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Capital raise: US-based Kora Management to invest $125 million in Edelweiss

Edelweiss said each business group will have its own set of investors, a ring-fenced capital base and an independent board.

In addition to the $75 million investment in EGIA, Kora also plans to make a further investment of $50 million in Edelweiss. News

Auto industry heaves a sigh of relief as PM Modi assures co-existence of ICE, EVs

Prime minister in his recent interview with a business daily asserted that India being the largest market, both the ICE and electric vehicles can co-exist and can grow together.

Prime minister’s assurance that both internal combustion engine (ICE)-based automobiles as well as electric vehicles (EV) can co-exist is indeed a welcome note, said Rajan Wadhera (File photo) News

Competitive law: Panel wants ‘disclose and comply regime’ for M&As

The recommendation forms part of a report by the Competition Law Review Committee, constituted in October 2018, for reviewing the competition law framework.

The panel said it was agreed that detailed criteria for eligibility under the Green Channel may be formulated by the government based on consultation with the CCI. News

Fasal Bima Yojana: Changes deferred to next Kharif season

Currently, there is no cap on premium quoted by insurance companies and during last kharif season, the lowest bid was exorbitantly high at 60% (of sum insured) for one crop in a district.

The delay in rolling out the necessary changes in the guidelines is also said to be from an apprehension that there could be a sharp decline in coverage if PMFBY is made optional. News

PESB recommends Sridhar Patra for Nalco CMD post

Government head-hunter Public Enterprises Selection Board (PESB) has recommended Nalco’s finance director Sridhar Patra’s name for the top post of the state-owned aluminium maker.

Industry News

In a mess: Sensex crashes 624 points, bank Nifty 703

Since July 5, FPIs have pared their portfolios in all sessions barring three, offloading shares worth over $3 billion.

The indices would have fared even worse, had it not been for the rally in Reliance Industries which rose smartly by 9.7%. (File photo) News

Slowdown bites: Auto sales see steepest slump in two decades

Analysts said higher inventory levels are likely to stay the same in the near term as retail is not picking up due to lack of easy credit availability.

The fall in PV sales in July was also the ninth consecutive month of decline. (Representational image) News

Amrapali case: SC asks Noida authorities to start registration of flats

The authorities told the judges that they have created a special cell to deal with cases of the Amrapali hombuyers and officials have also been designated to look into the issue.

The Bench had on July 23 said the real estate firm’s properties will be sold to recover homebuyers’ money. (File photo) News

Regulatory sandbox: RBI eases net worth, regulatory norms

A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment, for which regulators may or may not permit certain regulatory relaxations for the limited purpose of

In April this year, the central bank had released draft guidelines for a regulatory sandbox for fintechs. The final guidelines take into account feedback received from multiple stakeholders. News

Rupee hits six-month low of 71.39 on global turmoil

The rupee on Tuesday closed at a six-month low of Rs 71.39 against the greenback and is near its weakest level this year, as global risks weigh on the rupee coupled with a slowdown scenario in the domestic markets.

The rupee has depreciated nearly by 3.5% in the past six weeks. (Representational Image) News

PSL benefits for bank loans to NBFCs for on-lending only till March 2020

The RBI also said that bank credit to NBFCs for on-lending will be allowed up to a limit of 5% of any individual bank’s total PSL on an ongoing basis.

The central bank also raised a bank’s exposure limits towards a single NBFC to 20% of the Tier-I capital of a bank against 15% currently. (Represnetational image) News

PVR, INOX put up a brace face to Reliance Jio Fibre’s offer

Called the ‘Jio-First-Day-First-Show’ service is planned to be launched in the middle of 2020.

Mukesh Ambani, chairman, RIL, on Monday said at the company’s 42nd AGM that Jio Fibre’s premium customers will be able to watch new movies in their living rooms the same day these movies are released in theatres. (PTI Photo) News

Mukesh Ambani’s ‘debt-free’ move: Reliance rallies the most in 2 years

Shares of RIL rallied the most in over two years as investors cheered company’s promise to bring its net debt to zero in 18 months.

The stock surged as much as 12% in intra-day trade on BSE, before settling at Rs 1,275.00, up 9.72%. News

CCI slaps penalty on Jaiprakash Associates for abusing dominant position

In the case under question, the regulator said adverse effects are clearly evident as customers have suffered due to lower common areas than what was envisaged.

