BUSINESS
HAL inks Rs 2,400 crore contract with Bharat Electronics for LCA Tejas systems
It is a five-year contract spanning from 2023 to 2028 and it is also the biggest ever order received by Bharat Electronics for Avionic Systems. The order includes the supply of critical avionics Line Replaceable Units (LRUs), flight control computers and night flying LRUs, said the Aerospace company HAL.
Equities decline in early trade on Friday
It is important to note here that Indian equity indices declined five out of past six sessions amid heavy sell-offs. At 9.30 a.m., the S&P BSE Sensex traded at 57,650 points, down 0.4 per cent. It opened at 58,243 points from the previous close of 57,901 points.
PLI schemes to add $504 bn of production, 1 cr jobs in 5 yrs: Govt
"The schemes have been specifically designed to attract investments in sectors of core competency and cutting edge technology, ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian manufacturers globally competitive so that they can integrate with global value chains," it said.
Amazon warehouse policies have put workers at risk: Report
The Occupational Safety and Health Administration (OSHA) in the US has opened an investigation into the collapse of an Amazon warehouse. The roof had collapsed after a powerful tornado hit the facility on December 10. "Despite hours of notice that severe weather was imminent, workers were not sent home before a tornado struck the warehouse and killed six people," reports The Verge.
CAIT urges Centre to ban 'Chinese' firm Shopee for FDI violations
The traders body urged the Centre to take immediate cognisance of the matter. According to the 2020 rule, an entity of any country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only through the government route. CAIT accuses the Chinese e-commerce company Shopee of violating the rule.
RIL biggest wealth creator in India, Adani Transmission fastest: Study
India's financial sector has emerged as the top value creator between 2016 and 2021 and it will continue to dominate wealth creation for quite some in the near future as well, Motilal Oswal Financial Services has said in its 26th Annual Wealth Creation Study 2021.
IPO-bound Ola raises $500 mn, to accelerate future mobility
According to the company, the proposed loan issuance received a staggering response from investors with interest and commitment of approximately $1.5 billion. "The overwhelming response to our term loan B is a reflection of the strength of our business and our continued focus on improving unit economics alongside rapid growth," said Bhavish Aggarwal, Founder and CEO, Ola.
Uptick in pvt investment spear-heads India's economic recovery: RBI Bulletin
"For the Indian economy, the recovery is spear-headed by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and States)," the bulletin said. It also said that high capex from the government sector has also aided in the recovery process.
Global debt reaches $226tn in 2020, highest year-long debt since WW-II: IMF
Amid the Covid-19 pandemic outbreak, the global debt rose to a record high at $226 trillion in 2020, according to the International Monetary Fund (IMF). With $226 trillion debt, this is the highest year-long debt recorded since World War II, said IMF.
Moj, ShareChat parent firm Mohalla Tech raises $266 mn
This is Mohalla Tech's third round of funding in 2021, with $913 million cumulatively raised this year. With social and live commerce initiatives, the company hopes to reach a target of $100 million annualised creator earnings by the end of 2023. "Both our products (Moj and ShareChat) have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position," said Ankush Sachdeva, CEO and Co-founder, Moj and ShareChat.
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