Top headlines: Harley-Davidson exits India, S&P on Indian banking system

From BSE 500 index underperforming since March, GAIL cutting supplies after fire at ONGC plant to S&P on banking system recovery, Business Standard brings you top news of the evening

Harley-Davidson books $75 million in fresh restructuring costs, exits India

U.S. motorcycle maker Harley-Davidson said on Thursday it expects to report $75 million in additional restructuring costs for 2020 related to actions including discontinuing its sales and manufacturing operations in India. The announcement comes two months after Harley unveiled a strategy to shift focus back to more profitable motorcycles and core markets such as the United States. Read More...

Nearly half of BSE 500 stocks underperform market since March low

Nearly half the stocks that comprise the BSE 500 index have underperformed the market in the past six months when Prime Minister (PM) Narendra Modi announced the first 21-day nationwide curfew / lockdown to contain the spread of Covid-19 on March 24. The announcement triggered a sharp fall in the market, which hit their almost four-year low. Six months on, the frontline indices – the S&P BSE Sensex and Nifty 50 – have rebounded 47 per cent and 48 per cent, respectively from their 46-month low touched on March 24 in intra-day trade. Read More... 

Indian banking to be among the last to recover in Covid-19 crisis: S&P

Hit by the economic slump due to Covid-19, banking systems in emerging markets like India, Mexico, and South Africa will be slower to recover to 2019 levels and are likely to rebound only beyond 2023, according to rating agency Standard and Poor’s (S&P). The agency released a report today entitled "Global Banking: Recovery Will Stretch To 2023 And Beyond". The Indian banking sector is considered a late exiter. Its recovery will be longer. Read More...

Netflix, Amazon Prime turn weapons in Indian telecom firms' freebie fight

India’s telecom price war is back, and this time the battle is being fought with freebies. After announcing the first tariff increase in three years in 2019, telecom carriers are offering incentives such as subscriptions to services from Netflix to Amazon Prime to win customers in a content-hungry market. Read More...

GAIL cuts gas supplies to clients by 40% after fire at ONGC plant in Surat

Indian gas transporter GAIL (India) Ltd has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an Oil and Natural Gas Corp plant, a company source said. Read More...

US continues to be biggest source of VC investment in India as China shrugs

The United States continues to be the biggest source of Venture Capital, Private Equity investment in India in 2020 with investments almost doubling to $12.26 billion during January to September from $5.56 billion a year ago. Nearly half of the investments by various US-based investors have been made in in Reliance subsidiary Jio. Read More...