BUSINESS
That Rs 20L-Cr pandemic package expires, bequeathing @ 15% as 'loans'!
Hoping to unravel the exact benefits of the historic financial package after its validity ended in March 2021, a Pune businessman Prafful Sarda filed a query under RTI, but after over four months, got a shocking reply from the Centre. The Centre has said that in view of the unprecedented Covid-19 pandemic, "additional borrowing limit of up to 2 per cent GSDP was allowed to the state" under the 'Atmanirbhar Package' for the year 2020-2021.
ReNew Power to invest Rs 2,800 cr to acquire two assets
As part of the twin acquisition, ReNew will acquire L&T Uttaranchal Hydropower Ltd, which owns the Singoli Bhatwari Hydroelectric Project (SBHEP), from L&T Power Development Ltd, a wholly-owned subsidiary of the engineering and construction firm L&T. It will also acquire 260 MW/330 MWp of operating solar projects in Telangana, a definitive agreement has been signed.
Equity indices shed initial gains; healthcare, auto stocks plunge
Heavy selling was witnessed in healthcare and auto stocks. Around 10.10 a.m., Sensex was trading at 54,326.44, lower by 228.22 points or 0.42 per cent from its previous close of 54,554.66. It opened at 54,730.65 and has touched an intra-day high of 54,758.74 and a low of 54,303.97 points. The Nifty50 on the National Stock Exchange was trading at 16,211.85, lower by 68.25 points or 0.42 per cent from its previous close.
Fuel prices remain static amid softening of global crude
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Wednesday. Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.
Zomato's losses tripled since IPO, revenue up 28%
According to the company, this is largely on account of non-cash ESOP expenses which have increased meaningfully in Q1 FY22 "due to significant ESOP grants made in the quarter pursuant to creation of a new ESOP 2021 scheme". "This divergence in reported profit/loss and Adjusted EBITDA will continue going forward," the company said in a blog post.
Govt taking steps to curb impact of e-tail majors on small traders: Goyal
"As per the directives by Prime Minister (Narendra) Modi, we have come up with the draft rules to ensure that both the consumers get goods at reasonable prices and small traders also are not impacted," he told the Lok Sabha in reply to a question, citing the draft e-commerce rules. The minister's statement comes a day after the Supreme Court declined to entertain a plea by e-commerce giants Amazon and Flipkart.
Banks will now be fined for non-availability of cash in ATMs
Starting October 1, 2021, cash-out at any ATM of more than 10 hours in a month will attract a flat penalty of Rs 10,000 per ATM. In case of White Label ATMs (WLAs), the penalty would be charged to the bank which is meeting the cash requirement of that particular WLA. The bank, may, at its discretion, recover the penalty from the WLA operator, said an RBI notification.
Exports to US getting costlier owing to clogged ports, higher freight: TPCI
According to the Council, new records have been hit in container freight spot rates of all carriers, as the Asia-Europe route continues to continuously rise and is currently approaching $9,000 per Twenty Foot Equivalent Unit (TEU), with further rises expected this month. It cautioned that if this trend continues, India might see a decline in the exports in coming months as these are major markets for exports
Reliance said to weigh bid for T-Mobile Netherlands: Report
The Indian conglomerate is working with an adviser to evaluate an offer for T-Mobile Netherlands, the sources said, asking not to be identified as the information is confidential. Deutsche Telekom is seeking about 5 billion euros ($5.9 billion) in any sale, the people said. Deutsche Telekom declined to comment. A representative for Reliance also could not comment immediately.
Check international fares on airlines' websites, not search engines: DGCA
In a tweet on Tuesday, the DGCA said: "Passengers travelling to international destinations are requested to check the fare preferably from the website of the concerned airline as the meta search engines at times do not reflect the actual point to point fare and do make combinations of multiple Airlines and end up with an exaggerated figure."
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