The regulator imposed a penalty of Rs 13.82 crore on JAL. News

Ola ‘acquihires’ artificial intelligence start-up Pikup.ai

Ola expects this acquisition to deliver innovations that continue to improve safety and transform customer experience.

As part of the deal, Ola will hire Pickup.ai’s team. The start-up uses autonomous technologies like artificial intelligence, computer vision and sensor fusion to provide seamless solutions for business News

Smartphone shipments hit record 36.9 million in April-June

Offline channel registered an 8.5% Y-o-Y growth driven by the new launches in Samsung Galaxy A series, marketing activities by Vivo during IPL and Xiaomi’s growing multichannel distribution, it added.

A total of 69.3 million mobile phones were shipped to India in Q2 2019, which was up 7.6% over the previous quarter, IDC said. (Representational Image) News

Apollo Hospitals register 32 per cent growth in Q1 profit

Revenue has received a boost driven by positive trends at our mature hospitals, which reported revenue growth of 14%, and an improved performance from our new hospitals, which reported revenue growth of 20%.

He further said that Apollo Hospitals will continue to work towards a further improvement in the margins to 23% by the first half of FY21. (File photo) News

Bosch to restructure operations on weak automative demand

Meanwhile, the company has reported a 35% drop in its net profit for the quarter ended June 2019 to Rs 280 crore compared to Rs 431 crore in the same quarter last fiscal.

It is to be noted that Bosch has recently announced production suspension across its plants in Tamil Nadu, Karnataka and Maharashtra for a number of days to avoid inventory pile-up. News

5Paisa.com’s rights issue oversubscribed 111 pct

The firm’s stock also ended the day on a positive note at Rs 134.25, up by 2.44% or Rs 3.20, on BSE.

The rights issue opened on July 23 and closed on August 6. (Website image) News

Promoter pledges decline in June quarter

Companies in the Nifty-50 with over 5% of pledged promoter holdings were Adani Ports & SEZ (32.1%), Asian Paints (12%), IndusInd Bank (26.3%), JSW Steel (49.1%), Sun Pharmaceutical (11%) and Zee Entertainment (64%), says the

Promoters of 112 firms of the BSE-500 index have pledged their holdings. News

Guarantee for NBFC assets: Rules framed with tough riders

The guarantee provided by the government on the assets will be valid for 24 months from the date of purchase and can be invoked on the occurrence of default.

The NBFCs/HFCs can have the option to buy back their assets after 12 months as a repurchase transaction, on a right of first refusal basis. News

CSR obligation: Panel for making non-compliance a civil offence

The high-level committee, constituted in October 2018, made recommendations on strengthening the CSR ecosystem, including monitoring implementation and evaluation of outcomes.

The panel also emphasised on not treating CSR as a means of resource gap funding for government schemes. News

Uniphore raises $51 million in Series C funding

The company in the past had raised over $20 million through Series-A and B rounds from Krish Gopalakrishnan and ex-Cisco chairman John Chambers and other investors.

Though the Uniphore officials were tight-lipped on the valuation, market sources said that the firm is closer to becoming a Unicorn. News

Zee partners KPMG to train 450 front-line managers

“Spanning seven months, the participants would go through multiple interventions inclusive of case studies, skill-drills, role-play, webinars & e-reads across touch points to help build their managerial capabilities,” the

The programme aims to train 450 managers in the organisation over the period of two years. News

Jammu and Kashmir: Supreme Court refuses to intervene, for now

While the Centre submitted that it was doing everything necessary to maintain law and order in J&K, Poonawalla asked the SC to direct the government to restore essential services such as that in hospitals, police stations and

“Nobody can take even a one per cent chance… in case the position remains like this then we will take a call,” the judges said. News

Paddy stubble burning declines in western UP, Haryana and Punjab: ICAR

As harvesting of kharif paddy crop may start from October in these states, ICAR is geared up to distribute over 55,000 happy seeder machines this year.

The happy seeder machine is mounted on a tractor to sow wheat into the soil. News

CARE Ratings lowers outlook for Telangana solar projects to negative

Out of these, the agency has downgraded the ratings on projects of two subsidiaries of Acme Solar (Dayakara Solar and Grahati Solar) from A- to BBB+.

CARE Ratings, Telangana, Telangana solar projects, electricity distribution, Acme Solar News