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24.06.2020 / 11:41

Govt plans new import tax on solar equipments starting August

MUMBAI : India’s renewable energy ministry has proposed imposing customs duty on some solar power equipment starting Aug. 1 as part of the country’s goal of becoming self-sufficient, the Press Information Bureau said in a statement.The ministry has proposed taxing imports of solar cells, modules and inverters starting August, the statement said, citing power minister Raj Kumar Singh’s interaction with the industry.

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Covid impact: India Inc to focus more on home market, shun overseas acquisitions

MUMBAI : Due to the coronavirus-led economic disruption, India Inc is expected to focus more on the home market and avoid venturing overseas for merger and acquisition (M&A) opportunities.Covid-19 outbreak has forced risky bets off the table in the first half of the year. To put it in perspective, so far this year, Indian companies have signed cheques worth just $428.6 billion to acquire companies outside of India, representing just 0.5% of the global outbound M&A market, data from financial markets tracker Refinitiv shows.

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ICICI Bank weighs share sale of up to $3 billion

MUMBAI : ICICI Bank Ltd. is considering raising as much as $3 billion in a share sale as the lender seeks to bolster its capital ratios, according to people familiar with the matter.The Mumbai-based lender plans to start discussions with potential advisers for the offering soon, said the people, who asked not to be identified as the information is private.

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Maharashtra govt tells Bombay HC it can't permit ICSE board exams

MUMBAI : Maharashtra government on Wednesday informed the Bombay High Court that it cannot permit the Indian School Certificate Examination (ICSE) board to conduct the pending exam in the state.ICSE had decided that it will conduct the remaining class 10 and class 12 examsfrom July to July12 across the state after the exams were cancelled in March due to the covid-19 outbreak.

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Mint Covid Tracker: With nearly 67,000 cases, Delhi close to surpassing Mumbai as worst-hit city

India’s strained medical capacity and overburdened health system .Over the past few weeks, new infections and deaths have been rising faster in India than in most other badly-hit countries. The country’s death toll is the eighth worst in the world.

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OMCs switch to diesel as ATF demand falters

MUMBAI : India’s three state-owned refiners have changed their refining configurations, replacing aviation turbine fuel with diesel in a reflection of the troubles faced by the airlines industry.With airlines flying at a third of their capacity, Indian Oil Corp. Ltd, Bharat Petroleum Corp.

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Covid-19: Maharashtra reports 3,214 new cases, 248 deaths

Mumbai: Maharashtra on Tuesday reported 3,214 new covid-19 cases taking the state's tally of covid-19 positive cases to 1,39,010.Active cases however, are at 62,833 in the state and total patients discharged so far are 69,631.The state's capital, Mumbai, the biggest contributor in the state and country's coronavirus tally reported 824 new cases today taking the city's tally to 68,410. With 42 new deaths reported today, Mumbai's total deaths stand at 3,844.

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Inequality gap in India to narrow down post COVID-19: SBI report

MUMBAI : Post COVID-19 pandemic, the inequality gap in the country will narrow down, as income of rich states is likely to decline more than the poor states, according to an SBI research report- Ecowrap.At all India level, per capita income (PCI), which is a measure of the earnings per person in a nation or geographic region, will decline by 5.4% in FY21 to ₹1.43 lakh, the report said.“We expect that the inequality gap in India will narrow down post-COVID pandemic as decline in income of rich states will be much greater than the decline in income of poor states," the SBI's research report said.A similar type of experience of decline in inequality was witnessed in Germany after the collapse of the Berlin war (1989), it said.The report said

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Amid Covid-19, 'vaccine king' Cyrus Poonawalla's wealth grows fastest in India: Report

