BUSINESS
Putin agrees to 'carefully' increase gas supplies amid price hike
The high prices do not meet Russia's interests and the market needs to be stabilised as soon as possible, Deputy Prime Minister Alexander Novak said at the meeting. "We do not need such speculative excitement," Xinhua news agency quoted Putin as saying on Wednesday at a meeting on Russia's energy development, after gas prices in Europe surged to a record high earlier in the day.
Telecom reforms: DoT lowers bank guarantee for telcos
The cabinet last month approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. As part of the measures, it also proposed reduction of bank guarantee requirement of telcos by 80 per cent.
Boosting employment: 7 mega textile parks to come up, Centre approves scheme
Accordingly, these seven parks have been allotted a total outlay of Rs 4,445 crore for a period of five years. Besides, these parks will be set up at greenfield or brownfield sites located in different states. Subsequently, the Centre has invited proposals from state governments having ready availability of contiguous and encumbrance-free land parcel of more than 1,000 acres along with other textiles related facilities and ecosystem.
Centre notifies 100% FDI in telecom sector via automatic route
Accordingly, Department for Promotion of Industry and Internal Trade, via 'Press Note No 4 (2021 Series)' said the Centre reviewed the extant of FDI policy on telecom sector and made amendment under the Consolidated FDI Policy Circular of 2020. Under the amendment, 100 per cent FDI via the automatic route will be allowed into telecom services including telecom infrastructure providers 'Category-I'.
Mercedes-Benz India's YoY Q3CY21 sales rises 99%
The luxury carmaker sold 4,101 units during the period under review from an off-take of 2,060 units during Q3CY20. The company said that robust Q3 performance led it to clock 8,958 units sales in the January-September 2021 period, backed by a completely new product portfolio and resurgent customer sentiment. Besides, the luxury carmaker has crossed the entire CY20 sales volumes in the Jan-Sep 2021 period.
With India's soft loan, Nepal gets new strategic transmission line
The strategic power corridor was built with the soft loan of India's Exim Bank. The 106-km Koshi Corridor transmission line, costing a total of NRs 10.40 billion (USD 86.8 million) is being built under government of India's Line of Credit of USD 550 million, extended by the EXIM Bank of India, Indian Embassy in Kathmandu said in a statement on Wednesday.
Visa launches India's 1st card 'token' service for online platforms
"Having launched CoF tokenization services in over 130 countries globally, we are confident of the technology's ability to build a safe, secure and seamless environment for digital payments," TR Ramachandran, Group Country Manager, India and South Asia, Visa, said in a statement.
Crypto platform CoinSwitch Kuber raises $260 mn, to scale India business
With more than 10 million users, CoinSwitch Kuber has become a new unicorn, and the most valuable crypto company in India valued at $1.9 billion. CoinSwitch Kuber said it will utilise the funds for onboarding 50 million Indians on its platform and introduce new crypto products.
Global cues, high crude prices dent equities; metals' stocks fall
Globally, equities traded sharply lower as risk sentiment soured amid growing worries that inflation may persist. On the domestic front, Metal, Pharma, IT and Realty stocks declined. Consequently, at 3 p.m. the 30-scrip sensitive index traded at 59,239.69 points down 505.19 points or 0.85 per cent.
Financial stress in China property sector spreads beyond Evergrande
Fantasia Holdings, a Shenzhen-based developer, missed repaying $206 million worth of bonds that matured Monday, the company said in a stock exchange it is now assessing "the potential impact on the financial condition and cash position of the group". Fantasia had informed the company that it would probably "default on [its] external debts," Country Garden Services added.
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