FE Bureau

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TVS Srichakra launches 11 tyres for replacement mkt

The new product line-up includes eight high-performance tyres for motorcycles, two for scooters and one new tyre for e-rickshaw.

ArcelorMittal plans new steel unit in Odisha, to invest Rs 50,000 crore

In February, AM/NS India bagged an iron ore mine with estimated reserves of 180 million tonne in Odisha through competitive bidding. The company also has plans to expand the finished steelmaking capacity at Hazira to 12-15 mt

This was the country’s largest stressed-asset deal and marked ArcelorMittal’s entry into India’s potentially fast-growing steel industry.

FDI equity inflows rise 40% to $51.5 billion during April-December 2020

Inflows were boosted by those into the digital sector. Analysts have pointed out that a sizable chunk of these was drawn by Reliance Jio alone.

The FDI inflows take place at a time when domestic private investments have remained elusive in recent years.

Chinese firm setting up metro coach plant in Andhra Pradesh, to invest Rs 350 crore

The plant, for which the ground breaking ceremony was held recently, will be built on a plot of 45.3 acre and will be commissioned by the year-end.

With the upcoming Chinese company’s unit, Sri City will be home to two major metro rolling-stock manufacturing units, such as Alstom and CRRC which will be supplying 70 to 80% of the requirements of metro projects in the country. (Representative image)

RPower-JERA JV achieves financial closure for Bangladesh project

“All requisite conditiins for availing the drawdown under the loan agreements have been satisfied,” RPower said in a statement.

RPower had earlier synchronised two units of the Rs 10,000 crore or 2400 MW project in Samalkot .

Wholesale onion prices crash by nearly 50% on higher supplies

Farmers and traders apprehend that prices are likely to drop further with the arrivals of the summer crop by the second week of March.

Prices were around Rs 4,000 per quintal just a week ago, Suvarna Jagtap, chairperson, Lasalgaon Agriculture Produce Market Committee, said.

RailTel launches paid plans for Wi-Fi at 4,000 stations

RailTel has started prepaid plans for using its Railwire Wi-Fi facility, which offers 30 minutes of free Wi-Fi per day at 1 mbps speed and a nominal fee for availing a higher speed of up to 34 mbps.

This can be paid online through net banking, wallet and credit card. Currently, internet service is available at 5,950 plus stations across the country and is accessible to anyone with a smartphone and an active connection.

Govt launches drive to ensure FPO scheme’s success

The Cabinet in February 2020 had approved the Rs 6,865-crore scheme to be spent for setting up of 10,000 new FPOs and ensuring their growth by FY28.

While budgetary support of Rs 4,496 crore will be spent by FY24, an additional Rs 2,369 crore has been estimated for hand-holding of these FPOs until FY28.

GST Amnesty: SC refuses to direct finance ministry to extend scheme

A Bench led by justice DY Chadrachud rejected one Bilaspur-based trader Satyakam Arya’s plea to direct the central government and the GST Council to extend the amnesty scheme and give more time to small businesses and MSMEs

Citing the ministry of statistics and programme implementation data, it said that the Indian economy contracted by 23.9% in April-June quarter of this fiscal.

DBT being considered for disbursal of food, fertiliser subsidies: Rajiv Kumar

“It’s a far more complex thing to handle both of them. When and how DBT will be implemented is something I can't talk about at the moment. One cannot adopt a cavalier approach to this because it concerns both food securit

The PoS system helped the Centre save Rs 10,000 crore in fertiliser subsidy by plugging leakages up to FY20, the official data showed.

Reliance Power defaults on repayment to lenders

As per regulatory disclosures, the company has defaulted on repaying Rs 78 lakh to Axis Bank, Rs 1.09 crore to Yes Bank, and Rs 1.25 crore to Lakshmi Vilas Bank.

The mortgage financier was not able to make timely repayments to Bank of Baroda, Punjab National Bank, ICICI Bank, HDFC Bank, Canara Bank, Bank of India and Indian Bank, among others.

EPF subscribers to get 8.5% return for FY21 too

The monthly average net addition to the EPF subscriber base was 6.54 lakh in 2019-20. But, owing to Covid-19 pandemic, EPF base shrank by 2.36 lakh in April 2020.

Others can also join the scheme voluntarily. An employee contributes 12% of the basic pay to EPF; her employer contributes 3.67% to the EPF and rest 8.33% towards the employees’ pension scheme (EPS).

