Top headlines: Maruti Suzuki Q1 results, loans under moratorium and more

Here are the top headlines of the day


Curated Content | top business headlines today | Maruti Suzuki

BS Web Team  | 
New Delhi 

Maruti Suzuki posts 1st quarterly consolidated loss in 17 yrs at Rs 268 cr

Auto major Maruti Suzuki on Wednesday reported a consolidated loss of Rs 268.3 crore for the June quarter of FY21 (Q1FY21) as compared to profit of Rs 1,376.8 crore reported in the corresponding quarter last year. Read more here

IndiGo reports Q1 loss at Rs 2,844 crore, revenue dips 92% YoY to Rs 768 cr

InterGlobe Aviation-owned IndiGo airline on Wednesday reported a standalone net loss of Rs 2,844.3 crore for the June quarter of FY21 (Q1FY21), compared to a profit of Rs 1,203 crore clocked in the previous-year quarter. On a quarterly basis, the loss widened 226.5 per cent from a net loss of Rs 871 crore incurred in the March quarter of FY20. Read more here

India’s business outlook worsening, RBI may cut rates again: Reuters poll

The outlook for India’s reeling economy has worsened again as business activity slows and Covid-19 infections soar, and will probably prompt the Reserve Bank of India to cut interest rates again soon, a Reuters poll of economists suggests. Read more here

Covid-19 provisioning erodes 25% operating profits of top 5 pvt banks in Q1

While the moratorium continues to mask the actual asset quality stress in June 2020 quarter (Q1), banks continued to shore up their Covid-19 provisioning during the quarter. A study of top 5 private lenders’ Q1 earnings shows that, on an aggregate basis, contingent provisioning toward the pandemic-led likely asset quality pressure dented 25 per cent of their pre-provisioning operating profits. Although, the impact varies bank to bank. Read more here

Market is opening up gradually, Q2 looks much better: TVS Motor Chairman

The second quarter looks much better, but we have to wait and see how the rest of the year will pan out amid coronavirus pandemic, said TVS Motor’s Chairman & Managing Director Venu Srinivasan. Read more here

Sun Pharma-owned subsidiary to acquire Canada’s Aquinox Pharma for $8.2 mn

Sun Pharmaceutical Industries on Wednesday said that a wholly-owned subsidiary of Taro Pharmaceutical Industries Ltd will acquire Aquinox Pharmaceuticals (Canada) Inc for $8.2 million. Taro Pharmaceutical is a US-based subsidiary of Sun Pharmaceutical. Read more here

Loans under moratorium to dip below 10% by August end, says IDFC First

IDFC First Bank expects loans under moratorium to fall below 10 per cent of its books by August from 28 per cent now, said the private lender on Wednesday. The bank liberally gave moratorium, which in the last quarter formed 45 per cent of the books, and it is now seeing strong improvement in collections, said V Vaidyanathan, Managing Director and chief executive officer. Read more here