Vodafone Idea&nbsp;on Wednesday reported a staggering ₹73,878 crore of net loss in fiscal ended March 2020. This is the highest ever loss by any Indian firm after the country's third largest telecom&nbsp;operator provisioned for Supreme Court mandated statutory dues of ₹51,400 crore.&nbsp;Revenue from operations for the March quarter came in at ₹11,754&nbsp;crore. The revenue from operations for full year FY20 stood at ₹44,957&nbsp;crore. The same was ₹37,092&nbsp;crore in FY19.

Vodafone Idea on Wednesday reported a staggering ₹73,878 crore of net loss in fiscal ended March 2020. This is the highest ever loss by any Indian firm after the country's third largest telecom operator provisioned for Supreme Court mandated statutory dues of ₹51,400 crore. Revenue from operations for the March quarter came in at ₹11,754 crore. The revenue from operations for full year FY20 stood at ₹44,957 crore. The same was ₹37,092 crore in FY19.

Stock markets tumbled on Tuesday due to heavy selling in banking, financial and auto shares. Bank Nifty fell over 3% as investors turned cautious after several reports claimed that&nbsp;NPAs&nbsp;will rise drastically in the upcoming quarters.
The Sensex&nbsp;dived 660 points to close near 36,000 and the Nifty lost 1.8% to end the day at 10,607. Analysts said negative cues from global markets amid escalating US-China tension and rising Covid-19 cases also dampened investor sentiment here.
IndusInd&nbsp;Bank, Axis Bank, Eicher&nbsp;Motors, Zee and Adani&nbsp;Ports were the top Nifty losers. Only 3 out of 50 stocks in the Nifty 50 index ended in the green.
The Indian rupee tumbled 23 paise to settle at 75.42 against the US dollar.

Yes Bank will focus more on giving retail loans and to MSMEs and will trim its corporate loan portfolio.&nbsp;Bank's CEO Prashant Kumar on Monday said that the ratio of the bank's loan book was inclined more towards corporate loans, with the corporate to retail loan ratio of 55% to 45%. The bank plans to change this mix and have a corporate share at 40% and retail and MSME at 60% over a period of time.

Moody's Investors Service said the challenging economic and credit conditions stemming from Covid-19 will weigh on the asset quality and profitability of banks in India and ASEAN countries. However, government support measures will offset some of the pressure but they will not fully eliminate the negative impact, it added. Moody's said the largest banks will continue to benefit from deposit inflows as they are seen as safe havens in times of stress. Moody's expects the GDP of most ASEAN economies and India to contract in 2020 and gradually recover in 2021.

Stock markets fell in the opening session on Tuesday following global peers and weakness in banking and financial shares.
At 9:25 am, the Sensex&nbsp;was 300 points in the red and the Nifty was down 0.7% at 10,726.
IndusInd&nbsp;Bank, HDFC, Bajaj&nbsp;Finserv, Zee&nbsp;and Bajaj&nbsp;Finance were the top Nifty losers.
&nbsp;

Equity benchmarks&nbsp;pared morning gains on Monday to end slightly in the green tracking fall in banking stocks and a sharp rally in index-heavyweight&nbsp;Reliance.
The Sensex&nbsp;ended the day 100 points in the green and the Nifty rose 0.44% to end the session at 10,815.
Tech Mahindra, Hindalco, HCL&nbsp;Tech, JSW&nbsp;Steel and Reliance were the top five Nifty movers. Whereas Powergrid, Bajaj&nbsp;Finance, HDFC&nbsp;Bank, HDFC&nbsp;and ICICI&nbsp;Bank were the top losers.
The rupee settled on a flat note at 75.19 against the US dollar.

Homegrown&nbsp;short-form video sharing app Chingari is in advanced talks with venture capital firms to raise $10 million in Series A round of funding, according to a Moneycontrol&nbsp;report.&nbsp;Chingari which claims to have 22 million downloads has seen unprecedented growth following the ban of Chinese app TikTok in India and the anti-China sentiment in the country.&nbsp;Chingari was developed by Sumit&nbsp;Ghosh, a Chhattisgarh-based developer in 2018.

Hyderabad-based Gland Pharma, which is promoted by China's Fosun Pharma, has filed for an IPO&nbsp;with the Securities and Exchange Board of India. As per some reports, this will be the first domestic IPO of an Indian company with a Chinese parent.&nbsp;It is estimated that the IPO could be in the range of ₹5,000-6,000 crore.

The trading volume of cryptocurrency in India has increased by 400% in the last few months during the nationwide lockdown due to the Covid-19 pandemic, as per a report by Moneycontrol.com. The boom in crypto trading is also said to have increased after the Supreme Court had lifted its ban earlier in 2020. The national lockdown, along with working from home, seems to have brought in a flurry of new participants and increased trading volumes in cryptocurrency, the Hindu mentioned in a report.
&nbsp;

Indian equities opened higher on Monday following global&nbsp;cues.
At 9:20 am, the Sensex was 366 points in the green near 37,000 and the Nifty was up 0.85% at 10,859.
JSW Steel, Tata&nbsp;Motors, IndusInd&nbsp;Bank, Reliance and Hindalco&nbsp;were the top five Nifty gainers.