Mumbai: 'Vaccine king' Cyrus Poonawalla's wealth grew the fastest, at $15 billion, among Indian billionaires and fifth fastest in the world during the COVID-19 pandemic because of the strong business potential of his company, Serum Institute of India, according to a report by Hurun Research.Poonawalla has climbed 57 places to be the 86th richest person in the world as of May 31 on the back of a 25 per cent rise in his net worth during the four months of the pandemic, the report said.The Pune-based entrepreneur's unlisted company is already the largest vaccine manufacturer in the world and the net worth has been helped by vaccine distribution and manufacturing potential of his business, it added.Recently, Serum struck an agreement with

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Ryan, Adam and Scott Thomas handed second series of their ITV travel series

GIVEN the Thomas brothers were told they were going on the “trip of a lifetime” to investigate their family tree, they probably didn’t expect a second series. But ITV bosses were so impressed with all their efforts in the travel adventure Absolutely India: Mancs In Mumbai, that they are handing them another one.

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Yulu secures equity funding from US-based VC firm

Mumbai: Yulu Bikes Pvt Ltd has raised a fresh infusion of ₹30 crore in equity funding led by US-based venture capital firm Rocketship and other existing investors, the micro mobility startup said on Monday.The electric bicycle and scooter rental startup is targeting commuters’ first and last mile connectivity requirements via dockless, battery-powered two-wheelers.

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Covid-19: Mumbai reports 1,098 new cases, tally reaches nearly 68,000

Mumbai: Maharashtra on Monday reported 3,721 new Covid-19 cases, thus taking the state's tally of Covid-19 positive cases to 1,35,796.Active cases, however, are at 61,793 in the state and total number of patients discharged so far are 67,706.The state's capital, Mumbai, reported 1,098 new cases on Monday taking the mega city's tally to 67,586. With 20 more deaths reported in last 24 hours, Mumbai's death toll stands at 3,737.

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Virgin Atlantic issues major flight update about holidays to Disney World

Virgin Atlantic has announced it's restarting flights to 17 more destinations in August.

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Maharashtra's Covid-19 count nears 1.36 lakh as 3,721 new cases get reported

New Delhi: With 3,721 new coronavirus cases getting reported in Maharashtra in the last 24 hours, the state's Covid-19 case count reached 1,35,796 on Monday.Of these over 1.35 lakh cases, Mumbai accounts for 67,586 cases while Thane accounts for 25,390 cases.The state's death toll rose to 6,283 with 62 more fatalities getting reported in the last 24 hours. Mumbai's death toll stands at 3,737.The number of recoveries in the state reached 67,706, including 1,962 recoveries on Monday, said the state health department in its daily bulletin.

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Reliance Industries to hold its first virtual AGM

MUMBAI : As the covid-19 pandemic disrupts the way companies do business, Reliance Industries' (RIL), country's largest private sector company, is also force to breaking its yearly tradition of holding the annual general meetings at the iconic Birla Matushree Sabhaghar in south Mumbai.In a first, this year, the company will move its annual general meeting (AGM) to an online platform.

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Millennials try video call-free days for digital detox

MUMBAI : When Mili Vijay, 39, finishes work for the day, she changes her status on Skype and Microsoft Teams to ‘offline’ to make sure that colleagues in the US or elsewhere don’t ping her. “It’s my way of creating boundaries and taking care of my work-life balance," says the director of centralised monitoring services at IQVIA.As the working day stretches with people logging in from home, professionals are finding that they’re in front of their screens all day.

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Virgin Atlantic to start operating between India and UK from 2 September

NEW DELHI : British full service carrier Virgin Atlantic will start operating between New Delhi, Mumbai and London from 2 September, the airline said in a statement on Monday.The latest announcement by the airline comes even as the Indian government is yet to announce dates for the resumption of international flights.Apart from New Delhi and Mumbai, the airline is also set to operate to destinations like New York, Los Angeles, Hong Kong from London during July, and to destinations like Tel Aviv, San Francisco and Barbados during August.“As countries around the world begin to relax travel restrictions, we look forward to welcoming our customers back onboard and flying them safely to many destinations across our network.

