Market Today

1. Axis Bank reports surprise Rs 1,388 crore loss in Q4 on Covid-19 provisions

India's third biggest private-sector lender Axis Bank Ltd reported a surprise Rs 1,388 crore ($182.96 million) loss for the fourth quarter, as it set aside funds to cover potential loan losses due to the coronavirus-driven downturn.

2. Axis Bank to acquire 29% stake in Max Life Insurance

Axis Bank planning to buy additional stake in Max Life as part of an exclusivity arrangement. Sources said the deal size could be roughly around Rs 1,700 crore.
Amitabh Chaudhry, MD and CEO, Axis Bank said, “We see this joint venture creating immense value for our stakeholders given our long standing, high performing partnership with Max Life".

3. Flipkart puts Rs 1,300 crore into PhonePe

PhonePe, the payments unit of Flipkart group, has received capital infusion of close to Rs 1,300 crore from its Singapore-based parent entity Flipkart.  The capital infusion, which took place in two tranches, comes at a time when most businesses are cutting down on new investments due to challenges thrown up by the coronavirus.
On the rivalry,  WhatsApp, whose parent firm Facebook just invested $5.7 billion in Jio Platforms, might emerge as a new challenger to PhonePe.

4. Larsen & Toubro raises Rs 2,500 crore via NCDs

"The Company has today issued and allotted 25,000 7.70 per cent Rated Listed Unsecured Redeemable Non-Convertible Debentures of Rs 10 lakh each aggregating to Rs 2,500 crore which will mature on April 28, 2025," the company said in a regulatory filing to the BSE.

5. Nokia seals $1bn deal with Airtel

Gopal Vittal, MD & CEO (India and South Asia) at Bharti Airtel, said: “We are committed to continuously invest in emerging network technologies to provide a best-in-class experience to our customers. This initiative with Nokia is a major step in this direction. We have been working with Nokia for more than a decade now and are delighted to use Nokia’s SRAN products in further improving the capacity and coverage of our network as we prepare for the 5G era".
This deal will help Airtel to enhance the capacity of its networks, in particular 4G, and improve customer experience.