India's recovery rate has improved and reached 48.07 per cent among Covid-19 patients, said Union Ministry of Health and Family Welfare on Tuesday. The recovery rate on 18 May was 38.29 per cent, on 3 May it was 26.59 per cent and on 15 April it was 11.42 per cent. Speaking at the health ministry press briefing today, Lav Agrawal, Joint Secretary, Health Ministry said,’3,708 Covid-19 patients cured in last 24 hours; 95,527 patients have recovered in all taking recovery rate to 48.07 per cent.’ He also added that the fatality rate among those who died of the virus stood at 2.82 per cent in the country, which is ‘one of the lowest in the world.’ In per lakh population-wise, the country's fatality rate per lakh population is 0.41 as against 4.9 per cent globally; amongst lowest in world,’ the ministry added.

InterGlobe Aviation Ltd, which operates India’s largest airline IndiGo, reported a consolidated net loss of Rs 871 crore for January-March, compared with a Rs 596 crore profit in the year-ago quarter, because of a surge in cost amid tepid revenue growth. The company's consolidated income rose 4.5 per cent year-on-year to Rs 8,635 crore for the March quarter, while costs soared by nearly a third to Rs 9,924 crore. This was reflected in the company’s 0.5 per cent growth in revenue per available seat kilometre at Rs 3.65 while cost metrics were up 26 per cent at Rs 4.21 per available seat kilometre. The airline’s yield rose 1 per cent at Rs 3.74 per kilometre. India had suspended domestic and international flights in the last week of March as the country went into a lockdown to prevent the spread of covid-

Commercial vehicle financier Shriram Transport Finance Co. Ltd (STFC) has joined the ranks of lenders planning to raise capital and bolster balance sheets to deal with contingencies and opportunities arising out of the covid-19 crisis with a proposed Rs 2,000-crore rights issue, said two people, requesting anonymity. For the first time in a decade, the lender will tap the equity market to raise funds. STFC had raised Rs 584 crore through a qualified institutional placement (QIP) in January 2010. ‘STFC started work on its fundraising efforts last week. The plan is to raise up to Rs 2,000 crore. At present, they are working on a rights issue, but a QIP offering is also on the table. The board is to meet in the next couple of weeks, where they will take the final call,’ said one of the person cited above. Invest

The market regulator has ordered a special audit in the six debt schemes shut down by Franklin Templeton India. This comes after Securities and Exchange Board of India's (Sebi) initial assessments pointed to certain investments by the fund houses not meeting mutual fund's model code of conduct norms, said two people with direct knowledge of the matter.  The market regulator was probing the fund house's shuttering of these schemes on 4 May, Livemint reported. The regulator is probing whether the investments were made in best interest of the investors, investment rationale, inaccuracy in classifying the funds as 'income funds', whether the fund's investments met fiduciary requirements, failure of risk management measures among others. Sebi, last week, ordered its empanelled auditor, Choksi and Choksi to examine th

Kotak Mahindra Bank Ltd’s shares has gained as much 5 per cent after a huge block deal which saw around 56 million shares changing hands in bunched trade, Bloomberg reported. Though the details of the buyers and sellers were not known, the bank's promoter Uday Kotak was expected to sell up to 56 million shares through a block deal today to reduce his stake in the bank to 26.1 per cent to meet RBI regulations. At 9.20 am, the Kotak Mahindra Bank stock was at Rs 1,312 on the BSE, up 4.9 per cent from previous close. Earlier, these shares will be priced between Rs 1,215 and Rs 1,240 and will constitute 2.83 per cent of the total equity shares outstanding. Based on these share prices, the deal will be valued between Rs 6,804-6,944 crore, Livemint reported. The placement agents for this deal are Kotak Securiti

The net monthly flows in debt mutual funds rose from Rs 43,431 crore in April 2020 to Rs 94,224 crore in May 2020, according to a tweet put out by the Association of Mutual Funds of India (Amfi). The jump of Rs 50,793 crore is more than a 100 per cent growth in monthly flows. However, it is unclear how much of this money has come into the relatively low-risk categories of liquid and overnight funds and how much into categories like credit risk funds that saw huge redemption in the past few months. The total debt fund assets under management (AUM) at the end of April 2020 was Rs 7.44 trillion, and May’s inflow of Rs 94,224 crore has resulted in a 12 per cent jump in assets. AUM data on categories other than liquid and overnight funds is disclosed on a daily basis and gives a rough idea of flows in individual

Mahindra & Mahindra Ltd (M&M) has posted a 79 per cent decline in its domestic vehicle sales to 9,076 units in May. The company partially resumed operations across its units and dealership network during the month. In the passenger vehicles category, which includes utility vehicles, cars and vans, the company sold 3,867 units last month, down 81 per cent year-on-year. M&M sold 5,170 units in the commercial vehicle or CV segment, posting a decline of 71 per cent yoy. In this category, vehicles with gross vehicle weight or GVW of less than 3.5 tons comprise bulk sales for M&M. It sold 5,121 units in this sub-category with the Mahindra Bolero pickup being the bestselling vehicle. The monthly volumes in this sub-segment dropped 69 per cent yoy. In the medium and heavy commercial vehicle or MH

Online travel aggregator MakeMyTrip (MMT) will lay off around 350 employees, comprising 10% of the workforce, citing slowdown in the business due to global travel restrictions to contain the spread covid-19.  Goibibo and MakeMyTrip had merged their businesses in 2017. In an email to employees, MakeMyTrip's chief executive Deep Kalra said the global pandemic has affected travel and tourism sector and that there is a need to ‘revisit’ some business strategies as the company doesn't expect the travel market to bounce back up soon. Globally, the travel and tourism sector has been the worst hit following the covid-19 pandemic. In India, with commercial flights both domestic and international suspended till recently, homestays and hotels have also been hit. The Indian government has now allowed resumption of d