Top headlines: Air India's 100% stake sale; 1,000 frauds in 5 years at UCBs

From government announcing a 100 per cent stake sale in Air India to a new case of Coronavirus in India here are today's top headlines

Govt to sell 100% stake in Air India; sets March 17 as deadline for bids

The government on Monday announced sale of 100 per cent stake in debt-laden Air India as it issued the preliminary bid document for the strategic disinvestment and has set March 17, as the deadline for submitting expression of interest. As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low-cost airline Air India Express and 50 per cent shareholding in joint venture AISATS, as per bid document. READ HERE

IndiGo Q3 result: Net profit jumps 168% YoY

InterGlobe Aviation – parent company of IndiGo airline – reported a consolidated net profit of Rs 496 crore during the December quarter of FY20 (Q3FY20). The figure was 167.9 per cent higher from a profit of Rs 185.2 crore logged in the December quarter of FY19. READ HERE

HDFC Q3 PAT at Rs 8,372.5 cr

Housing finance firm HDFC Monday reported 296 per cent year-on-year (YoY) rise in the standalone net profit at Rs 8,372.49 crore during the December quarter of Fy20 (Q3FY20), compared to Rs 2,113.8 crore reported in Q3FY19. Sequentially, the number was up 111.34 per cent from Rs 3,961.52 crore logged in Q2FY20. On a consolidated basis, the net profit attributable to owners stood at Rs 3,835.38 crore. READ HERE

UCBs reported nearly 1,000 frauds worth Rs 220 cr in past five fiscals: RBI

Urban cooperative banks (UCBs) have reported nearly 1,000 cases of fraud worth more than Rs 220 crore in the last five fiscals, according to the Reserve Bank of India (RBI). Responding to an RTI query, the central bank said a total of 181 fraud cases involving Rs 127.7 crore were noticed during 2018-19. A total of 99 and 27 such cases involving Rs 46.9 crore and Rs 9.3 crore were reported during 2017-18 and 2016-16 respectively, it said. READ HERE

Dr Reddy's posts Rs 570-cr net loss due to heavy impairment charge

In a complete reversal of analyst expectations, drug major Dr Reddy's Laboratories Limited has reported a net loss of Rs 569.7 crore for the quarter ended December 2019 due to a massive impairment charge of Rs 1,320 crore, and despite a reasonable growth in revenues during the period. The company's profit before tax stood at Rs 580.5 crore with a net profit of Rs 485.2 crore in the corresponding quarter previous year. According to the company, the launch of a competing version of its product Nuvaring and authorised generic launches in December 2019 led to a considerable erosion in the value of Dr Reddy's Nuvaring product, prompting the company to take an impairment charge of Rs 1,110 crore. READ HERE

Coronavirus: Mumbai man in hospital for possible exposure; 4th such case

A 36-year-old man has been admitted in the isolation ward of a civic-run hospital on suspicion of possible exposure to the novel coronavirus, officials said on Monday. The man, a resident of Tardeo in south Mumbai, is currently kept under observation at Kasturba Hospital in the city, they said. Three persons were last week admitted in the hospital for possible exposure to the virus strain, after screening of passengers was done at the Mumbai international airport. READ HERE

Govt signs peace pact with insurgent groups to resolve Bodo issue in Assam

The government on Monday signed an accord with one of the dreaded insurgent groups of Assam -- the National Democratic Front of Boroland (NDFB) -- providing political and economic bonanza. The All Bodo Students' Union (ABSU), which has been spearheading a movement for a Bodoland state was also signatory to the accord. READ HERE

Andhra Pradesh Cabinet passes resolution for abolishing Legislative Council

The Andhra Pradesh Cabinet passed a resolution on Monday setting in motion the process for abolishing the state Legislative Council. A similar resolution will now be adopted in the Legislative Assembly and sent to the Centre for necessary follow-up action. With just nine members, the ruling YSR Congress is in minority in the 58-member Legislative Council. READ HERE

Amazon workers criticise company on climate change despite risk to jobs

Hundreds of employees are openly criticising Amazon's record on climate change despite what they say is a company policy that puts their jobs at risk for speaking out. On Sunday, more than 300 employees of the online retail giant signed their names and job titles to statements on blog post on Medium. The online protest was organised by a group called Amazon Employees For Climate Justice, an advocacy group founded by Amazon workers that earlier this month said the company had sent letters to its members threatening to fire them if they continued to speak to the press. READ HERE