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<ul><li><keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> has partnered with Vahan to help migrants and workers get food, shelter, healthcare and jobs.</li><li>Airtel will send an SMS to reach out to the workers impacted by the Coronavirus lockdown and direct them to Vahan’s platform.</li><li>This service is currently available only in Delhi and Bengaluru.</li></ul>Telecom company Airtel partnered with Bengaluru-based startup Vahan to provide relief to migrants and workers affected by the nationwide Coronavirus lockdown. Vahan is a tech startup that uses artificial intelligence to match job seekers with employers through messaging apps such as WhatsApp. Airtel and Vahan will now use their resources to provide migrants and workers access to relief services such as food, shelter, healthcare and jobs. What Airtel and Vahan are doing to help migrants and workers Airtel will launch an SMS campaign to reach out to the impacted workers on its network in Delhi and Bengaluru. The SMS, which will be sent in English, Hindi and Kannada will include a link that will direct users to Vahan’s website. Vahan will then use its AI solutions to connect the user with the nearest relief provider. As per the company, it created a resource pool of over 1,000 NGOs that are involved in helping the citizens. "We at Vahan, in close partnership with Airtel, are really proud to be able to leverage the power of our technology to touch millions of the most needy when they require our help the most. We are also excited about our ability to help these people get jobs as we all work towards returning to normalcy,” said Madhav Krishna, CEO of Vahan. Airtel had earlier launched a Coronavirus risk assessment tool in partnership with Apollo Hospitals Group. It allows users to mention information such as their age, symptoms, existing medical condition to assess the risk of Coronavirus. See also: <a href="https://www.businessinsider.in/india/news/heres-how-companies-like-airtel-and-ola-are-joining-hands-with-hospitals-to-offer-special-services-during-covid-19-pandemic/articleshow/75125297.cms">Here's how companies like Airtel and Ola are joining hands with hospitals to offer special services during Covid-19 pandemic</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-use-airtel-coronavirus-risk-assessment-tool/articleshow/75123253.cms">Airtel launches Coronavirus risk assessment tool, here’s how to use it</a> <a href="https://www.businessinsider.in/tech/news/jiofiber-airtel-offers-to-help-you-work-from-home-during-the-coronavirus-pandemic/articleshow/74810444.cms">JioFiber, Airtel offers to help you work from home during the Coronavirus pandemic</a>

Airtel partners with tech startup Vahan to help people find jobs, food, shelter and healthcare

<ul><li>The top court would hear on Monday the arguments on the government's petition to allow telecom service providers to make staggered payments of the adjusted gross revenue (AGR) over a 20-year period. </li><li>Around 1.45 p.m., shares of Vodafone Idea on the BSE were trading at Rs 9.50, higher by 6.98 per cent from its previous close.</li><li>Share price of Bharti <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> was higher by 1.12 per cent at Rs 573.70.</li></ul> Shares of telecom operators Vodafone Idea and Bharti Airtel rose on Monday ahead of the hearing on the AGR matter in the Supreme Court. Around 1.45 p.m., shares of Vodafone Idea on the BSE were trading at Rs 9.50, higher by 6.98 per cent from its previous close. Share price of Bharti Airtel was higher by 1.12 per cent at Rs 573.70. The top court would hear on Monday the arguments on the government's petition to allow telecom service providers to make staggered payments of the adjusted gross revenue (AGR) over a 20-year period. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-wipro-open-up-lateral-hiring-as-more-people-walk-out-the-door-during-the-covid-19-pandemic/articleshow/77045880.cms">TCS, Infosys, HCL Tech and Wipro open up lateral hiring as more people walk out the door during the COVID-19 pandemic</a> <a href="https://www.businessinsider.in/international/news/the-world-health-organization-reported-back-to-back-record-high-daily-increases-in-new-coronavirus-cases/articleshow/77045335.cms">The World Health Organization reported back-to-back record-high daily increases in new coronavirus cases</a> <a href="https://www.businessinsider.in/science/research/news/nasa-warns-of-a-massive-asteroid-bigger-than-the-famous-london-eye-approaching-earth-on-july-24/articleshow/77052200.cms">NASA warns of a massive asteroid bigger than the famous London Eye approaching Earth on July 24</a>

Airtel and Vodafone are fully charged with hopes of a relief from India's Supreme Court