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Covid-19: BMC to operate 50 mobile dispensaries in suburbs

MUMBAI : The city civic body will operate 50 mobile dispensaries in northern suburbs of Mumbai, which have emerged as the new COVID-19 hotspots, under an initiative launched on Monday that is aimed at curbing the spread of the infection in the metropolis and bring cases to zero.The Brihanmumbai Municipal Corporation (BMC) launched Mission Zero rapid action plan under its "Chase the Virus' drive.Under the programme, that covers Borivali, Dahisar, Malad, Kandivali, Bhandup and Mulund suburbs of North Mumbai, the BMC will run 50 mobile dispensary vans which will go to different localities to conduct preliminary check-ups for 2 to 3 weeks to identify and treat COVID-19 patients.At a function organised at the Shahaji Raje Bhosale Sports Complex

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Covid-19 in Mumbai: Raise a complaint with BMC if hospitals overcharge you

COVID-19 treatment charges. According to a state government order, charges for a COVID-19 patient in the general isolation ward cannot exceed ₹4,000 a day, the maximum charge for an Intensive Care Unit (ICU) is capped at ₹7,500 a day, and for ventilators it is ₹9,000 a day.BMC had last month appointed auditors for various private hospitals after receiving complaints of overcharging by some facilities for coronavirus treatment.

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Auto firms cut back on overseas investments

Mumbai/New Delhi: Automakers in India are reducing investments in loss-making overseas arms to conserve cash and cut costs as the pandemic limits their ability to raise fresh funding. Instead, leading companies such as Mahindra and Mahindra Ltd (M&M), Tata Motors Ltd, Minda Corp.

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Auto firms cut back on overseas investments

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Low-value manufacturing is finally getting a boost: Amitabh Kant

MUMBAI : While India has excelled in the manufacturing of high-end products, low-value manufacturing has not received the required impetus, but that is set to change now, said Amitabh Kant, chief executive of government think tank NITI Aayog. The government’s recent measures, including labour and land reforms, will go a long way in making India’s small and medium businesses cost-competitive against cheaper imports, he said.

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Cipla to sell anti-viral drug remdesivir as Cipremi in India

MUMBAI : Drug maker Cipla Limited on Sunday announced the launch of experimental anti-viral drug remdesivir under its brand name Cipremi.

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The art of war and Sino-Indian business

MUMBAI : While soldiers of the world’s two largest armies faced-off along the Sino-Indian border this summer, Chinese firms in India were more preoccupied with paperwork than politics.Several Chinese venture capital funds had just filed their applications to invest in Indian industry and startups. The Narendra Modi government had made clearance for foreign direct investment (FDI) flowing from China and bordering nations into India mandatory since April.

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Dharavi's Covid-19 growth rate declines from 12% in April to 1% in June: Centre

New Delhi: Proactive measures adopted by Brihanmumbai Municipal Corporation reduced Covid-19 growth rate in Dharavi to 4.3% in May and further to 1.02% in June, said Ministry of Health & Family Welfare on Sunday.The measures also ensured an improved case doubling time to 43 days in May 2020 and 78 days in June 2020, the ministry further said.Dharavi, Asia's largest slum situated in Mumbai is densely populated with 2,27,136 people per square kilometre, had 491 cases in in April with 12% growth rate and case doubling period of 18 days."Authorities have knocked on 47,500 doors since April to measure temperatures and oxygen levels, screened almost 700,000 people in the slum cluster and set up fever clinics.

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Mumbai builder converts newly built luxury condominium into COVID-19 hospital

MUMBAI : Even as Mumbai continues with its battle with COVID-19 cases, many Mumbaikars are stepping up to help others through this adversity.A city-based builder has handed over a 19-storey newly constructed, ready-to-move-in luxury condominium to the Brihanmumbai Municipal Corporation (BMC) to house COVID-19 patients.Mehul Sanghvi, of Sheeji Sharan Developers said "We decided to do this willingly after discussing with tenants. The building is being used as a quarantine centre for COVID patients."The building, located on SV Road in Malad, has 130 flats, for which it had received an occupation certificate from the state government.

