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Top 25 finance headlines of the day, July 17, 2020

·8-min read

Major financial updates at a glance today:

HCL Tech Q1 profit rises 31.7%; Founder Shiv Nadar steps down as Chairman

On Friday, IT firm HCL Technologies posted a 31.7 percent rise in consolidated net profit at Rs 2,925 crore for the June ended quarter, and said also announced that founder and billionaire Shiv Nadar has stepped down from the Chairman's role. For the April-June 2019 period, the company registered a net profit of Rs 2,220 crore. Read more

China action prompted by weak economy under PM Modi: Rahul Gandhi

Launching a sharp attack at the Narendra Modi government, Congress leader Rahul Gandhi released a video, looking into the reasons that could have prompted China to take an 'aggressive stance' against India. In a video tweeted from his official Twitter account, Gandhi said that India's foreign policy and economy – which used to be the country's strength has become its "weakness" under the Modi government. Read more

Rupee settles 16 paise higher at 75.02 against USD

Mumbai, Jul 17 (PTI) The rupee appreciated by 16 paise to close at 75.02 against the US dollar on Friday, tracking gains in domestic equities and lower crude oil prices.

On weekly basis, the domestic currency logged 18 paise gains over the American unit. Read more

How a struggling biotech won $1.6 billion to make a coronavirus vaccine

In late February, as the coronavirus spread around the world, Dr. Richard Hatchett, head of an international nonprofit that gives money to vaccine developers, got on an important call to discuss vaccine candidates after his plane touched down at London’s Heathrow Airport. Read more

Instagram now allows users to shop within its app, powered by Facebook pay: Here's how it works

To make it easier for users to shop within its app, Instagram is rolling out a new feature called Shop, along with launching Facebook Pay on its platform for purchases and donations. The dedicated ‘Shop' page under the Explore tab will showcase different brands and items that people can purchase. Instagram will charge a selling fee for businesses to use its shopping feature, reports The Verge. The ‘Shop' page will also give users personalised recommendations on things to buy within the app. Tapping on the ‘Shop' tab at the bottom bar in Instagram will take users to the existing shopping experience in the app, with a listing of posts that have Shopping Tags added via approved merchants. Read more

Even with the country’s richest man backing it, India is a while away from 5G adoption

Mukesh Ambani has placed a big bet on 5G technology, but from where things stand today, the foray will have many challenges even for the country’s richest man. Yesterday (July 15), Ambani said his telecom venture, Jio Platforms, has developed a 5G solution for India, which will be ready for field deployment next year. Read more

China becomes first economy to grow since virus pandemic

China became the first major economy to grow since the start of the coronavirus pandemic, recording an unexpectedly strong 3.2% expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened. Read more

Mahindra’s mine resistant ambush protected specialty vehicle exported to UN for peacekeeping Mission

Mahindra & Mahindra's Military Defence Division's Mine Resistant Ambush Protected Speciality Vehicle that has been designed, researched and developed in India is now being exported to the United Nations for peacekeeping operations. Read more

SEBI to rejig debt MF norms soon

Ever since the crisis of Infrastructure Leasing & Financial Services (IL&FS), the debt mutual fund investors have been living under a dark cloud. The new reality requires to factor defaults, liquidity concerns and the loopholes within the investment norms and definitions. This calls for a modification of the debt mutual fund norms. Read more

Man calls out Scotch Brite's sexist use of woman's face in logo, brand promises change

After Fair & Lovely, Scotch Brite has now come under the radar for sexist messaging on its logo. The household brand, known for selling abrasive fibres and other products used for scrubbing utensils and floors, has been called out for Twitter for having the face of a woman as part of its logo. Read more

Netflix managed to add 10 million paid subscribers during COVID-19 lockdown

Leading content streaming service Netflix has added 10.1 million new paid subscribers as people stayed home, as the company reported net earnings of $720 million over $6.15 billion in revenue for its second quarter (April-June period). However, the shares declined nearly 9 percent in after-hours trading on fears of slow growth in the rest of the year, reports MarketWatch. Read more

Gold prices edge marginally higher; silver trades at Rs. 52777/Kg

Gold prices in India surge by a tad on Friday (July 17, 2020) even as gold in global markets remain steady. At 9: 02 am, gold August futures contract on MCX traded firm by 0.07% at Rs. 48809 per 10 gm. Silver also fell sharply by Rs. 333 to Rs. 52277 per kg. Read more

