Top headlines: PNB Housing drops stake sale plan; Air India reports losses

Air India's revenue from operations dropped at Rs 10,343 core in FY21 from Rs 27,711 crore year ago. More on that story in out top headlines.

PNB Housing Finance said it is dropping plans for a Rs 4,000-crore stake sale to a clutch of investors led by Carlyle Group citing legal delays. More on that story in our top headlines this morning.

PNB HF scraps Rs 4K-crore deal 

Fed up with the protracted litigation and uncertainty over approvals, the board of PNB Housing Finance (PNB HFC) decided to drop plans for a preferential issue of equity shares to raise Rs 4,000 crore from a group of investors led by private equity fund Carlyle. Read more

Gati Shakti master plan may help GDP growth

The government is working towards reducing the logistics cost to 8 per cent of gross domestic product (GDP) from 13 per cent now, and initiatives such as the recently launched Gati Shakti — or the national master plan for multimodal connectivity — will help in that. “A reduction of 5-6 per cent in logistics costs would mean Rs 20-trillion savings — which is not an easy job,” Commerce and Industry Minister Piyush Goyal said a day after the master plan was launched. Read more

Top IT companies see 15-30% attrition rates

India’s information technology (IT) services industry is facing one of its toughest challenges in many years, with high attrition levels threatening to impact demand, which has been particularly robust since the onset of Covid-19. The industry, with usual attrition rates in the range of 10 to 20 per cent, has witnessed new highs in the recent past, with some of the top companies touching the 20-30 per cent levels. Read more

Govt notifies rules to settle Vodafone tax case

The Central Board of Direct Taxes (CBDT) has notified a separate rule to settle the long-drawn retrospective tax dispute with Vodafone Plc. Read more

Divestment-bound Air India reports Rs 7,017 crore loss for FY21

Air India reported Rs 7,017 crore loss during the financial year 2020-21 amid travel restrictions and flight bans due to the Covid-19 pandemic. Read more