp;Finance, Kotak&nbsp;Mahindra&nbsp;Bank and Tata&nbsp;Motors were the top Nifty movers. Whereas, Coal India, Maruti, BPCL, ITC and DRL&nbsp;were the top&nbsp;losers.
The rupee on Tuesday rebounded by 18 paise to close at 75.36 against the US dollar.

CNG prices in Delhi, Noida, Ghaziabad and other adjoining cities were increased by one rupee per kg to compensate for the additional cost incurred to keep stations coronavirus ready.&nbsp;Indraprastha Gas Ltd&nbsp;on Monday announced to revise&nbsp;CNG price from&nbsp;₹42/kg to&nbsp;₹43/kg, with effect from June 2, 2020.

The RBI's decision to extend the moratorium on loan repayment by three more months will be credit negative for NBFCs,&nbsp;Moody's Investors Service has said. It said that NBFCs manage their liquidity primarily by matching outflows, mainly debt repayments, with inflows from customer loan repayments. The initial moratorium has led to a significant decline in cash inflows and has adversely impacted the liquidity of NBFCs. The extension of the moratorium will add additional stress to cash inflows, which will continue for at least three more months, the report said.

Oyo&nbsp;has announced to grant employee stock ownership plans worth around ₹130 crore to all its furloughed employees impacted by the Coronavirus pandemic. The hospitality firm is putting&nbsp;efforts to minimize the disruption being experienced by its employees, said the announcement. The company moreover, did not share any of the details regarding the number of impacted employees.
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In a bid to boost electronic manufacturing in India, Union Minister Ravi Shankar Prasad&nbsp;on Tuesday announced three schemes. Those schemes are&nbsp;'Production Linked Incentive Scheme', 'Component Manufacturing Scheme' and 'Cluster Scheme'. Addressing the media, the minister said that&nbsp;electronic manufacturing in India has risen from ₹1.9 lakh crore in 2014 to ₹4.58 lakh crore in 2018-19.&nbsp;

As domestic and international travel remains suspended in many countries around the world,&nbsp;online aggregator MakeMyTrip is facing the brunt of Covid-19 pandemic. The company is laying off 10% of its workforce, nearly 350 employees due to business slowdown. In a letter to the employees, the founder and CEO&nbsp;Deep Kalra and Rajesh Magow&nbsp;stated that it wasn't clear when the travel industry would return to normalcy. Those impacted by the decision will be offered medi-claim coverage till the end of the year along with gratuity, leave encashment, salary&nbsp;as per notice period and outplacement support.

Made in India products should be made for the world, Prime Minister Modi&nbsp;said on Tuesday&nbsp;while urging the need for building&nbsp;self-reliant India. Addressing a CII&nbsp;event, he also urged industry leaders to cut imports.&nbsp;Whether be it sectors such as&nbsp;agri, farm, fisheries, food processing, footwear or pharma, the government has made the private sector a partner in India's growth progress, the Prime Minister said.

Coronavirus may have slowed economy, but India will get its growth back, Prime Minister Narendra&nbsp;Modi&nbsp;said addressing a CII session.&nbsp;Re-strengthening economy against Corona is one of our highest priorities, the Prime Minister added. "Our decisions will help the country in the long run," he said. He also mentioned that&nbsp;intent, inclusion, investment, infrastructure and innovation important to get India back to high growth trajectory.

Billionaire banker Uday Kotak&nbsp;will be selling 56 million equity shares or a 2.83% stake worth over ₹6,800 crore in Kotak&nbsp;Mahindra&nbsp;Bank. The stake sale would help bring down his stake in the country's fourth largest private sector lender to the RBI-mandated 26%.&nbsp;Uday&nbsp;Kotak&nbsp;has had a long run-in with the Reserve Bank over his excess personal holding in the bank.&nbsp;The price band for the share sale has been fixed at ₹1,215 to ₹1,240 apiece.

Indian equity markets opened higher on Tuesday led by auto and pharma stocks.
At 9:30 am, the Sensex&nbsp;was 240 points up and the Nifty rose 0.68% to trade near 9,900.
Kotak&nbsp;Mahindra&nbsp;Bank, M&amp;M, Tata&nbsp;Motors, Bajaj&nbsp;Finance and Hindalco were the top five Nifty movers.

As the global rating agency,&nbsp;Moody's Investor Service downgraded India's sovereign&nbsp;rating to the lowest investment grade, opposition leader Rahul&nbsp;Gandhi took to twitter and said the worst is yet to come. "Moody's has rated Modi's handling of India's economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come," he wrote in a tweet.&nbsp;
Moody's had said&nbsp;that slow reform momentum and constrained policy effectiveness have contributed to a prolonged period of slow growth, compared to India's potential&nbsp;and it expected this to continue well beyond the pandemic.

The Union Cabinet has approved multiple schemes to help MSMEs&nbsp;which include&nbsp;₹20,000 crore subordinate debt,&nbsp;₹50,000 crore equity infusion and change of&nbsp;definition once again.&nbsp;

The Union Cabinet on Monday approved an increase in minimum support prices&nbsp;of 14 kharif crops. The increased MSP will ensure a price which will be 50% to 83% more than the cost of production, I&amp;B Minister Prakash Javadekar said.

Moody's Investors Service on Monday downgraded India's sovereign rating to 'Baa3' from 'Baa2', saying there will be challenges in implementation of policies to mitigate risks of a sustained period of low growth and deteriorating fiscal position.&nbsp;Moody's has also downgraded India's short-term local-currency rating to P-3 from P-2. The agency said in a statement that the outlook&nbsp;remains negative.&nbsp;'Baa3' is the lowest investment grade - just a notch above junk status.&nbsp;Moody's had in November 2017, after a gap of 13 years, upgraded India's sovereign credit rating by a notch to Baa2 from Baa3.&nbsp;&nbsp;

Mallya offers 100% settlement once again, seeks govt help

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Mallya offers 100% settlement once again, seeks govt help

Mar 31, 2020 17:11 IST

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