On Monday, Indian markets dropped nearly 6 per cent amid a sell-off in global equities. Meanwhile, the two biologic drugs, by Roche and Biocon pharmaceuticals, are being tested on critically ill patients in Mumbai.
Here are the top ten business stories that made news on Monday:
Lockdown 3.0, global tension rattle markets; Sensex, Nifty crash nearly 6%
On Monday, Sensex closed at 31,715, down 5.94 per cent, its biggest single day loss since March 16, as rising tensions between US and China, and extension of lockdown have triggered a risk-off sentiment among the investors. Read more here
Day 1 of lockdown 3.0: India limps back, but industry still in limbo
India stepped in to its second lockdown extension by two weeks with restrictions relaxed on Monday. Cities and towns were seen bustling with activities as shops and businesses were seen opened while people took out their private vehicles. Read more here
Manufacturing PMI in April slumps to record low of 27.4 amid lockdown
With a crash in export orders and nationwide lockdown, the manufacturing PMI in April went to its record low of 27.4, the survey showed on Monday, adding reduced demand caused new businesses to collapse while companies trimming employee numbers. Read more here.
Govt may soon allow firms to delay EPF contributions or pay in installments
The government may grant relief to the companies by allowing them to delay EPF contributions of their staff or pay them in installments, apart from letting more firms to make use of the EPF subsidy scheme. Earlier on April 30, EPFO CEO said if companies get into an agreement with workers to revise salary contract, they need to deduct their EPF contributions on the basic pay of upto Rs 15,000. Read more here.
India offers land twice Luxembourg's size to companies leaving China
According to a report, India is developing a land pool nearly double the size of Luxembourg, an area of 461,589 hectares, to invite businesses moving out of China. Read more here
Mumbai docs try Biocon and Roche's biologic drugs on critical Covid cases
As coronavirus cases in India has crossed 40,000, pharmaceutical companies Roche and Biocon are rolling out a drug to combat Covid-19. While Roche’s rheumatoid arthritis drug Actemra (tocilizumab), marketed by Cipla, is being tried to prevent extreme inflammation in gravely ill Covid-19 patients, Biocon is learnt to have been repurposing its psoriasis drug Itolizumab to treat the deadly virus. Read more here
Silver Lake checks into Jio Platforms, snaps up 1.15% for over Rs 5,600 cr
Reliance Jio is selling 1.15 per cent stake to private equity firm Silver Lake for Rs 5,655.75 crore, highlighting the company's focus on new commerce business. Read more here
Delhi govt imposes 70% 'special corona fee' on liquor to boost revenue
Reeling from Covid-19 lockdown, factories are ready to gradually restart. But where are the workers?
Even as government relaxed restrictions on nationwide lockdown, migrant workers continue to leave the work place for their home towns despite repeated assurances by state governments and industry bodies, the Economic Times reported.
Control rooms set up under smart cities plan help tackle covid crisis
The control rooms set up under smart cities programme have become nerve centres to fight against the Covid-19 pandemic, helping civil administration cater to the needs of healthcare sector and logistics, the Livemint report said.