Top headlines: China lockdown impacts TaMo; Revlon files for bankruptcy

Business Standard brings you the top headlines on Thursday

China lockdowns, chip crisis cloud JLR sales outlook for FY23: Tata Motors

Jaguar Land Rover (JLR) faces headwinds due to lockdowns in China for Covid-19, as the UK subsidiary of Tata Motors battles global supply chain issues caused by the war in Ukraine and difficult macroeconomic conditions. These problems may impact JLR financially in FY23, Tata Motors said in its annual report.

N Chandrasekaran, chairman of Tata Motors, wrote about the disruptions in a letter to shareholders. Read more

Revlon Inc files for bankruptcy amid high debt, supply chain pain

Revlon Inc. filed for Chapter 11 bankruptcy, unable to manage its heavy debt load amid the supply chain crunch and steep inflation.

The cosmetics giant owned by billionaire Ron Perelman sought court protection in the Southern District of New York, and listed assets totaling $2.3 billion as of late April. Read more

India proposes settling Russia trade in rupees as purchases rise: Report

India is proposing to settle trade with Russia in rupees, according to a person with knowledge of the matter, as the South Asian nation presses ahead with purchases of oil and weapons from the sanctions-hit country.

New Delhi plans to use about $2 billion equivalent of rupees deposited at Russia’s state-controlled VTB Bank PJSC and Sberbank of Russia PJSC, the person said, asking not to be identified as the deliberations are private. Read more

Agnipath scheme faces trial by fire; violent protests erupt in Bihar

Soon after the government launched the Agnipath scheme for recruiting soldiers in the Indian armed forces, the defence aspirants preparing for a job came to the streets in protest.

On Thursday, protests against the Agnipath scheme for hiring jawans on a short-term contractual basis continued across Bihar for the second consecutive day, disrupting railway and road traffic in Jehanabad, Buxar and Nawada districts. Read more