IHCL to open all-women managed luxury residences in Chennai

The announcement which coincides with the upcoming International Women’s Day, is in line with the company’s ongoing efforts in creating an equitable workplace and ecosystem, while empowering women in the hospitality indus

The organisation has taken many strides to foster gender equality, both, within and outside the organisation. (Representative image)

Hindustan Motors seeks shareholders’ nod to sell plots of MP, Bengal plants

According to a stock exchange filing on Wednesday, Hindustan Motors has sought shareholders’ approval, through postal ballot, to sell, lease or otherwise dispose of both Uttarpara and Pithampur plant plots in any manner as

Renault makes over 1100 Kiger deliveries on first day of sales

Kiger is currently available for bookings across Renault’s extensive dealership network of more than 500 outlets in the country and on its website. The car is being offered in two engine options — 1.0L Energy and 1.0L Tur

Cryptocurrency ban to be made explicit; Govt to introduce Bill soon

Cryptocurrencies typically operate independently of a central bank. These are essentially digital currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds.

In 2019, an inter-ministerial committee under then economic affairs secretary Subhash Garg had suggested that private cryptocurrencies like bitcoin be banned, and any activities related to virtual currencies be criminalised.

Sugar mills contract export deals for 34 lakh tonne

The National Federation of Cooperative Sugar Factories (NFCSF) has said export deals for 34 lakh tonne at this juncture is a very good development and India could do better in the export market. Prakash Naiknavare, MD, NFCSF,

Indian exports are still competitive in the global market and are enjoying some advantage in view of the problems Brazil is facing in shipping soybeans that could extend to sugar, industry people said.

Sugar output up 20% till February: ISMA

The increase has mainly been driven by Maharashtra’s stunning 67% increase in production over last year.

According to a release by industry body ISMA, Uttar Pradesh, on the other hand, clocked lower sugar output at 74.20 lakh tonne till February of this marketing year, compared with 76.86 lakh tonne in the previous year.

Pandemic has amplified usage of digital payments services, says Vijay Shekhar Sharma

Speaking at the Indian Express Idea Exchange, Sharma said his company is now processing nearly 1.25 billion transactions in a month. This rapid growth in business, he says, would not have been possible “organically.”

Over the next decade, tech start-ups will increasingly focus on generating revenues and chasing profitability. In fact, most of them are already charting plans to build “legitimate businesses of scale.”

ED probe into Kerala govt body causes a flutter: state FM Thomas Isaac

Kerala is a state with a high revenue deficit, gets revenue deficit grants from the Centre. KIIFB has had a pivotal role in mobilising funds for infrastructure development from avenues outside the state's revenue and central

During her recent visit to the state Union Finance Minister Nirmala Sitharaman had questioned the role of the KIIFB in Kerala budget-making.

HDFC cuts RPLR by 5 bps, home loans now at 6.75%

Even as housing loan growth shrank to 7.7% year-on-year (y-o-y) as on January 29 from 17.5% a year ago, it remains one of the faster-growing credit segments and exceeds the rate of overall non-food credit growth in the bankin

HDFC said its adjustable rate home loans (ARHL) are benchmarked to the RPLR and the revised rates will come into effect from March 4.

YES Bank gets shareholders’ nod to raise Rs 10,000 crore

YES Bank MD and CEO Prashant Kumar had earlier said the board’s approval to raise Rs 10,000 crore was an enabling provision for raising funds as and when required.

The bank had taken approval of the board on January 22 for raising the capital.

Telecom spectrum auction: 63% unsold; sale fetches Centre Rs 77,815 crore

The government will receive an upfront amount of around Rs 27,000 crore from the operators — Rs 20,000 crore in FY21 and the remaining Rs 7,000 crore in FY22 when some spectrum would be made available.

However, from objective accounts, what was sold was far less than what was put up for sale.

Slight fall: Export recovery hits a bump in February

Exports dropped by 0.3% year on year in February to $27.67 billion against a 6.2% rise in the previous month, showed the preliminary data released on Tuesday.

Exports dropped by 0.3% year on year in February to $27.67 billion against a 6.2% rise in the previous month, showed the preliminary data released on Tuesday, indicating a bumpy road to recovery.

Piyush Goyal asks warehousing corp to fast-track capacity addition, modernisation

He has also asked the CWC, whose main business is storage of food grains, to modernise its facilities and increase the storage capacity by manifold at the earliest from current 130 lakh tonne to meet challenges of a growing f

Goyal said public and private sector firms should work together to improve efficiency and output.

Electricity demand rises for the sixth straight month in February

On an absolute basis, the 104.7 BU of electricity consumption in February was 0.1% lower than last year, mainly because 2020 was a leap year with an additional day in the month.

Lower electricity volumes consumed by highly industrialised states in FY20 had dragged down the country’s annual demand growth to a six-year low of 1.3%.

Tur (Arhar) prices firm up above MSP on crop shortage worries

Nafed has not been able to procure tur (arhar) from Maharashtra due to the rally in prices.

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