BUSINESS
RITES bags biggest ever work order worth Rs 4,027 cr
RITES spokesperson in a statement said that this turnkey order includes the three new line projects -- Belgam-Dharwad via Kittur, Shimoga-Shikaripura-Ranebennur and Tumkur-Devangree via Chitradurga, with a total cost of Rs 4,027 crore. The spokesperson said that RITES is currently executing a doubling project at Gooty-Dharmavaram and a third line project at Annupur-Pendra Road of 140 km.
RBI extends MSF facility to provide additional liquidity to banks
"To provide comfort to banks on their liquidity requirements, including meeting their Liquidity Coverage Ratio (LCR) requirement, this relaxation which is currently available till September 30, 2021 is being extended for a further period of three months, i.e., up to December 31, 2021," a RBI statement said.
Noida to become toy manufacturing hub
A total of 134 big industrialists have acquired land at Noida's Toy Park to set up their factories at the cost of Rs 410.13 crore. According to thhe Yamuna Expressway Industrial Development Authority (YEIDA) spokesman, the toy factories will provide permanent jobs to 6,157 people. Subsequently, Uttar Pradesh Yogi Adityanath decided to construct the Toy Park in Noida.
No change in fuel prices in almost 3 weeks
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly breaching to $77 a barrel, and then fall below $70 a barrel to crossing $75 a barrel later in the month.
The oil prices have softened again to just over $70 a barrel on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.
RBI extends deadlines for meeting thresholds under Covid restructuring scheme
The resolution plans implemented under the Resolution Framework for COVID-19 related stress announced on August 6, 2020, are required to meet the sector specific thresholds notified in respect of five financial parameters .The total debt to EBIDTA ratio, Current Ratio, Debt Service Coverage Ratio and Average Debt Service Coverage Ratio, were to be met by March 31, 2022..
RBI announces fresh Rs 50K cr auction under G-sec Acquisition Programme 2.0
In a virtual address post Monetary Policy Committee meeting RBI Governor Shaktikanta Das said that the fresh auctions would be conducted on August 13 and August 26. "We will continue to undertake these auctions and other operations like OMOs and operation twist, among others and calibrate them in line with evolving macro economic and financial conditions," Das said.
RBI extends 'TLTRO on Tap' scheme by 3 months
With a view to increasing the focus of liquidity measures on revival of activity in specific sectors that have both backward and forward linkages , the RBI had announced the On Tap TLTRO scheme initially for five sectors which was available up to March 31, 2021. Stressed sectors identified by the Kamath Committee were also brought within the ambit of the scheme on December 4, 2020.
Continued policy support from all sides needed for growth: RBI Guv
In a virtual address post the monetary policy committee's meeting, Das said that the outlook for aggregate demand is improving, but the underlying conditions are still weak. Further, aggregate supply is also lagging below pre-pandemic levels. He was of the view that while several steps have been taken to ease supply constraints, more needs to be done to restore supply-demand balance .
Amazon Vs Future Retail: SC rules in favour of Amazon; emergency award enforceable in Indian law
A bench headed by justice R.F. Nariman held that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules can be enforced in India under Arbitration and Conciliation Act. The top court said: "Emergency arbitrator's award holds good under section 17(1) of the Arbitration and Conciliation Act and single judge's order for such award cannot be appealed under Section 17(2)".
Recovering Economy: RBI retains FY22 projection for real GDP growth at 9.5%
Accordingly, RBI Governor Shaktikanta Das, pointed out that economy is recovering from set back from the Covid's second wave. He said that accelerated vaccination drive along with, buoyant exports and monetary as well as fiscal support has aided recovery. According to him, private and government consumption, investment coupled with demand are on path of recovery.
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