News Updates: May 13, 2020

• PM Modi has announced a total Rs. 20 Lakh Crore economic package to the country to overcome the Covid pandemic slowdown. The package is around 10% of the country's GDP and will focus on land, labour, liquidity and laws. The details shall be made public shortly.
• Vedanta has announced to delist its Indian listed entity. This will entail an investment of $ 2.5 billion by promoters.
• Jubilant Life Sciences has signed a non exclusive licensing agreement with the US based Gilead Sciences for manufacturing Remdesivir, which has been identified as potential Covid-19 therapy drug in India and 126 other countries.
• Reliance Industries has raised Rs. 10,000 Crore on Tuesday with papers of tenors of three years. Mutual funds and banks — Aditya Birla, ICICI Pru, HDFC MF, Nippon Life India, and HDFC Bank — are said to have subscribed to these shorter-duration bonds. RIL sold bonds in three series. While the company issued threeyear-and-four-month papers at 7.05% raising ₹4,235 crore, it mopped up ₹5,000 crore offering 6.95% with nearly three-year maturity. It raised ₹825 crore fetching the same rate and three-year maturity
•  The civil aviation ministry has come out with a draft SOP for restarting commercial air travel. Some of the measures suggested is mandatory use of Aarogya Setu app, reaching airport atleast two hours before departure time, not allowing cabin luggage etc.