BUSINESS
SBI reduces home loan rate to 6.70%
Prior to the festive offer, a borrower availing a loan greater than Rs 75 lakh had to pay an interest rate of 7.15 per cent. "With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 per cent. "The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs 8 lakh, for a Rs 75 lakh loan with a 30 year tenure," it said.
Over 59 companies apply to avail incentives under 'White Goods' component PLI
According to the Ministry of Commerce and Industry, 52 companies have filed their application with committed investment of Rs 5,866 crore under the PLI scheme. The deadline for applications to avail the benefit of the scheme closed on September 15. Several companies like Daikin, Panasonic, Hitachi, Mettube, Nidec, Voltas, Bluestar, Havells, Amber, EPack, TVS-Lucas, Dixon, R.K. Lighting, Uniglobus, RadhikaOpto.
PLI scheme to attract Rs 5K cr for drone manufacturing: Minister
According to Scindia, incentives worth Rs 120 crore will be given under the scheme in the next three years. "This amount is 1.5 times the combined size of the drone manufacturing sector," he said during a press briefing here. "Over a period of three years, an estimated investment worth Rs 5,000 crore for the drone manufacturing sector will be made which in turn will bring a turnover of Rs 900 crore, besides creating 10,000 job opportunities," he added.
Aggregate demand gains firmer ground: RBI August Bulletin
The central bank noted that IIP and core industries mirrored improvement in industrial activity and services sector indicators point towards sustained recovery. "The trajectory of inflation is shifting down more favourably than anticipated." "As pandemic scars heal and supply conditions are restored with productivity gains, a sustained easing of core inflation can be expected, which will reinforce the growth-supportive stance of monetary policy."
Biocon Biologics offers 15% stake to SII subsidiary for 100 mn vax doses
SILS is a subsidiary of Pune-based Serum Institute of India (SII). The alliance will give SII CEO Adar Poonawalla a board seat in Biocon Biologics. The stake, at a post-money valuation of approximately $4.9 billion, will provide Biocon Biologics with 100 million doses of vaccines per annum for 15 years, according to a company statement. The vaccines will be primarily from SILS's upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio (including Covid-19 vaccine) for global markets.
Moratorium under IBC applicable to corporate debtor, not its promoters: SC
A bench of Justices D.Y. Chandrachud, Vikram Nath, and Hima Kohli said: "It is clear that the moratorium provision contained in Section 14 IBC would apply only to the corporate debtor, the natural persons mentioned in Section 141 continuing to be statutorily liable under Chapter XVII of the Negotiable Instruments Act." The apex court made this observation in a matter connected with builder-home buyers' dispute arising out of abandoning of a housing project.
India's domestic air passenger traffic rises in August
According to the Directorate General of Civil Aviation (DGCA), the country's scheduled domestic flight operations ferried 67.01 lakh passengers last month. In August 2020, the traffic numbers stood at 28.32 lakh, while on a sequential basis, the sector had ferried 50.07 lakh people in July this year. Last year, domestic flight services had resumed on May 25 after the suspension of operations caused by the Covid-19 pandemic in end-March.
PLI Push: Sensex crosses 59K-mark; Telecom stocks soar
Accordingly, both the key indices -- S&P BSE Sensex and NSE Nifty50 -- recorded new intra-day and closing highs. While the Sensex crossed the 59,200-mark, the Nifty breached the 17,600-level. Initially, both the key indices had a gap-up opening. However, global cues capped gains as Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiments.
Govt approves Rs 30,600 cr sovereign guarantee to operationise bad bank
The government guarantee mechanism was approved by the Union cabinet on Wednesday, paving the way to operationalise the country's first bad bank in which majority 51 per cent stake is held by public sector banks. The government guarantee will allow banks to transfer their non-performing assets (NPAs) to NARCL, which will buy the stressed assets on payment of 15 per cent of the amount in cash and the balance 85 per cent in security receipts.
JAM trinity catapulted banking to a different level: Nirmala Sitharaman
"By bringing the financially excluded, by saving pilferage, and disbursing government benefits to genuine beneficiaries, by providing SMS updates to citizens on their bank transactions, the JAM trinity catapulted our banking to a different level altogether," she said while virtually addressing the inaugural session of 'MANTHAN' Conclave being held in Aurangabad.
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