Industry

No better time to bet on India than now, says billionaire Gautam Adani

Adani said there cannot be any denying the fact that India over the next several decades will be a market continuously on the up.
gautam adani, gautam adani on indian economy, gautam adani on indian industry, indian economic growth News

Reddit co-founder Alexis Ohanian quits board, asks for black replacement

Ohanian decided to quit after days of violent protests across the US over the killing of African-American George Floyd, a 46-year-old man who died in Minneapolis on May 25 after a white police officer

Industry News

Vedanta Q4 net loss at Rs 12,521 crore

The consolidated income of the company during January-March quarter dropped to Rs 20,382 crore, over Rs 25,096 crore in the year-ago period, the filing said.

Vedanta Q4, BSE, COVID pandemic, EBITDA, vedanta gross debt, latest news on vedanta News

Yatra Online terminates $337 million merger with US-based Ebix Inc, alleges breach of agreement

Gurugram-based online travel agency and travel search engine, Yatra Online Inc has announced that it is terminating the pending merger agreement with US-Based software firm Ebix Inc

Industry News

State govt’s permission for migrant labourers’ employment? Here’s where that stands on legal grounds

With a 23 lakh strong workforce returning to their homes in UP and their recent sufferings known around the nation, the Yogi Aditayanath Government is contemplating a Migrant Commission to be set up.

Delhi Police, migrant labourers, South Delhi, Chhatarpur, South Extension area, Madhya Pradesh, Epidemic Act, latest news on coronavirus outbreak News

Planters seek moratorium on rubber imports

NR import from Indonesia, Vietnam, Malaysia and Thailand accounted for 42.2%, 19.7%, 10.7% and 9.8%, respectively, and together made up 82.4% of the total imports during 2018-19.

Industry News

IBC ordinance: No fresh default case for a year from Mar 25

The ordinance said a sub-section will be inserted after Section 66 of the IBC

Industry News

SBI Q4 net shoots up 327% year-on-year on one-time gain

SBI’s operating profit fell 7% y-o-y to Rs 15,734 crore, as per the numbers filed with the exchanges. Kumar said the bank is taking an eight-quarter view, and in FY22, it targets clocking an operati

Banking & Finance News

Non-food credit shrinks Rs 1.76 lakh crore despite credit push, lower repayments

State Bank of India (SBI) chairman Rajnish Kumar on Friday said that the bank has had to temper its expectation of a 12% growth in credit in FY21

Banking & Finance News

Monetary policy committee must frontload action in view of deteriorating outlook: RBI governor Shaktikanta Das

In its May policy review, the MPC had refrained from offering a specific level for growth in gross domestic product (GDP) while pegging it to be in negative territory for FY21. 

Banking & Finance News

CavinKare launches ‘SaaFoo’ washes brand to cleanse vegetable, fruit & meat

CavinKare is also the first consumer brand to introduce a cleansing liquid, specifically made for meat and seafood.

Industry News

Discom losses seen doubling to Rs 58,000 crore in FY21

Discoms are also expected to end up owing lenders a staggering Rs 4.5 lakh crore by the end of this fiscal, recording a 30% annual rise, and deteriorating their credit profiles.

It was difficult for discoms to continue meter reading exercises and collect payments from consumers amid the lockdown. News

Maharashtra sugar mills seek extension of licence for hand sanitiser manufacture

Both cooperative and private sugar millers want the state government to grant extension for the licence for a year.

Sugar mills had realised that production of sanitisers could become a new revenue stream for them. News

Unlock India 1.0: Govt issues SOPs prior to reopening of shopping malls

As per the SOPs, thermal screening will be mandatory at the entrance and only those shoppers will be allowed who use face masks that are to be worn at all times.

Industry News

Govt releases price index for commercial coal mining

The rates have been derived from a weighted combination of monthly prices of coal in various channels of transaction, including imports, for the month of March.

Companies will use these prices to evaluate their bids for coal blocks in auctions, which are expected to take place next week. News

Abu Dhabi’s Mubadala picks up 1.85% stake in Jio Platforms for $1.2 billion

With the latest investment, Jio has raised a total of Rs 87,655.35 crore from leading global tech & growth investors.

The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. News

Northern Arc raises $50 million from US International Development Finance Corporation

Over 140 reputed investors including banks, asset managers, insurance companies and DFIs have invested in transactions structured and arranged by Northern Arc Capital.

Industry News

RBI to launch Rs 500-crore payments infrastructure development fund

The PIDF will also receive recurring contributions to cover operational expenses from the banks and card networks. The RBI will also contribute to yearly shortfalls, if necessary.

The central bank will chip in with an initial contribution of Rs 250 crore, it said in a statement, with the remaining contribution coming from card-issuing banks and card networks operating in the country. News

HDFC Bank launches special deals to push consumer spends

Demand for safe digital payments and private transport is also rising. Similarly, as shops and businesses begin to reopen, they have requirements for business finance.

The bank said that the changes in lifestyle amid the lockdown have resulted in increased demand for phones, tablets, computers and related accessories. News

Nitin Gadkari exhorts steel players to eye bigger global share, tap opportunities

Union minister Nitin Gadkari also urged the industry to focus on exports by increasing capacity and reduce dependence on imports.

Nitin Gadkari, steel industry, COVID-19, Indian Steel Industry, National Highways Authority of India, NHAI News

Zomato retreats from big grocery bet; likely to shut down ‘Market’ after two months of testing

With unlock 1.0 relaxations, Zomato will “spend a large proportion of our time making our food delivery service the safest, and the most loved one in town,” a Zomato spokesperson said.

Industry News

Silver Lake raises stake in Jio Platforms for additional Rs 4,546.80 crore, Ambani gets seventh cheque

Private equity firm Silver Lake has invested an additional Rs 4,546.80 crore in Reliance Industries' digital arm Jio Platforms to raise its stake in the firm to 2.08 per cent.

Silver Lake, Jio Platforms, mukesh ambani, Reliance Industries, Reliance Industries digital arm, latest news on reliance jio platforms News

Post offices deliver $54 million in rural, unbanked areas during lockdown: Niti Aayog CEO Amitabh Kant

Post offices delivered USD 54 million (around Rs 408 crore) through 2.1 million transactions, mostly in rural and unbanked areas, between March 24- April 23 period, Kant said.

Niti Aayog CEO Amitabh Kant, post office, coronavirus lockdown, COVID-19 pandemic, Rajnish Kumar, IPPB, latest news on amitabh kant News
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