BUSINESS
Reliance exits shale operations in North America
With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America. A purchase and sale agreement (PSA) was signed between REUHLP and Ensign on November 5 for this sale. The sale is at a consideration higher than the current carrying value of the assets.
India's FY22 GDP expected to grow at 10-10.5%: Brickwork Ratings
According to the ratings agency, Q2FY22 GDP is expected to grow at 8.3 per cent year-on-year on the back of a faster-than-expected revival in economic activities as well as a decline in new Covid cases, leading to sustained improvement in growth prospects.
Prices per unit to be printed on pre-packaged goods now
This is being done to safeguard the interest of consumers, according to the Department of Consumer Affairs under the Ministry of Consumer Affairs, Food and Public Distribution. The Ministry has decided to omit Rule 5 of the Legal Metrology (Packaged Commodities), Rules 2011 defining the Schedule II prescribing the pack sizes of various types of commodities.
With base effect advantage waning, September IIP expected to decelerate
As per the report, the deceleration in September IIP numbers would largely be on account of normalisation of base effect. The disruptions caused by Covid pandemic has pushed down IIP numbers sharply last year. The IIP numbers for September along with CPI inflation numbers are expected to be announced on November 12.
Blockchain to drive $10bn savings in cross-border payments by 2030
The report forecasts Blockchain adoption to increase over the next decade, with an expected two billion cross-border transactions facilitated by Blockchain in 2030, "Blockchain implementation in cross-border settlement will enable stakeholders to leverage improved payment transparency and traceability, a critical advantage in an omni-channel payments market."
APEC region's economy to grow by 6% in 2021
According to the latest APEC Regional Trends Analysis (ARTA), the Asia-Pacific expanded by 8 per cent during the first half of 2021, following a 3.7 per cent contraction in the first half of 2020. However, growth among member economies continues to diverge and uncertainties remain substantial, Xinhua news agency reported on Monday.
L&T valuation doesn't capture multi-year investment cycle
"The former is probably not correct since the market is very excited about the prospects of a multi-year investment cycle in India and LT is well-positioned to participate in the same. The latter may require restructuring LT's conglomerate structure," it said. "In our view, LT's valuation does not adequately capture a potential multi-year investment cycle and LT's unique position in a large market opportunity."
Freight rates perk up some more, but diesel singes margins
Over the past 2-3 years, the domestic road freight transportation industry ran into many speed-breakers. The axle load norms caused a discernible drop in fleet utilisation levels in fiscal 2019, while the BS-VI norms led to a 10-15 per cent increase in the prices o f new trucks in fiscal 2020. Then came the Covid-19 pandemic and the sharp economic contraction.
BrightChamps raise $63 mn fresh funding; Premji Invest, Flipkart's Bansal among top investors
Apart from Premji Invest and Flipkart's Bansal, US-based GSV Ventures and Singapore-based venture fund Beenext also participated in the funding round. BrightChamps is a live learning platform that offers next-generation life skills and was founded in July last year by Ravi Bhushan.
Petrol, diesel price rise continues to be on pause after duty cuts
Accordingly, petrol and diesel prices remained unchanged for the fourth consecutive day on Monday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on Thursday from previous days level of Rs 110.04 a litre, remains at the same level on Monday. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre.
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