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Steep rise in ATF prices to hurt airlines and passengers amid pandemic

₹39,069.87 per kiloliter in New Delhi last week, according to Indian Oil Corporation Limited (IOCL). This is the second straight increase in ATF price in June after rates were hiked by a record 56.5% in the national capital on 1 June.After price revision on 16 June, ATF prices at major cities like Kolkata, Mumbai and Chennai stood at ₹44,024.10, ₹38,565.06, and ₹40,239.63, respectively, according to IOCL data.Meanwhile, global crude oil prices have fallen by about 35.29% during the last 12 months, according to Bloomberg data.

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Mumbai records single-day spike of 136 covid-19 deaths, 3874 new Maharashtra cases

MUMBAI : Maharashtra on Saturday notched single-day high of 3,874 coronavirus cases -- up from peak 3,827 a day earlier -- even as state capital Mumbai recorded its new high of 136 deaths in a day out of total 160 fatalities in the state.The state's death toll shot up from 142 a day earlier to 160 -- down by 18 from the previous peak of 178 recorded on June 15, health officials said here.With this, the state's death toll climbed to 5,984 and total corona cases shot up to 128,205, with a recovery rate of 50.04%, the highest in the country.For most days in June, the state has recorded three-digit deaths and 3K plus in new patients daily.This comes to roughly one death every 9 minutes, and a whopping 161 new cases notched every hour in the

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Piramal Pharma Solutions to acquire manufacturing facility of G&W Laboratories in US

MUMBAI : Piramal Enterprises Ltd's Pharma Solutions business, a contract development and manufacturing organization, on Saturday announced that it has entered into an agreement with G&W Laboratories Inc. to acquire its solid oral dosage drug product manufacturing facility located in Pennsylvania, USA, for $17.5 million.The all-cash deal is subject to customary pre-closing conditions.

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Vikram Pawah to take charge of BMW Group India from August

MUMBAI : Vikram Pawah has been appointed as the president of BMW Group India effective 1 August 2020.

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Maharashtra reports 3,827 new Covid-19 cases, tally reaches 1,24,331

Maharashatra has recorded a total of 3,827 new cases in the past 24 hours. The state continues to be the worst affected part of the country with a total of 1,24,331 cases.Maharashtra registered the maximum number of new cases with 3,827 fresh coronavirus positive people in the state.

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Covid-19 impact: Maharashtra cancels final year university exams

MUMBAI : Maharashtra government, late on Friday, has decided to cancel the final year and final semester examinations conducted under various universities in the state in the backdrop of rising cases of coronavirus despite the lockdown."However, those who want to take the exam should submit it in writing to the university and a decision in this regard will be taken on the basis of the influence of the covid-19 pandemic situation," said Uday Samant, Minister for Higher and Technical Education, while interacting with students through the Facebook page of the Directorate General of Information and Public Relations.With over 1.2 lakh cases detected so far, Maharashtra is the country's worst-hit state by the covid-19 pandemic.Samant said that

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Sushant Singh Rajput: The outsider

Chhichhore (2019), the actor plays the father of a troubled boy about to give the national engineering entrance exam. He doesn’t succeed and, mortified at the thought of disappointing his parents, both of whom were at the National Institution of Technology (a stand-in for IIT), he throws himself off the roof.

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Reliance says it has become a net debt-free firm ahead of schedule

₹1.61 trillion in March, has raised ₹1.75 trillion from marquee investors and a share sale to stockholders MUMBAI : Reliance Industries Ltd (RIL) on Friday declared itself net debt-free after a fund-raising spree that saw it garner ₹1.75 trillion—most of it within a span of less than two months—from marquee investors and a sale of shares to existing stockholders.Billionaire Mukesh Ambani’s Reliance raised ₹1.15 trillion through a 24.71% stake sale in digital assets subsidiary Jio Platforms Ltd to nearly a dozen investors, including Facebook Inc. Reliance also raised ₹53,124 crore through a sale of shares to existing investors.

