Top headlines: Q1 earnings shrink, telcos await SC verdict on AGR and more

From auto firms planning new launches for festive season, Rajnath Singh banning import of defence items to telcos awaiting SC response of AGR dues, here are the top ness of the day

Covid-19 impact: Earnings shrink as more firms post results for Q1

The exuberance of early bird results has given way to a sense of worry as more companies have declared their results for the April-June quarter (Q1FY21). The combined profit before tax (PBT) of 748 companies, which have declared their results for Q1FY21, is down 46 per cent year-on-year (YoY). Their net sales went down by a quarter as the Covid-19 lockdown led to a sharp fall in economic activity. The numbers are, however, far worse for manufacturers, who bore the brunt of the lockdown. The combined PBT of 632