British Airways retires entire Boeing 747 Jumbo Jet fleet amid pandemic-hit air travel

UK flag carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet, it said Friday, following the huge hit to international air travel caused by the COVID-19 pandemic. Read more

Cashless treatment for COVID-19 refused: here's recourse for you

For treatment of the deadly novel coronavirus infection, the insurance regulator IRDAI has asked insurance companies to have a communication channel with their network providers or hospitals such that customers grievance is addressed promptly. Read more

Peek into palaces of India: Umaid Bhawan Palace, Jodhpur

With the travel and tourism sector having been hit badly, the only hope travel enthusiasts have of discovering new places and learning about the history and culture of another country is to discover them virtually. In our earlier editions of ‘A peek into palaces’, we took you on a journey into the famed Mysore Palace in Karnataka and the majestic City palace in Udaipur. In the third edition here’s a closer look at yet another stunning palace which is a favourite tourist attraction and also a great venue for weddings! Read more

TikTok expected to cut ties with ByteDance, operate as US company: Trump administration

Popular short-form video application TikTok may change ownership and is expected to operate as a United States-based company, according to the White House economic adviser Larry Kudlow. What Happened Read more

Reliance Jio might garner 41% market share soon

Reliance Jio has managed to garner 33.47 market shares, and now it is likely to increase its share to 41 percent of the customer market. Besides, it is expected that Jio might achieve a 44 percent revenue market by the end of FY24. Read more

Porsche unveils the all-new 911 Turbo: more powerful than its predecessor

Porsche has removed the wraps from the new 992-generation 911 Turbo. The car is available in Coupe and Cabriolet forms. Both the 2021 Porsche 911 Turbo now produce 572bhp, which is 32bhp more than its predecessor. Read more

‘9 successive quarters of economic decline and an impending recession’: Chidambaram attacks govt

New Delhi, Jul 17 (PTI) Senior Congress leader P Chidambaram Friday attacked the NDA government over its handling of the economy, alleging the BJP-led dispensation has caused nine successive quarters of economic decline and an impending recession in 2020-21. Read more

Cuttack businessman flaunts his gold mask

Cuttack (Odisha), July 17 (ANI): As wearing mask in public places becomes a new normal, a businessman from Cuttack got himself gold mask amid COVID-19 outbreak. Alok Mohanty was inspired to wear gold mask after he saw some people in Mumbai flaunting masks made of gold. He got N-95 mask stitched gold plates and wires on it from Mumbai. Speaking to ANI, Mohanty said “Around 100 gm of gold has been used to prepare the gold netted mask, which took 22 days to prepare.” Watch video

Photos: Rewa solar power project, one of India's largest

The Rewa solar project is a 750MW photovoltaic solar park located in the Rewa district of Madhya Pradesh.

Although partial operations of the solar project were started in July 2018, the 750MW solar park was officially inaugurated by the Prime Minister Narendra Modi on July 10, 2020. Read more

Another Doomsday alert? Hazardous asteroid 2020 ND, bigger than The London Eye, to flyby Earth on July 24

Will this year even give us a time to breathe without having to worry about another potential threat looming? While we still brace with the coronavirus pandemic, there are asteroid flybys past the planet. Now another huge space rock is set to pass in close distance of the earth. NASA has identified another potentially hazardous rock named 2020ND is going to fly past the earth next week. Now is it going to be dangerous or bring a doomsday? Read on to find out. Read more

Cash-starved airlines urge oassengers for help, defer refund for cancelled flight tickets

Airlines are pleading for help from their clients as they face paying customers back for flights cancelled due to the coronavirus pandemic that could starve them of cash, the industry said Wednesday. Read more

Reliance unveils 'Jio Glass' for mixed reality experience

Reliance Industries during their 43rd Annual General Meeting unveiled 'Jio Glass' on July 15. 'Jio Glass' is a step further to make the digital interactions more real. People can not only see but also feel the presence of each other despite being physically away. The glass weighs only 75 grams and comes with High resolution display and personalized audio options. Read more

Bengaluru lockdown: Mayor & civic body commissioner favour extension

Even as Bengaluru is under a week long lockdown till July 22, the city Mayor and commissioner of the civic body have favoured its extension, aimed at controlling the spread of COVID-19. Read more