Maruti Suzuki reported its first loss since listing in 2003, pulled down by the lockdowns to contain the coronavirus. The government issued guidelines for the third phase of lifting curbs, ending night curfews outside coronavirus containment zones. IndiGo said it aims to deploy 60 per cent of flight capacity as it reported a pre-tax loss of Rs 2,842.6 crore. India announced a new education policy that will allow foreign universities to set up base. The Federal Reserve repeated a pledge to use its "full range of tools" to support the US economy.
- Maruti Suzuki India reported a quarterly loss for the first time since its listing in 2003, as the coronavirus lockdown and supply chain disruptions sapped demand for the country's biggest automaker. Maruti reported a net loss of Rs 249 crore for the three months ended June 30, compared with a profit of Rs 1,436 crore a year ago and analysts' average loss forecast of Rs 296 crore.
- The government issued guidelines for the third phase of lifting curbs imposed to stop the spread of the coronavirus disease, removing night curfew outside containment zones and allowing gyms and yoga centres to reopen from August 5. The guidelines said that schools, colleges, theatres, swimming pools, metro rail, cinema halls and bars will remain closed.
- IndiGo reported a pre-tax loss of Rs 2,842.6 crore against a pre-tax profit of Rs 1,509.4 crore in the same quarter of last year. India’s largest airline, said by the December quarter, it wants to be able to deploy 60 per cent of the capacity it operated during the same period last year.
- The Federal Reserve repeated a pledge to use its "full range of tools" to support the US economy and keep interest rates near zero for as long as it takes to recover from the fallout from the coronavirus outbreak, saying the path of the economy will depend significantly on the course of the virus.
- The billionaire Mistry family is in talkswith several investors to raise up to Rs 4,000 crore by selling part of its stake in Sterling and Wilson Solar (SWSL), and also with Canadian financial powerhouse, Brookfield, to raise debt against its Tata Sons shares. The proceeds of the funds raised will be used to reduce the group’s debt and repay dues to SWSL, Business Standard reported.
- The government approved a new education policy that will allow foreign universities to set up operations in India, among other measures. While experts are unsure about the immediate impact, allowing the top 200 foreign universities to operate in India could raise the standards of their Indian counterparts, many believe.
- HDFC Bank’s Managing Director (MD) Aditya Puri has sold 95 per cent of his shareholding in the bank valued at Rs 842.7 crore. Puri held 0.14 per cent stake (or about 7.8 million shares in the bank), of which he has sold 7.42 million shares between July 21 and July 23. Puri is the longest serving MD of a private bank in India.
A few links for further reading
Hard path to growth
The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.
Small savings scheme
Investors breathed a sigh of relief when the government announced that interest rates on these instruments would not be revised for the fourth quarter of the calendar year.
Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.