Mumbai, In a <keyword id="4581641" type="PERSON" weightage="20" keywordseo="major-relief">major relief</keyword> for Marathas, the <keyword id="73607" type="ORGANIZATION" weightage="20" keywordseo="Maharashtra-cabinet">Maharashtra cabinet</keyword> on Wednesday decided to provide <keyword id="6361164" type="UNKNOWN" weightage="20" keywordseo="reservation">reservation</keyword> to the community under <keyword id="10349135" type="COMPANY" weightage="20" keywordseo="the-economically-weaker-sections">the Economically Weaker Sections</keyword> (EWS) category for educational admissions and jobs. The 10% EWS quota is earmarked for those who are not covered under any social reservations. Notably, the implementation of the quota for the Maratha community under the SEBC (Socially and <keyword id="1194419" type="PERSON" weightage="20" keywordseo="Economically-Backward-Class">Economically Backward Class</keyword>) category was stayed by the Supreme Court, which was challenged by the <keyword id="51011" type="ORGANIZATION" weightage="20" keywordseo="state-government">state government</keyword>. The next hearing of the case before the constitutional bench of the apex court is scheduled on January 25 next year. In another decision, the state Cabinet gave its nod to a project for the preservation and conservation of ancient temples in the state. The state PWD department will implement the project, an official release said. The announcement for preservation and conservation of ancient temples was made by Chief Minister Uddhav Thackeray in the recently-held winter session of the state legislature. The Cabinet also decided to mark January 3 as "Women's Education Day" to commemorate the birth anniversary of social reformer Savitribai Phule. In another decision, the Cabinet gave its consent to waive the license fees for liquor shops for the period of their closure during the coronavirus-induced lockdown. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/india-will-have-to-pay-cairn-1-2-billion-ending-one-of-the-biggest-tax-disputes-of-the-decade/articleshow/79934284.cms">India will have to pay Cairn $1.2 billion ending one of the biggest tax disputes of the decade</a> <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">Mrs Bector’s Food IPO investors saw their money double on listing day</a>

One in every 10 government jobs and college seats in Maharashtra set aside for economically weaker sections⁠— the Maratha community will benefit from it

New Delhi, Apr 3 () Bharti Airtel and Reliance Jio will continue to gain market share at the cost of Vodafone Idea's "worsened" financial health that may deteriorate further in the wake of the AGR judgment, Axis Capital said in a note on Friday. Axis Capital said it has trimmed its revenue estimates for wireless telcos. This is because muted subscriber additions as well as hit in 2G/3G conversions to 4G SIMs on account of the lockdown and a possible extension of certain curbs, could partially impact revenue growth that was expected in coming months from the tariff hike in December 2019. "We cut FY21/22E (estimates) revenue of wireless providers by 1-6 per cent and EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) margin by 20-100 bps (basis points," Axis Capital said in the telecom sector report. It said that while the tariff hikes undertaken by companies in December 2019 is likely to play out in nine months of calender year 2020 as subscribers come for recharge, the floor pricing may be delayed due to the lockdown. As per the Supreme Court judgment, incumbent telcos have to make full payment of Adjusted Gross Revenue (AGR) dues including interest, penalty and interest on penalty, it said noting that Bharti Airtel appeared better placed to make the payment, given the recent fund raise. Introduction of floor pricing and cut in levies to ensure that market continues to have four players, can further benefit the industry including Airtel, Reliance Jio, it said. "However, floor pricing may be delayed due to the lockdown. Also, due to economic stress from the lockdown, demand for relief by other industries may increase, which could impact Vodafone Idea's prospects of getting relief from the government," it said. Axis Capital said Airtel and RJio will continue to gain market share at the cost of Vodafone Idea due to latter's worsened financial health which may deteriorate further after the AGR judgment. It noted that telcos had introduced new packs for customers for work from home, had engaged in ensuring service continuity and had rolled out relief offers to low income customers. In its note on Friday, Axis Capital asserted that telcos' subscriber addition will be hit, as the lockdown in wake of COVID-19 will sharply pull down subscriber acquisition, given that people mostly remained at home and shops were closed. "COAI expects subscriber addition of less than 1 million in March 2020 versus average of 3 million per month. Subscriber addition to be hit for most of Q1FY21 due to 21-day lockdown and possibility of restrictions/ partial restrictions getting extended," Axis Capital said. Also, conversion from 2G/3G to 4G may also be hit as it requires new SIM, "which is difficult in a lockdown", it said. "These may partially impact revenue growth that was expected in 9MCY20 (nine months of calender year 2020) from the tariff hike taken in December 2019. Accordingly, we have trimmed our revenue estimates for wireless telcos," Axis Capital said. Prime Minister Narendra Modi, on March 24, had announced a complete lockdown of the entire country for 21 days in an unprecedented move to try halt the spread of coronavirus, shortly after which the Centre said road, rail and air services will remain suspended during this period. As on early Friday, the pandemic had claimed 56 lives in the country and number of COVID-19 cases had increased to 2,301. MBI. ANUANU