Equity benchmarks surged on Thursday led by gains in metals and banking stocks.
The Sensex ended the session 408 points in the green and the Nifty jumped over a percent to close at 10,813.
Hindalco, HDFC, SBI, Bajaj&nbsp;Finance and Tata&nbsp;Steel were the top Nifty gainers.
The rupee pared some of its initial gains and settled 3 paise higher at 74.99 against the US dollar.

Net inflows into equity mutual funds plunged over 95% in June, compared to May. The net inflows only stood at ₹240&nbsp;crore in June, as against ₹5,256.52 crore in May. The month-on-month slump comes on the back of likely profit booking. According to the data from the Association of Mutual Funds in India, total assets under management of the mutual funds rose to ₹25.48 lakh crore in June 2020 as compared to ₹24.54 lakh crore in May 2020.
&nbsp;

India's largest lender&nbsp;State Bank of India&nbsp;said it may invest up to&nbsp;₹1,760 crore in private lender Yes Bank's upcoming FPO. Yes Bank's&nbsp;Board of Directors had approved raising funds by way of a FPO. In March, a group of eight lenders led by SBI had infused over&nbsp;₹10,000 crore into Yes Bank, as part of a rescue deal approved by the Reserve Bank of India.

Indian equities opened Thursday on a positive note following&nbsp;global cues. At 9:25 am, the Sensex&nbsp;was 191 points in the green and the Nifty was 0.43% higher at 10,752.
Hindalco, Tata&nbsp;Steel, Vedanta, JSW&nbsp;Steel and IndusInd&nbsp;Bank were the top gainers.
Metal stocks were pushing&nbsp;the benchmarks higher as Nifty Metal index gained 2.28%.

Stock market indices snapped five-day rally on Wednesday pulled down by profit booking and weakness in IT and Auto stocks.
The Sensex&nbsp;ended the session 345 points in the red and the Nifty fell 0.87% to close at 10,705.
Bajaj Finance, Zee, Asian Paints, Tata&nbsp;Motors and HCL&nbsp;Tech were the top Nifty losers. While, IndusInd&nbsp;Bank, Vedanta, JSW&nbsp;Steel, Hindalco and DRL were the top gainers.
The rupee slipped 9 paise to settle at 75.02 against the US dollar.

Yes Bank's capital raising committee&nbsp;has approved its plan to raise funds via a follow-on public offer. The committee is scheduled to meet again on or after July 10 to consider and approve, among other things, the price band and discount, if any. As per some reports, the FPO size is likely to be in the ₹12,000-15,000 crore range.

State Bank of India&nbsp;announced that it has reduced its marginal cost-based lending rate by 5-10 bps for shorter tenor loans. The new rates will be effective from July 10, 2020 in order to boost credit off-take and revive demand. With this&nbsp;14th consecutive reduction,&nbsp;SBI&rsquo;s MCLR&nbsp;for&nbsp;upto&nbsp;three&nbsp;months tenor comes down to 6.65%.

The second-largest private sector lender ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to 8%. These employees form over 80% of its overall workforce and the decision has been taken in recognition of the services rendered during the Covid-19 pandemic, news agency&nbsp;PTI&nbsp;reported. These employees are&nbsp;frontline staff mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank. The development comes at a time when a slew of organisations have been forced to stall salary hikes or even cut salaries as they seek to get some control over costs.

Benchmark indices&nbsp;open in the green on Wednesday following Asian peers. PSU&nbsp;Banks and metal stocks also supported the market.
At 9:20 am, the Sensex was 77 points higher at 36,751 and the Nifty was at 10,831.
IndusInd&nbsp;Bank, JSW&nbsp;Steel, SBI, Tata&nbsp;Steel and UPL&nbsp;were the top gainers.
Nifty PSU&nbsp;Bank index was up 1.8% and Nifty Metal index was 1.1% high.

Stocks markets ended Tuesday with gains led by IT and banking shares. The Sensex&nbsp;rose 187 points and the Nifty ended the session near 10,800, up 0.33%.
Bajaj&nbsp;Finance, IndusInd&nbsp;Bank, Bajaj&nbsp;Finserv, Eicher&nbsp;Motors and ICICI&nbsp;Bank were the top Nifty gainers. Whereas, Adani&nbsp;Ports, Powergrid, Grasim, BPCL and ITC&nbsp;were the top losers.
The rupee extended the losses and settled 25 paise lower at 74.93 against the US dollar.&nbsp;
&nbsp;

Indian stock markets opened almost flat on Tuesday following mixed Asian peers.
At 9:20 am, the Sensex&nbsp;was 58 points in the green while Nifty was trading at 10,769.
Bajaj&nbsp;Finance, Infosys, Bajaj&nbsp;Auto, Bajaj&nbsp;Finserv&nbsp;and Tata&nbsp;Motors were the top gainers. Meanwhile, Powergrid, BPCL, ONGC, Infratel&nbsp;and Zee&nbsp;were the top five Nifty losers.
&nbsp;
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Vodafone Idea has reported a staggering ₹73,878 crore of net loss in fiscal ended March 2020 - highest ever loss by any Indian firm

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Vodafone Idea posts highest-ever loss by an Indian firm

Jul 01, 2020 14:54 IST

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