From DHFL's Q1 numbers to Future Group's top official being held, here are the stories which made to the headlines on Saturday
1. DHFL net loss zooms in March quarter on higher provisioning of Rs 3,280 cr
After months of delay, Dewan Housing Finance Corporation (DHFL) on Saturday released its standalone unaudited results for the March 2019 quarter in which the crisis-hit firm reported a net loss of Rs 2,223 crore on account of the additional provisioning of Rs 3,280 crore.
2. DRI arrests top executive at Future Group over unpaid customs duties
The Directorate of Revenue Intelligence (DRI) arrested a top executive at the retail conglomerate Future Group, one of the largest retailers in the country, on customs fraud charges involving more than $2 million of unpaid customs duties on garment imports, a government statement said on Saturday.
3. SBI Payment plans to double PoS units to 1.2 million by March 2022
SBI Payment Services Pvt Ltd (SBIPSPL) is planning to double the number of point-of-sale (PoS) units deployed by it to 1.2 million by 2021-22 (FY22). This is part of the company’s strategy to be a key player in the Centre’s ambitious plan to increase the number of PoS terminals across the country and, thereby, garner a significant share of digital payments at merchant outlets.
4. The multitrillion-dollar black hole engulfing the world's bond markets
There’s a multitrillion-dollar black hole growing at the heart of the world’s financial markets. Negative-yielding debt — bonds worthless, not more, if held to maturity — is spreading to more corners of the bond universe, destroying potential returns for investors and turning the system as we know it on its head.
5. Infosys completes localisation target for US, hires 10,000 employees
Infosys has completed its localisation target for the United States by hiring 10,000 employees by the end of June quarter. The tech major is planning to raise the number of locals in the coming quarters in an effort to build an employee pyramid.
6. DMart posts sharpest rise in 5 quarters, margins trump D-Street estimates
Avenue Supermarts, which runs the DMart chain of stores in India, reported its sharpest rise in operating and net profit margins in five quarters, at the end of the June quarter (Q1FY20), beating Street estimates.
7. States spending more on maintenance of old roads to get priority funds
States spending more on maintenance of old roads will get priority funding under the third phase of the rural road programme, according to government officials.
8. Are you ready to plug in your Tesla?
India’s first electric SUV launched this week. With a substantial push on policy fronts for the manufacture of electric vehicles, 2019 could well be the year that EVs go full charge ahead, reports the Livemint.
9. Centre takes dim view of Jagan Mohan Reddy’s plan to tweak power tariffs, PPAs
The Andhra government had decided to cancel the PPAs and ordered that tariffs be renegotiated as it said tariffs fixed during the regime of N Chandrababu Naidu were higher, reports the Economic Times.
10. Dip in automobile sales is not worrying for CEA Krishnamurthy Subramanian
When asked if the crisis in automobile industry could impact GDP growth and thereby placing $5 trillion economy dream in jeopardy, CEA Krishnamurthy Subramanian said: "It is just one part of the economy" and overall manufacturing sector "is doing well," the Hindu Business Line reports.