BUSINESS
Taliban transfer to Finance Ministry $18 mn seized from previous regime
Da Afghanistan Bank, in a statement, said that the cash was seized from officials of the previous government in Kabul, Panjshir, Khost, and Logar provinces. In the meantime, the statement adds that a relatively large amount of gold has also been seized that is now kept in the central bank. Earlier, the Taliban confirmed confiscating more than $6.5 million and 18 gold bricks from the house of former Vice President Amrullah Saleh and handed them over to the Da Afghanistan Bank, Pajhwok News reported.
Millions of Pakistan rupees brought into Kandahar to exchange into US dollars
They said that "millions of Pakistani rupees" are brought in to Kandahar from Pakistan and are exchanged to US dollars and are taken back to the neighbouring country, the report said. The money changers said the demand for the US dollar is increasing in the market and that most of their customers buy the US currency by selling Pakistani rupees. "Some Pakistani investors buy the US dollars from markets and in exchange they inject Pakistani rupees into the markets," said Haji Babai, a money changer, the report said.
China auto maker denies buying chips at 800 times the normal price
In a statement sent to the Global Times on Sunday, Li Auto said it has ramped up efforts to ensure chip supply to help resolve the current crunch and it is normal practice to source from regular channels. The statement followed a report by a Chinese news outlet claiming that Li Auto, facing a crisis caused by the lack of auto semiconductors that has led to serious delivery delays, has recently purchased thousands of chipsets crucial for electronic parking brake system with each chipset priced at 5,000 yuan ($776), far above the market's normal price of only 6 yuan.
Reliance New Energy Solar to acquire 40% stake in Sterling & Wilson Solar
The transactions involve preferential allotment of 2.93 crore equity shares (equivalent to 15.46 per cent post preferential share capital) at a price of Rs 375 per share. The transaction will also involve acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70 per cent post preferential share capital) at a price of Rs 375 per share.
Reliance New Energy Solar acquires REC Solar Holdings for $771 mn
REC's Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life. The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry.
Over dozen PSUs on the block after Air India privatisation
Sources said the successful culmination of the Air India disinvestment process has upped investor interest in picking up management control of public sector undertakings put on the block for privatisation. Overseas investors are also looking at the country's disinvestment plan with interest.
Luxury hotels, resorts lead industry's faster-than-expected recovery post Covid 2.0
An ICRA report has pointed out that the recovery was hastened by the easing of restrictions in Q2 FY2022. The ratings agency, though, did not change its negative outlook on the industry because it remains to be seen if the demand pickup can be sustained. A potential third wave and its impact on travel and hotel occupancies cannot be ruled out, according to the report.
Railways launch 2 long haul freight trains 'Trishul', 'Garuda'
These long haul trains provide a very effective solution to the problem of capacity constraints in critical sections. This train was launched on Thursday from Kondapalli station of Vijayawada division to Khurda division of East Coast Railway.
India Inc revenue likely grew 18-20% on-year in 2nd quarter
Overall revenue growth would be primarily supported by price hikes driven by costlier commodities. On-year volume growth would be mostly in single digit across key segments except commercial vehicles. To be sure, growth momentum would have slowed compared with the 47 per cent on-year increase seen in the first quarter.
Global cues push up energy crisis in India, govt looks to step up generation
As per official data, country's 135 odd thermal plants on an average are sitting on just four days of coal stocks at the end of September, down from 13 days coal stocks at the beginning of August. Regulations mandate 22 days of stock at thermal plants.
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