Top headlines: Axis Bank to buy 29% in Max Life, ADB okays loan for India

From Axis Bank investing in Max Life Insurance to ADB approving $1.5 bn loan for India, here are top headlines of the day

Axis Bank to buy 29% in Max Life Insurance, raise its total stake to 30%

Private-sector lender Axis Bank on Tuesday said it would acquire an additional 29 per cent stake in Max Life Insurance, raising its total stake in the private life insurer to 30 per cent after the completion of the deal. Max Financial Services will hold the remaining 70 per cent in the joint venture. “The boards of Axis Bank, Max Financial Services (MFS) and Max Life approved the transaction late on April 27. This is an outcome of the inter-se discussions after the three companies signed a confidentiality and exclusivity arrangement on February 20, 2020, to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life,” the bank said in a statement. Read more

India's rating may come under stress if fiscal outlook worsens: Fitch

Fitch Ratings on Tuesday said India's sovereign rating could come under pressure if there is further deterioration in fiscal outlook as a result of lower growth or fiscal easing. The statement comes amid reports of further fiscal easing to support growth over the extended coronavirus lockdown. Read more

ADB approves $1.5 bn loan for India to fight coronavirus pandemic

The Asian Development Bank (ADB) on Tuesday said it has approved $1.5 billion loan to India to help fund its fight against coronavirus (Covid-19) pandemic. The loan has been sanctioned in order to support immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections. Read more

Realty of coronavirus: Big developers to gain, small ones may go bust

The survival of a host of small and mid-sized developers is at stake as lockdown has stopped all sales and the debt burden is mounting every passing month. The situation is not expected to get any better for them post lockdown, at least this year. Meanwhile, the March quarter of the current calendar year saw a 30 per cent decline in sales of residential properties in top cities, according to property consultant JLL India. This is the second highest fall in residential sales in the last five years, after Q1, 2017 when the residential sales saw a decline of 37 per cent due to demonetisation. Read more

Covid-19: Boeing CEO sees slow air travel rebound, no dividend for 'years'

Boeing's CEO David Calhoun on Monday said that restoring the dividend could take three to five years as the company girds for a slow air travel recovery in the wake of the coronavirus crisis. The comment was a signal that paying back debt and keeping up Boeing's manufacturing supply chain were bigger priorities than paying dividends for the foreseeable future. Read More

Tokyo Olympics will be cancelled if pandemic not over by 2021: Games chief

The Tokyo 2020 organising committee president Yoshiro Mori said on Tuesday that the postponed Tokyo Olympics will be cancelled if the coronavirus pandemic isn't brought under control by next year. The pandemic has already forced a year-long delay of the Games, which are now scheduled to open on July 23, 2021, but Tokyo 2020 president Mori said no further postponement was possible. Read More

NITI Aayog building sealed for 48 hrs after staffer tests Covid-19 positive

The NITI Aayog building in the national capital was sealed for 48 hours after a director-level officer tested positive for coronavirus, a senior official said on Tuesday. "A director-level officer working at NITI Bhawan has tested positive for Covid-19. Today, at 9 am, he got his report, and then he informed authorities," Alok Kumar advisor at NITI Aayog told PTI. He further said that those who came in contact with the person had been asked to go on a self-quarantine. Read More

RIL to consider rights issue, announce Q4 nos on April 30. What to expect?

Reliance Industries (RIL) on Monday announced that its board would consider a proposal to issue equity shares to existing shareholders on a rights basis during its board meeting on April 30 (Thursday). That apart, the company will also announce its results for the quarter ended March 2020 (Q4FY20) on the same day. According to analysts, the company's decision to consider rights issue is unexpected; however, considering that the equity markets may not do well in the near-term due to Covid-19 crisis, the company may have resorted to the rights issue to raise money. Read More