BUSINESS
Retail trade, services in EU severely hit by Covid
The pandemic caught most people unprepared and in an attempt to fight the pandemic, the member states of the EU have implemented a variety of measures, including restrictions on non-essential travel, Xinhua news agency reported. Non-essential production was stopped, and several countries imposed regional or even national lockdown measures, which further stifled economic activities.
Unnecessary coal plants could waste India's 247,421 cr: Report
These surplus 'zombie' plants, assets that would be neither dead nor alive, would require Rs 247,421 crore ($33 billion) of investment, yet are projected to lie idle or operate at uneconomic capacity factors due to surplus generation capacity in the system. According to the analysis by Ember and Climate Risk Horizons, the private sector's unnecessary investment on 'zombie' coal plants will be Rs 62,912 crore.
Over 16% increase in paddy procurement over previous season: Govt
This purchase, as on September 5, has benefitted about 130.47 lakh farmers from the ongoing KMS procurement operations with MSP value of Rs 1,67,960.77 crore. Paddy procurement has reached at an all-time high level, surpassing previous high of 773.45 LMT in KMS 2019-20, the Consumer Affairs, Food & Public Distribution Ministry statement said.
Vodafone Idea's financial stress to impact tower industry
An ICRA report said that Vodafone Idea Ltd (VIL) has been under financial stress as reflected by mounting losses and burgeoning debt levels, which is likely to impact its financial lenders as well as the government, apart from having a bearing on its employees, its subscribers and associated industries, most prominently towers.
SC asks NCLAT to hear 63 moons plea against DHFL sale within two months
63 moons, which holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL, had challenged the NCLAT's judgment on the grounds that the current resolution plan was "disappointing" for NCD holders. 63 moons said the apex court has directed the NCLAT to hear its appeal against Piramal Group's resolution plan within a period of two months.
Integration of Bharti Axa General with ICICI Lombard gains speed
In August 2020, ICICI Lombard announced the acquisition of the general insurance business of Bharti Axa General by way of a demerger.He said the action plans that were drawn during the past one year on integration will be put into action. From September 8 onwards, ICICI Lombard General will be in-charge of Bharti Axa General's businesss, Balachandran said.
Centre to regulate coal supplies to non-conforming state utilities
As per the decisions taken post a review meeting taken by Power Secretary Alok Kumar to assess the availability of coal for thermal power plants, captive coal mine companies have been given a notice of one week to increase their production to more than 85 per cent of their targets. In case this is not achieved, the Centre would regulate supply of linkage coal to such states/gencos.
Sensex ends at new record level, RIL above Rs 2,400/share
The BSE Sensex touched a new all-time high of 58,515.85 points, and the Nifty50 on the National Stock Exchange (NSE) hit its record high of 17,429.55 points during the session. Index-heavyweight Reliance Industries (RIL) supported the rise in the market. Shares of RIL on the BSE closed at Rs 2,424.55, higher by Rs 36.30 or 1.52 per cent from its previous close.
India's July-Sep GDP growth seen at 7-8%
In the first quarter of the financial year 2021-22, India's GDP witnessed a growth of 20.1 percent compared to the same period of the last fiscal. According to the EcoScope report of Motilal Oswal Financial Services Limited (MOFSL), there would be some moderation in Economic Activity Index-Gross Value Added (EAI-GVA) growth in July 2021, largely on account of weaker fiscal spending.
#5YearsOfJio: Mukesh Ambani's Jio shares journey from Evolution to Revolution
September 5, 2021, marked 5 years since its launch. Using #5YearsOfJio the Mukesh Ambani brand published a video on social media to narrate 'the journey from Evolution to Revolution' in making Digital India. Since India was acquainted with telecom and internet services in 1995, the entry of Jio has been seen by many as a revolutionary influence
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