Top headlines: Mumbai back on the lockdown train; Infosys profit up 17.5%

Shortage of key chemical hitting Bharat Biotech's Covaxin ramp-up plans to Bharti Airtel merging digital arm with itself in corporate revamp, here are top headlines this morning

Mumbai locals back on the lockdown train amid rising Covid-19 cases

The financial capital of India has switched on its silent mode. A year since the country began its tryst with lockdowns and a coronavirus-infected world, Mumbai is caught in a ‘been-here, done-that’ moment and its people are engulfed in a sense of déjà vu. Small business owners are rueing the lack of livelihood, while essential workers are cursing their daily grind and imminent interactions with the authorities as they make their way to work over the next fortnight. Read More

Shortage of key chemical hits Bharat Biotech's Covaxin ramp-up plans

With Hyderabad-based vaccine maker Bharat Biotech in the midst of ramping up its capacity for Covaxin, sources said the biotechnology company is facing challenges in procuring the adjuvant used in the vaccine. The unsung hero of vaccines is a component called the adjuvant. It puts a ‘red flag’ on the antigenic component of the vaccine — an inactivated whole or part of a virus or bacteria — and instructs the immune system to mount a defence against that antigen whenever it is encountered. Read More

Infosys net profit rises 17.5% in Q4, announces Rs 9,200-crore buyback

Information technology (IT) services major Infosys on Wednesday posted a 17.5 per cent jump in net profit for the March quarter on a year-on-year (YoY) basis, even though it was down 2.3 per cent sequentially. Infosys’s board also approved a share buyback of up to Rs 9,200 crore. The buyback will be done from the open market and the price per share will not exceed Rs 1,750 crore. This is part of the firm's capital return plan of Rs 15,600 crore, which also includes a final dividend of Rs 6,400 crore. Read More

Maharashtra curfew: Half of factories may remain shut for next fortnight

Half of the manufacturing units in Maharashtra could remain shut for the next fortnight as the state’s new Covid-19 norms come into effect. These include appliance and apparel makers, which fall in the non-essential category. On Tuesday, Chief Minister Uddhav Thackeray announced a 15-day statewide curfew and a host of other restrictions to contain the spread of the coronavirus. Read More

Bharti Airtel to merge digital arm with itself in corporate revamp

Leading telecom services company Bharti Airtel on Wednesday announced a new corporate structure under which group firm Airtel Digital Ltd will merge into the listed entity Bharti Airtel. While tapping digital opportunities, the telecom major is attempting to unlock value in line with other big players such as Reliance Jio, which had raised more than Rs 1.5 trillion from a clutch of investors including Google and Facebook. Read More

Maharashtra curbs: FMCGs chalk out production, distribution plans

Fast-moving consumer goods (FMCG) companies have put in place new production and distribution plans to help them ride out the 15-day Maharashtra lockdown. These include focus on fewer brands, smaller packs, and creating buffer stocks to minimise disruption. Distribution plans also include moving inventory closer to consumption markets to reduce time required for movement of goods from factory gate to dealers. Companies are building up inventory at warehouses and trimming replenishment cycles by half. Read More

Aditya Birla Capital board approves initial public offering of AMC arm

The board of Aditya Birla Capital (ABCL) has given its nod for the initial public offering of subsidiary Aditya Birla Sun Life AMC, the firm said on Wednesday. The board has approved an offer for sale of up to 2.8 million shares at face value of Rs 5 held by the company in the AMC, the firm said in a notification to exchanges, according to reports. Read More

Low base, recovery in demand to drive up auto firms' Q4 earnings

Aided by a lower base because of last year’s lockdown and recovery across segments, auto companies are expected to post average revenue growth upwards of 35 per cent year-on-year (YoY) in the March quarter (Q4). Though wholesale numbers declined, compared with the festive season sales, factory dispatches remained strong despite multiple price hikes and lower discounts. Read More