Airtel, Jio to continue gaining market share due to VodaIdea's worsened financial health

<ul><li>With over 130 crore Indians in lockdown, telecom companies could have benefited as mobile data usage was expected to increase.</li><li>However, as the lockdown forced recharge vendors to shut down, over 66% users who depend on them were unable to recharge their mobile numbers.</li><li>Additionally, the number of new mobile users also fell drastically, further dampening the mood in the telecom sector.</li></ul>As a majority of Indians work from home, the telecom sector was poised for a comeback as everyone expected data consumption to go up. While that did happen, the sector also lost out on a large chunk of business - as prepaid recharges from physical outlets went down. In the last one month, recharges were down by 35%, according to an Economic Times <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/lockdown-triggers-35-slump-in-mobile-recharge-volumes/articleshow/74998587.cms?from=mdr">report</a>. This is a big blow to the sector as it was touted to be one the few that was poised to gain as the entire world has shuttered down due to Coronavirus pandemic. “Telecom companies which are already bearing the brunt of the AGR (aggregate gross revenues) tussle should see some relaxations and should expect to see an improvement considering there is a surge demand in data and internet-dependent media,” Rajosik Banerjee, Partner and Head – financial risk management, KPMG in India told Business Insider India. Why did the recharges fail? While online recharges are common amongst the educated middle class, a large chunk which is a part of the mobile ecosystem is away from banking and purchasing online. More than 66% of India still depends on <keyword id="9013267" type="UNKNOWN" weightage="20" keywordseo="offline-recharges">offline recharges</keyword>, according to an <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/telcos-plan-contactless-sim-sale-to-boost-customer-addition/articleshow/74973795.cms">Economic Times</a> report. With the lockdown forcing recharge vendors to shut shop, millions of users who rely on these shops are unable to recharge their mobile numbers. As a temporary relief measure, Vodafone Idea and Airtel have extended the incoming calls validity of nearly 200 million subscribers from low income groups and those who don’t have smartphones. Apart from this, telcos also partnered with leading banks to allow users to <a href="https://www.businessinsider.in/business/telecom/news/here-is-a-list-of-bank-atms-that-allow-you-to-recharge-your-jio-airtel-and-vodafone-numbers/articleshow/75006459.cms">recharge their mobile numbers at any of the 1,10,000 ATMs in India</a>. While this should help users who know which recharge they want, a bulk of Indians who could have used the extra freetime to use social media and streaming extensively, is a lost opportunity. Like in the case of basic needs, the supply and distribution chain has been broken for the telecom sector - in spite of increase in innate demand. Massive decline in new mobile connections due to lockdown While the telecom sector has been allowed to function during the lockdown, retail offices have been shut down. Due to this, there has been a massive decline in the number of new subscriber additions in March as well. The report also notes that telecom operators have been able to add only 5,00,000 new users during March. This is down from the 2.5-3 million users who are added per month on an average. To address this issue, Vodafone Idea is <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/to-add-user-nos-telcos-weigh-sale-of-contactless-sims/articleshow/74976777.cms">reportedly</a> working on a new digital customer acquisition process. This will allow users to take a new mobile connection from their homes. However, since the process is still under development and regulatory approvals take time, Vodafone Idea and other telcos will continue to suffer until the lockdown is lifted. See also: <a href="https://www.businessinsider.in/business/telecom/news/here-is-a-list-of-bank-atms-that-allow-you-to-recharge-your-jio-airtel-and-vodafone-numbers/articleshow/75006459.cms">Here is a list of bank ATMs that allow you to recharge your Jio, Airtel, and Vodafone numbers</a> <a href="https://www.businessinsider.in/business/telecom/news/if-vodafone-idea-increases-tariff-it-will-help-airtel-and-reliance-jio/articleshow/74964136.cms">A new research report says Vodafone Idea has to increase tariff by 39% to survive – and that will be a bounty for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/business/telecom/news/450-million-users-stuck-vodafone-idea-bsnl-mtnl/articleshow/74301132.cms">Over 450 million users stuck in a limbo as Vodafone Idea, BSNL and MTNL fight to survive</a>

