Top headlines: Theatres eyes Diwali season; Jio fastest mobile network

From theatres gearing to open from October 15 to the government allowing states to borrow Rs 69,000 crore in GST shortfall, here are top headlines this morning

Set for muted opening after 7-month closure, theatres eye Diwali fireworks

October will be a sluggish month even as some theatres get ready to reopen this week after a seven-month closure. In a setback for the movie business, states known for cinema including Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana and Kerala are yet to permit movie halls to reopen. So, exhibitors estimate that only about a third to half of their properties would screen films on day one. Read More

GST shortfall: Govt allows 20 states to borrow Rs 69,000 crore more

A day after the goods and services tax (GST) Council meeting ended in a deadlock, the Centre on Tuesday allowed 20 states to borrow an additional Rs 68,825 crore through the market to make up for the compensation shortfall amid inadequate cess collection. Meanwhile, dissenting states like Kerala, West Bengal, Punjab and Chhattisgarh said they are exploring legal options, including moving the Supreme Court, to counter the Centre’s move. Read More

Wipro board approves Rs 9,500-crore share buyback; revenue up 1.4%

Wipro, India’s fourth-largest IT services company, on Tuesday approved a share buyback worth Rs 9,500 crore, having improved its performance in the second quarter of FY21 on several parameters, apart from giving a stronger outlook. This is the second quarter in a row that the Bengaluru-based firm is going for a share buyback programme. Read More

Maruti to launch 1 SUV every 6 months till 2023, strengthen pole position

Maruti Suzuki India plans to introduce a slew of new sport utility vehicle (SUVs) models over the next couple of years as it seeks to straddle the segment with multiple product offerings at varied price points, said people aware of the company’s plans. Starting mid-2021, the car market leader is set to launch five new SUVs — one every six months — till 2023. Read More

Covid-19 impact: India's GDP may contract 10.3% in FY21, says IMF

The International Monetary Fund (IMF) on Tuesday sharply revised its projection of contraction in India’s gross domestic product (GDP) for 2020-21 – from 4.5 per cent earlier to 10.3 per cent – citing the rise in Covid-19 cases. The organisation, however, added that the country’s economy might rebound with an 8.8 per cent growth rate in 2021-22, higher than the 6 per cent it forecast earlier. Read More

Tanishq's oneness ad bares divide after firm succumbs to pressure

Tanishq, the jewellery brand of the Tata-owned Titan Company, on Tuesday withdrew an advertisement from its YouTube channel after a furious backlash on social media. The video, 43 seconds long, showed a Muslim family organising a baby shower for their daughter-in-law, presumably Hindu. The brand captioned it: “She is married into a family that loves her like their own child. Only for her, they go out of their way to celebrate an occasion that they usually don’t. A beautiful confluence of two different religions, traditions and cultures.” Read More

Reliance Jio continues to remain the fastest mobile network: Trai

Reliance Jio continues to remain the fastest mobile network, with an average download speed of 19.3 megabits per second (mbps), while Vodafone recorded the highest speed in terms of upload in September, according to the latest data from the telecom regulator. Read More

Food delivery volumes back to 85% of pre-Covid levels, says Swiggy

After Zomato’s food delivery volumes touched pre-Covid-19 peaks, Swiggy said its overall business has recovered about 80-85 per cent of pre-Covid order values. The recovery is taking place owing to multiple rounds of unlocks and restaurants opening up for business. Read More

Vedanta to return $2.5 billion funds after delisting plan fails: Report

Billionaire Anil Agarwal’s commodities group will return money raised from banks and bondholders after a plan to delist its Indian unit failed. Vedanta Resources Ltd will repay $1.4 billion raised via bonds and another $1.1 billion in loans, with a small amount of interest, as early as this week, according to people with knowledge of the matter. It comes after minority shareholders last week scuppered a plan to take Vedanta Ltd. private, throwing the spotlight on its debt load and whether they’ll try to delist again. Read More