BUSINESS
Rs 6,322 cr PLI boost for specialty steel manufacturing
With a budgetary outlay of Rs 6,322 crore, the PLI scheme would cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel. The scheme is expected to bring in investment of approximately Rs 40,000 crore and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28.
Stressed steel plants acquired via IBC seeing faster turnaround
The ongoing steel upcycle will also mean stronger-than-expected realisations over the medium term. Consequently, acquirers may see 20% faster payback and are well set to tap the brownfield potential housed under these assets. This is as per a CRISIL study of five stressed steel capacities, totalling 21 million tonne (MT), which were acquired under NCLT-1, mostly by other primary steel producers.
Zuckerberg selling his FB stock nearly every business day
According to a Forbes report citing filings with the US Securities and Exchange Commission (SEC), about 90 per cent of the sales were made by his philanthropic organisation, the Chan Zuckerberg Initiative (CZI)."Zuckerberg, who is the world's fifth richest person with nearly $127 billion worth, has now winnowed his stake in Facebook to about 14%, down from 28% at the time of the company's IPO," the report mentioned.
Aramco Chairman joins RIL board
Yasir O. Al-Rumayyan has been governor of the Public Investment Fund of Saudi Arabia since 2015, leading all areas of operation of the sovereign wealth fund, which sits at the heart of Saudi Arabia's Vision 2030 and economic transformation strategy. He also serves as advisor to the General Secretariat of the Cabinet of Ministers, a position he has held since 2016.
EPC players' profitability highly susceptible to commodity price swing: Ind-Ra
"The EPC sector had seen a recovery in 2HFY21, after getting impacted in 1HFY21. Ind-Ra in its Construction Outlook for FY22 had estimated revenue growth of 15-20 per cent YoY for EPC players, backed by a demand recovery along with the size of the unexecuted order book.
BlackBuck raises $67 million, enters unicorn's club from India
BlackBuck has close to more than 700,000 truckers and more than 1.2 million trucks on its platform, seeing over 15 million in monthly transactions and currently driving more than 90 per cent market share of all online trucking activity. "BlackBuck started with a dream to re-imagine trucking, to make it 10X simple and 10X efficient. It has been six years and we are just getting started to make a difference," said Rajesh Yabaji, Co-Founder and CEO of BlackBuck.
Paytm's GMV hit Rs 1,469bn in Q4FY21 - 100% growth in one year
In its DRHP, the company defines GMV as "the rupee value of total payments made to merchants through transactions on our app, through Paytm Payment Instruments or through our payment solutions, over a period. It excludes any consumer-to-consumer payment service such as money transfers".
Govt may involve other PSUs promoters to participate in PLL, IGL open offer
Sources said that along with BPCL, other oil PSUs Indian Oil Corpiration (IOC), Oil and Natural Gas Corporation (ONGC) and GAIL India are joint promoters of PLL and IGL. These entities would reduce their share holding in these companies if only BPCL goes ahead with the open offer post privatisation. This would change the PSU status of IGL and PLL, which the government does not intend to pursue at this juncture
Air India lost 56 employees due to Covid till July 14: Minister
V.K. Singh said a total of 3,523 employees of the national carrier have been affected by Covid-19. "Out of this, 56 employees succumbed to the pandemic, till 14th July, 2021." Air India has introduced various measures to safeguard the interests of the employees and their families affected due to the Covid-19 including quarantine leave (Paid Leave) of 17 days to employees who are affected by Covid-19.
Fuel prices remain unchanged for 5th day
Accordingly, in the national capital, petrol continued to be sold at Rs 101.84 per litre, while diesel remained unchanged at Rs 89.87 a litre on Thursday. The pump price of fuel has been static since Sunday. It rose on Saturday with petrol being revised upwards by 30 paisa per litre while diesel prices remained unchanged.
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