Mobile recharges are the latest victim of the lockdown, down by 35%

Indian pharma major <keyword id="46384" type="General" weightage="20" keywordseo="glenmark" source="Orion">Glenmark</keyword> Pharmaceuticals Limited and Canadian pharmaceutical company SaNOtize Research &amp; Development Corp, on Wednesday announced launch of nasal spray to treat adult Covid-19 patients. According to Glenmark, the nitric oxide nasal spray (NONS) will be sold under the brand FabiSpray in India for the treatment of adult patients with Covid-19 who have high risk of progression of the disease. Glenmark earlier received manufacturing and marketing approval from the Drugs Controller General of India (DCGI) for NONS as part of the accelerated approval process. The nasal spray is designed to kill the coronavirus in the upper airways and when it is sprayed over nasal mucosa, it (nasal spray) acts as a physical and chemical barrier against the virus, preventing it (virus) from incubating and spreading to the lungs. In July 2021, Glenmark entered into an exclusive long term strategic partnership with Canadian biotech firm SaNOtize, to manufacture, market and distribute its breakthrough NONS for Covid-19 treatment in India and other Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, Nepal, Brunei, Cambodia, Laos, Myanmar, Sri Lanka, Timor-Leste and Vietnam. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/bharti-airtel-vedanta-irctc-among-top-stocks-to-watch-out-on-february-9/slidelist/89444055.cms" style="">Bharti Airtel, Vedanta, IRCTC among top stocks to watch out on February 9</a> <a href="https://www.businessinsider.in/cryptocurrency/news/avalanche-price-rises-as-bitcoin-ethereum-and-other-cryptocurrencies-fall/slidelist/89443437.cms" data-type="tilCustomLink" style="">Crypto relief rally ends but Avalanche is still keeping its head above water</a> <a href="https://www.businessinsider.in/stock-market/news/inox-green-energy-will-be-using-7-out-of-10-from-the-ipo-to-repay-its-debts/articleshow/89439043.cms" data-type="tilCustomLink" style="">Inox Green Energy will be using ₹7 out of ₹10 from the IPO to repay its debts</a>

Glenmark to sell nasal spray to treat adult Covid-19 patients

Mumbai, Jun 18 () Equity benchmarks notched up robust gains on Thursday as investors piled into banking and finance stocks despite weak global cues and geopolitical volatility. After starting on a tepid note, the 30-share BSE Sensex gained momentum in late-afternoon trade to close at 34,208.05, up 700.13 points, or 2.09 per cent. Similarly, the broader NSE Nifty jumped 210.50 points, or 2.13 per cent, to 10,091.65. HDFC Bank, Reliance Industries and HDFC accounted for over half of the Sensex's gains. In absolute terms, Bajaj Finance was the top gainer in the Sensex pack, climbing 5.46 per cent, followed by Kotak Bank, Axis Bank, HDFC Bank, SBI and PowerGrid. On the other hand, ONGC, HUL, TCS, Bharti Airtel, Sun Pharma and Maruti were among the laggards, shedding up to 0.71 per cent. Traders said banking shares witnessed a relief rally after the Centre informed the Supreme Court that the Department of Telecommunications (DoT) has decided to withdraw 96 per cent of the Rs 4 lakh crore demand for AGR related dues raised against non-telecom PSUs like GAIL. However, DoT sought time from the bench to respond to the affidavits filed by private telecom companies, including Bharti Airtel and Vodafone Idea, on payment of Adjusted Gross Revenue (AGR) dues. Meanwhile, Indian and Chinese militaries held Major General-level dialogue on Thursday for the third consecutive day on disengagement of troops as well as restoration of normalcy in Galwan Valley in eastern Ladakh. "In spite of negative global cues, Indian indices ended the day positive with steady gains. With the Supreme court AGR ruling providing a respite to the exposed banks, the relief was visible in the banking stocks especially those which had exposure to the telecom companies. The banking index contributed the most to the positivity and almost all components of the index ended the day positive. "The current geopolitical situation and associated comments also gave some support to sectoral movements. Caution is advised," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, finance, metal, power and energy indices rallied up to 3.81 per cent, while telecom and healthcare ended in the red. Broader BSE mid-cap and small-cap indices spurted up to 1.48 per cent. Fitch Ratings on Thursday lowered India's outlook to negative from stable for the first time in eight years, saying the coronavirus pandemic had significantly weakened the country's growth outlook for the year and exposed the challenges associated with a high public-debt burden. Global markets wobbled on concerns over a second wave of coronavirus cases. Bourses in Hong Kong, Tokyo and Seoul settled with losses, while Shanghai closed in the positive territory. Stock exchanges in Europe were trading on a mixed note in early trade. International oil benchmark Brent crude futures inched up 0.76 per cent to USD 41.02 per barrel. The number of cases around the world linked to COVID-19 has crossed 83.31 lakh and the death toll has topped 4.48 lakh. A record single-day spike of 12,881 COVID-19 cases took India's total tally to 3,66,946 while the death toll climbed to 12,237 on Thursday, according to the Union Health Ministry. On the currency front, the rupee settled on a flat note, registering a rise of just 2 paise to 76.14 against the US dollar. ANS ABM ABM

