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India's Paytm shuts offices after employee tests positive for coronavirus

INDIA’s leading digital payment platform Paytm on Wednesday (4) decided to shut its offices in Gurugram and Noida for at least two days after one of its employees, who had recently travelled to Italy, was tested positive with COVID-19.

“One of our colleagues based out of Gurugram office, who recently returned from Italy post a vacation, has now been tested positive for Coronavirus. He is receiving appropriate treatment and we are extending complete support to his family,” a statement said.


“As a precautionary measure, we have suggested his team members to get health tests done immediately,” it added.

The company said it has advised all employees to work from home for a couple of days while the offices are sanitised.

With Paytm, Nearbuy, Wipro, TCS and HCL announcing action plan to safeguard their employees.

Hyper-local online platform Nearbuy has decided to close its Gurugram office for at least 14 days as a precautionary measure.

The company has asked its employees to work from home during the period and also keep a proper check on their health.

Global software giant Wipro on Wednesday announced that it has suspended employee travel to coronavirus-stricken China, Hong Kong and Macau.

Tata Consultancy Services (TCS) also claimed that it was working closely with all relevant global and regional and local health institutions to tackle COVID-19 outbreak.

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British American Tobacco

ITC Hotels' shares closed flat at Rs 207.80 (£1.73) on the NSE on Thursday

itchotels

British American Tobacco to sell stake in Indian hotel chain

Highlights

  • BAT to sell between 7 per cent and entire 15.3 per cent stake in ITC Hotels via block deal.
  • Proceeds will help company achieve target leverage range of 2-2.5x by end of 2026.
  • BAT acquired stake following ITC Hotels' demerger from parent company ITC in January 2025.
British American Tobacco announced on Thursday it plans to sell its stake worth about $776 m (£580 m) in in ITC Hotels through an accelerated bookbuild process, as the tobacco group moves to reduce debt on its balance sheet. BAT intends to offload between 7 percent and its entire 15.3 percent shareholding in the Indian hotel chain.

The company's wholly owned subsidiaries, Tobacco Manufacturers (India) Limited, Myddleton Investment Company Limited and Rothmans International Enterprises Limited will conduct the block deal with institutional investors.

The final number of shares sold will be determined to optimise overall pricing outcome for the group, BAT said. Funds raised from the transaction will help the company transition to its target leverage range of 2-2.5x adjusted net debt to adjusted EBITDA by the end of 2026.

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