Top headlines: Rating firms cut GDP forecast, hiring outlook at 15-year low

Global rating and research houses, such as Fitch and Goldman Sachs, have cut their estimates for growth in India's GDP for the current fiscal 2020-21.

Goldman Sachs to Fitch: Rating agencies cut India's GDP forecast
 

Global rating and research houses, such as Fitch and Goldman Sachs, have cut their estimates for growth in India’s gross domestic product (GDP) for the current fiscal 2020-21 (FY21). While Fitch now expects the country’s GDP to contract 10.5 per cent in FY21 versus its earlier estimate of 5 per cent contraction in this period, Goldman Sachs forecasts a sharper contraction at 14.8 per cent (-11.8 per cent forecasted earlier) in FY21 and 11.1 per cent (-9.6 per cent earlier) in calendar year (CY20). Read More...

With $500 mn funding led by Silver Lake, Byju's valuation crosses $10.8 bn
 

Education technology company Byju’s has raised $500 million in a new round of funding from Silver Lake, the leading global technology investment firm, according to the sources. Existing investors Tiger Global, General Atlantic and Owl Ventures are also participating in this round. The new funding has increased the valuation of the Bengaluru-based firm to $10.8 billion, according to the sources. The firm was earlier valued at $10.5 billion when it received funding from Silicon Valley investor and analyst Mary Meeker's Bond Capital in June. The company confirmed that it has raised a new funding round from Silver Lake, but declined to reveal the amount. Read More...

India's hiring outlook bleakest in 15 yrs; only 3% firms planning to hire
 

India is witnessing the weakest hiring sentiment in 15 years with just 3 per cent companies planning to add staff in the next three months, a survey of over 800 employers said on Tuesday. According to the ManpowerGroup Employment Outlook Survey, that covered 813 firms across India, Indian employers report cautious hiring plans for the final quarter of 2020. Read More...

Kamath committee: Analysts applaud criteria, but fear not all may benefit
 

The KV Kamath Committee’s report has outlined financial ratios for the 26 sectors impacted the most due to the outbreak of Covid-19 pandemic. The benchmarks, analysts say, seem reasonable with debt being split into mild, moderate, and severe. According to the panel’s guidelines, the sector specific parameters may be considered as guidance for preparation of resolution plan (RP) for a borrower in the specified sector. Read More...

Reliance Industries taps Facebook, KKR for investment in retail biz
 

Reliance Industries (RIL) has started preliminary talks with Facebook and private equity fund KKR, the two entities that bought stake in RIL-run Jio Platforms, to make an investment in its retail business too. The two are among the 13 that have invested over $20 billion in Jio Platforms for over a 30 per cent stake. It is believed these investors have informally been given an option to also put in money in Reliance Retail once the monetisation process of the company starts after the acquisition of the retail business of Kishore Biyani’s Future Group. Read More...