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Frame uniform covid test fees, SC tells Centre

Supreme Court on Friday ordered the government to come up with a reasonable and uniform set of fees for covid tests at hospitals and laboratories across the country, including those run privately.“There should be uniformity in covid test fee," said justice Ashok Bhushan, as he passed a slew of directions in a suo motu case pertaining to reports of ill-treatment of covid patients and manhandling of bodies. He said testing fees range widely currently, from ₹2,200 to v4,500, adding: “We will not fix a rate; you fix a rate."“Covid-19 cases are increasing by the day in Delhi, Mumbai, Chennai and Ahmedabad.

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States put open access renewable projects at risk by reducing incentives: ICRA

Mumbai: With state governments increasing standard charges on open access renewable energy projects or cutting back on incentives, the financial future of many projects are in jeopardy. In a note, credit ratings agency ICRA said that with the changes in policy, the viability of open access - against grid-connected energy - is no longer as attractive.Open access allows large users of power - typically those who consume more than 1 MW - to buy power from the open market, instead of depending on a more expensive grid.

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Analysts hail SC order, but wary of Voda-Idea’s future

MUMBAI : The Supreme Court order to the department of telecommunications (DoT) to consider proposals submitted by telecom operators to repay their outstanding dues is positive, said brokerages.DoT is well placed to evaluate these proposals as it is the regulatory body, the brokerages feel.The apex court had on Thursday, while hearing the case on adjusted gross revenue (AGR)-related dues of Bharti Airtel, Vodafone-Idea and Tata Teleservices, directed the firms to furnish details of their revenues earned and taxes paid in the past 10 years.The court considered the submissions made by the telcos and said operators would need to make a reasonable upfront payment or furnish undertakings to avail the benefit of staggered payments.The telcos

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Covid-19: Maharashtra's tally rises to 1,24,331, state introduces 'Tele ICU'

Mumbai: Maharashtra on Friday reported 3827 new Covid-19 cases taking the state's tally of covid-19 positive cases to 1,24,331.Active cases however, are at 55,651 and total patients discharged so far are 62,773.The state's capital, Mumbai, the biggest contributor in the state and country's coronavirus tally is at 64,139 with total deaths at 3,425. Active cases in Mumbai are 28,442 and 32,264 patients have recovered.Thane is the next biggest contributor with total covid-19 cases at 22033 and total deaths at 675.

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Shares of IRB Infra gains 7% after it secures financial closure for Mumbai-Pune Expressway project

MUMBAI : Shares of IRB Infrastructure Developers jumped as much as 7.38% on Friday after it has secures ₹6,610 crore financial closure for its Toll-Operate-Transfer project Mumbai Pune Expressway.IRB Infrastructure Developers closed at ₹70.70 up 1.36% from its previous close, while the benchmark index, Sensex gained 1.53% to close at 34731.73.The Expressway is India's single largest concession under the TOT model for tolling and O&M, which commenced from March 1, 2020 and the single largest debt tie-up in Indian roads and highways sector for ₹6,610 crore was closed in stipulated time amidst coronavirus pandemic.The project length is 205.4 km including expressway and section of NH-48, old Mumbai Pune corridor.As a commitment towards the fee

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Covid-19 impact: Maharashtra to raise Rs. 1,000 crore via bonds

MUMBAI : In a bid to start reviving the state’s economy, which has been badly hurt due to the lockdown induced by covid-19 pandemic, on Friday, Maharashtra government said it has issued bonds worth Rs.1,000 crore under 'Maharashtra State Development Loan 2023'.The government said an auction will be held on 23 June by the Reserve Bank of India (RBI) for the sale of the bonds.The term of the bond will be 3 years, starting from 24 June, 2020. The loan will be repaid on 24 June, 2023 at full cost.