Sensex soars 700 points as HDFC twins, RIL sparkle

New Delhi, Feb 17 () Following are the top business stories at 1825 hours: DEL69 BIZ-RBI-GOVERNOR-INTERVIEWRBI Guv: Govt must continue reforms; green shoots of recovery need to sustainNew Delhi: Reserve Bank Governor Shaktikanta Das on Monday said that on the back of countercyclical measures undertaken by the government, structural reforms need to be continued to revive demand and support the economy. DCM5 BIZ-LD JSW STEEL-NCLAT NCLAT allows JSW Steel to acquire Bhushan PowerNew Delhi: The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire Bhushan Power &amp; Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. DEL55 BIZ-AGR-TELCOSTata Group, Voda Idea make part payment towards statutory dues: DoT sourcesNew Delhi: Vodafone Idea and Tata Group have made part payment of about Rs 2,500 crore and over Rs 2,190 crore, respectively, to the telecom department towards statutory dues, a government official said on Monday. DCM46 BIZ-LD MOODYS-INDIA Moody's cuts India growth projection to 5.4 pc for 2020New Delhi: Moody's on Monday slashed India's growth forecast for 2020 to 5.4 per cent from 6.6 per cent projected earlier, on slower than expected economic recovery. DCM56 BIZ-MISTRY-APPEALMistry files appeal in SC; says his family deserved more relief from NCLATMumbai: Less than a month after the Supreme Court stayed an order reinstating him as Tata Sons chairman, Cyrus Mistry has moved the apex court seeking removal of many anomalies in the NCLAT order, saying his family deserved more relief from the tribunal. DEL61 BIZ-LD STOCKSMarket ends lower for 3rd day as macroeconomic worries persist Mumbai: Domestic equities clocked losses for a third session in a row on Monday as worries over economic slowdown and financial impact of coronavirus outbreak continued to play in the minds of investors. DEL14 BIZ-LD AIRTEL-AGR PAYMENTAirtel pays Rs 10,000 crore to govt towards statutory duesNew Delhi: With the government coming down heavily on telcos after the Supreme Court's rap, Bharti Airtel on Monday said it has paid Rs 10,000 crore to the telecom department towards statutory dues. DEL67 BIZ-RUPEE-CLOSERupee rises 8 paise against US dollarMumbai: The Indian rupee appreciated by 8 paise to settle at 71.29 against the US dollar on Monday, helped by some moderation global crude prices. DCM60 BIZ-SEBI-ADVISERSSebi to tighten eligibility norms for investment advisers, fees to be cappedMumbai: With an aim to safeguard investors' interest, markets regulator Sebi on Monday decided to tighten its eligibility norms for investment advisers and decided to introduce an upper limit for their fees.DCM51 BIZ-ECONOMISTS-AGR-DEFICITPayment of AGR dues to bring down fiscal deficit to 3.5% in FY20Mumbai: Payment of adjusted gross revenue dues of Rs 1.20 lakh crore by telcos will reduce the fiscal deficit for 2019-20 to 3.5 per cent of the GDP from the revised estimate of 3.8 per cent of the GDP, economists at SBI said on Monday.DCM28 BIZ-LIC-IDBINo proposal to merge LIC Housing Finance with any other entity: LICNew Delhi: Life Insurance Corporation on Monday said there is no proposal to merge its subsidiary LIC Housing Finance Ltd (LICHFL) with any other entity. SHWSHW

