Top headlines: India's Covid-19 vaccine plans, PM Modi in Ladakh & more

Here are the top headlines of the day

India to launch Covid-19 vaccine by August 15: ICMR chief Bhargava

India plans to launch a vaccine for Covid-19 by August 15, a disease that has affected over 600,000 people till now in the country. ICMR and BBIL (Bharat Biotech International) are jointly working for the preclinical as well as clinical development of this vaccine. “This is the first indigenous vaccine being developed by India and is one of the top priority projects which is being monitored at the top-most level of the Government,” said ICMR chief. Read more.

India's enemies have seen your fire and fury: PM Modi to soldiers in Ladakh

Nearly three weeks after 20 Indian soldiers were killed in a violent clash between Chinese and Indian troops along LAC in Ladakh's Galwan Valley, PM Modi landed in the region on Friday morning to review the situation. He was accompanied by Chief of Defence Staff, General Bipin Rawat, and the Army chief, General M M Naravane. "The bravery of 14 Corps will be talked about everywhere. Tales of your bravery and valour are echoing in every house in the country. Bharat Mata's enemies have seen your fire and fury," PM said. Read more.

India will not import power equipment from China: R K Singh

Power Minister R K Singh said that India will not import power equipment from China during a virtual meeting with state counterparts. "We manufacture everything here. Still India imported Rs 71,000 crore worth power equipment including Rs 21,000 crore from China," Singh said. Read more

Intel Capital invests Rs 1,894 crore for a 0.39% stake in Jio Platforms

Intel Capital will invest Rs 1,894.50 crore in Reliance Industries' Jio Platforms at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion for a 0.39 per cent stake, said the two companies. This will be the twelfth international deal for Reliance's digital arm in less than three months, taking the total investment amount to Rs 117,588.45 crore. Read more.

June services activity shrinks for third month in a row; PMI at 33.7

Services sector activity contracted for the third straight month in June as poor domestic demand, low export orders continued to keep the services sector in a deep downturn in the aftermath of the nationwide lockdown, showed a monthly survey. Extended business shutdowns and continuing weak demand sank output in June. Read more.

Amid global crisis, Moody's rates TCS, Infosys, RIL above the sovereign

Moody's Investors Service has rated TCS, Infosys and Reliance Industries above the sovereign due to their strong financials and significant global earnings. Moody's said the stable outlooks on Genpact and UPL Corporation, in contrast to the negative outlook on India's Baa3, rating reflect that they can maintain their current ratings if the sovereign was downgraded to Ba1. It added that ratings of 9 of the 11 investment-grade companies will likely be downgraded by one notch if the sovereign rating falls to Ba1. Read more.