Top headlines: TCS Q4 net profit jumps 15%; SEC clears Russia's Sputnik V

From TCS Q4 net profit jumping 15% to Rs 9,246 crore to Flipkart partnering with Adani group to boost supply chain infrastructure, here are top headlines this morning

TCS Q4 net profit jumps 15% to Rs 9,246 crore; revenue at Rs 43,705 crore

Tata Consultancy Services (TCS), India’s largest IT services player, reported a strong set of numbers for its fourth quarter of FY21, as clients continued to spend on digital services and focused on reimagining their business operations. The biggest takeaway from the Q4 numbers was the order book at $9.2 billion, the highest ever reported by TCS in a quarter since the company started reporting this metric. Read More

India gets third Covid-19 vaccine as SEC clears Russia's Sputnik V

Amid vaccine shortage forcing many inoculation centres to shut down, Russia’s Sputnik V has got the nod of the Subject Expert Committee (SEC) for emergency use. An approval from the Drugs Controller General of India (DCGI) was awaited at the time of going to press. Sputnik V will be the third Covid-19 vaccine in India, besides Covishield and Covaxin. Read More

Bears maul markets: Indices plunge 3.5%, m-cap worth Rs 8.8 trn wiped out

Indian shares tumbled on Monday as an alarming rise in Covid-19 infections and fresh stringent curbs to contain the spread of the coronavirus cast a shadow over the economic recovery. The Sensex fell 1,708 points, or 3.4 per cent, to end the session at 47,883 -- the lowest close since January 29 -- while the Nifty 50 index closed at 14,311, declining 524 points, or 3.5 per cent. The fall was the biggest since February 26 and the second biggest in the past one year. It wiped out Rs 8.8 trillion of India’s market capitalisation. Read More

Flipkart partners Adani group to boost supply chain infrastructure

E-commerce giant Flipkart has formed a strategic and commercial partnership with the Adani group to “strengthen its supply chain infrastructure” and “enhance its ability to serve its rapidly growing base of customers”. Under the partnership, Adani Logistics will construct a 534,000 sq ft fulfilment centre at its upcoming logistics hub in Mumbai and will lease it to Flipkart to address the growing demand for e-commerce in Western India. It will also support the market access of several thousand sellers and MSMEs (micro, small and medium enterprises) in the region, Flipkart said in a statement. Read More

On the verge of bankruptcy: How Cafe Coffee Day ground to a halt

When V G Siddhartha, a low-profile but well-connected entrepreneur from Karnat­aka, committed suicide in July 2019, cor­porate India was shocked. Coffee Day Enterprises Ltd (CDEL), a listed entity, was the most successful coffee ch­a­in in India and investments by VGS, as he was known in corporate circles, in real estate and technology firm Min­d­tree were making waves. Café Coffee Day, the branded coffee retail stores, was what Starbucks is to the rest of the world. Read More

Budweiser promises to restore art it plastered with Messi murals

The walls of Delhi and Mumbai recently became a theatre of disagreement between a street art organisation and a high-profile beer brand. St+art India Foundation, which works with artists and has created public art in several cities, took to Instagram on April 3 to accuse Budweiser India of putting out murals on top of its existing paintings, thereby obliterating the earlier works. For instance, in place of what was one of its earliest abstract murals painted on a primary school wall in Delhi’s Hauz Khas Village, now there are a couple of paintings on superstar footballer. Read More

LIC employees' wage hike proposal yet to get government approval

A revision in wages for more than 100,000 employees of Life Insurance Corporation (LIC) is yet to get a go-ahead from the Department of Financial Services (DFS). However, sources said the approval from DFS may come any time and as soon as LIC gets the go-ahead, a wage revision package will be announced. “It is under process and with the ministry. Read More

Paytm Payments Bank registers over 970 million transactions in March 2021

Paytm Payments Bank (PPBL) said it registered over 970 million digital transactions in the month of March 2021, led by growth in transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the past several quarters. PPBL is also averaging 1 million savings and current accounts a month, and with over 64 million accounts, the bank's total deposits have crossed over Rs 3200 crores. Read More