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MUMBAI : LIC Housing Finance on Friday reported a standalone net profit of ₹421.43 crore for the three months to March, down 39% from the same period last year, on account of lower net interest income (NII).The mortgage lender’s NII stood at ₹1,089 crore, down 9% on a year-on-year (y-o-y) basis. Its net interest margin (NIM), a key indicator of profitability, for 12 months ended 31 March stood at 2.34% as against 2.38% in the same period last year.The company said its were restricted during the first lockdown up to 19 April, during which measures to work from home were put in place.

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Demand for big screen tablet soars due to remote learning needs

₹10,000 - ₹15,000," said Pankaj Harjai, director – tablets and smart devices, Lenovo India.Mumbai-based electronics retailer, Mahesh Telecom, has seen growing demand for tablets in the range of ₹10,000- ₹20,000. However, supply from the side of vendors has been limited.“Tablets are in great demand especially those with big screens that are good for studies," said Manish Khatri, partner at Mahesh Telecom.To leverage this growing demand, companies in the segment have started launching new products.

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Small businesses take the cautious route to digital transformation

MUMBAI : Academic book and stationery company Navneet Education started its digital transformation years ago, but the need to work from home during the lockdown caught the 60-year-old institution off guard just like it did many others. The company anticipated the need for remote data analysis during these times and upgraded its systems.The lockdown has helped businesses across sectors realize the need for a robust IT infrastructure.

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Voda-Idea to SC: Can’t give bank guarantees

NEW DELHI/MUMBAI : Vodafone Idea Ltd said on Thursday that it will be forced to cease operations if the company has to submit bank guarantees for outstanding government dues as directed by the Supreme Court.“Vodafone’s position is ‘precarious’ and is not in a position to give any more guarantees," senior advocate Mukul Rohatgi, representing the company, told the court. “The ship is barely afloat.

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L&T looks to monetize Hyderabad Metro via InvIT route

MUMBAI : Larsen & Toubro Ltd (L&T), the country’s largest construction and engineering company, aims to monetize its Hyderabad Metro project through the infrastructure investment trust (InvIT) route and has started reaching out to investors, said two people aware of the development.The project is housed under L&T Metro Rail (Hyderabad) Ltd, a special purpose vehicle set up for the 71.16 kilometre, three-line elevated metro line under a 35-year concession, extendable by 25 years.

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BMC sends notices to hospitals to report covid-19 deaths within 48 hours

MUMBAI : Two days after Mumbai reconciled data on the number of patients who died from covid-19, the Brihanmumbai Municipal Corporation (BMC) today issued notice to all hospitals asking them to adhere to the 48-hour timeline of reporting deaths due to covid-19.As many as 862 deaths of patients of coronavirus in Mumbai and 466 old deaths from the rest of the state (total 1328 deaths) had not been reported by the state, a data reconciliation exercise by the Maharashtra government showed on Tuesday.The notice said, "In case of failure to follow these instructions, a serious note will be taken by the municipal body and action under Epidemic Act 1897 will be initiated."Government of India has issued mandatory directions for reporting of deaths

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Maharashtra Covid-19 tally crosses 1.2 lakh, doubling rate improves to 25.9 days

Mumbai: Maharashtra on Wednesday reported 3,752 new Covid-19 cases taking the state's tally of covid-19 positive cases to 1,20,504.Active cases however, are at 53,901 and total patients discharged so far are 60,838.The state's capital, Mumbai, the biggest contributor in the state and country's coronavirus tally is at 62,875 with total deaths at 3,311. Active cases in Mumbai re 27,700 and 31,856 patients have recovered.Thane is the next biggest contributor with total covid-19 cases at 21,093 and total deaths at 673.

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Moody’s downgrades Tata Motors to B1, outlook negative

MUMBAI : Moody’s Investor Service has downgraded Tata Motors Ltd’s (TML) corporate family rating (CFR) and the company’s senior unsecured instruments rating to B1 from Ba3.Moody’s said that its outlook on all ratings on TML has been changed to negative from ratings under review.The credit rating agency said that TML’s credit profile is more in line with a B2 rating but expectation of strong financial support from parent Tata Sons Ltd leads to a one-notch uplift of the CFR to B1.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0