Business highlights

New Delhi, Mar 28 () Debt-ridden telecom operators are likely to opt for three-month moratorium to avoid cash crunch during the lockdown, industry body COAI said on Saturday.The telecom operators have spoken in favour of raising mobile call and internet rates at the earliest, however, they will keep the prices stable during the lockdown period, COAI DG Rajan S Mathews told ."There is debt of around Rs 1.6-2 lakh crore that telecom operators owe to Indian banks. They will opt three-month moratorium in loan repayment to help them maintain cash flow. It is a relief for them," Mathews said.The RBI on Friday allowed banks to put on hold EMI payments on all term loans for three months, slashed the cost of fresh borrowing by cutting policy interest rate by steepest in more than 11 years and infused a massive Rs 3.74 lakh crore liquidity as it joined the efforts of the government to counter the economic fallout of coronavirus pandemic.Cellular Operators Association of India (COAI) also allayed fear of hike in tariff by the telecom operators."Telecom companies understand market situation. They will give tariff stable for now," Mathews said.Telecom operators have been asking for fixing minimum tariff for call and data rates. Vodafone Idea has suggested that the mininum rates should be fixed starting April 1, 2020.Mobile subscribers get access to 4G data at a price as low as Rs 3.5 per GB but if the floor price is fixed as demanded by telecom operators, mobile internet prices will rise 5-10 times from the current level.Debt-ridden Vodafone Idea has proposed that the minimum price of data should be fixed at Rs 35 per GB, Bharti Airtel has proposed minimum price of Rs 30 per GB for low data users and Reliance Jio wants it to be hiked gradually to Rs 20 per GB. PRS BAL

Telcos to opt for EMI moratorium; tariff to remain stable: COAI

Mumbai, Mar 27 () Equity benchmark Sensex plunged over 1,700 points from the day's high on Friday after RBI Governor Shaktikanta Das said the projected annual GDP growth was at risk due to the COVID-19 outbreak as he unveiled a slew of measures to support the economy during the crisis. The Reserve Bank of India (RBI) announced its steepest interest rate cuts in more than 11 years, slashing the repo to 4.4 per cent - the lowest in at least 15 years. Further, it reduced the cash reserve ratio (CRR) for all banks by 100 basis points to release Rs 1.37 lakh crore across banking system. It also put on hold monthly instalment payments on all term loans for three months.After opening significantly higher, the 30-share BSE barometer gave up all gains to trade 407.58 points or 1.36 per cent lower at 29,539.19 at 1130 hours. It hit a high of 31,126.03 and a low of 29,360.69. Similarly, the NSE Nifty gave up the 9,000 level and tumbled 71.55 points, or 0.83 per cent, to 8,569.90. Bharti Airtel was the biggest loser in the Sensex pack, tanking up to 6 per cent, followed by HCL Tech, Hero MotoCorp, Maruti, Asian Paints and Bajaj Auto. On the other hand, Axis Bank SBI, IndusInd Bank, NTPC, ICICI Bank and PowerGrid were among the top gainers. Despite massive rate cuts, domestic market turned negative on concerns over the annual economic growth, traders said. Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Das said that no projection for growth and inflation was being given in view of the uncertainty created by outbreak of the deadly virus. He further said that the growth projection of 4.7 per cent for the fourth quarter of 2019-20 and 5 per cent for the whole fiscal was "at risk." Analysts, meanwhile, hailed the measures taken the central bank. V K Vijayakumar, Chief Investment Strategist at Geojit Financial, said: A massive bazooka from the RBI in "mission mode". It's a relief cum stimulus package with a big repo cut and even bigger reverse repo cut. This together with CRR cut will be a big stimulus for banks to lend. "The relief given on the repayments in term loans is a very timely action and would serve to remove lot of stress which a large number of borrowers may face in the coming days," said Joseph Thomas, Head of Research - Emkay Wealth Management. This is a direct and targeted approach to the fluid situation in the face of an uncertain inflation and growth trajectory, he noted. Meanwhile, the Indian rupee appreciated by 81 paise to 74.35 against the US dollar in intra-day trade.The number of deaths around the world linked to the new coronavirus has crossed over 24,000. In India, around 700 Covid-19 cases have been reported so far. ANSANS

You Searched For "airtel coronavirus relief" and got 10 results

Airtel partners with tech startup Vahan to help people find jobs, food, shelter and healthcare

Rounak Jain