BUSINESS
With NCLT nod to resolution plan, Jet Airways may fly again in 6 months
On Tuesday, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the DGCA and the Civil Aviation Ministry to allot the slots.
Digital payments for charitable causes grow by 575% in lockdown 2.0
Year on year, there has been a 52 per cent increase in the number of transactions and a 76 per cent increase in expenditure (May 2020 vs. May 2021). Compared to pre lockdown months, there was a 10 per cent increase in the number of transactions post lockdown 2021, and a 21 per cent decrease in average ticket size indicating that users are adopting online payments even for smaller size transactions.
CommerceIQ closes $60M funding round, to scale India operations
The round will fund international expansion and product research and development focused on maximising brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces. The company, which has raised $81 million to date, said it plans additional key hires in software and product development, data science and analytics, product operations and support.
India's oil production drops by 6% in May
Oil and Natural Gas Corporation (ONGC), the state-owned upstream player, recorded a sharp 9.63 per cent drop in crude oil production to 1553.65 TMT in May on the back of decreased output from the company's onshore and offshore blocks with its offshore production also getting hampered due to the destructions caused by cyclone Tauktae during the month.
Average return of small cap funds in last 1 year stands around 100%
"Small cap funds and midcap funds continue to outperform since last one year with category average return of small cap funds at around 100 per cent in the last one year," it said. Further, the credit risk funds and medium-term funds are outperforming as a stable yield environment led to higher return in these higher YTM funds. Also, global funds have seen underperformance in the last one year as Indian markets have seen outperformance, noted the report.
Adani Ports excluded by Norway's largest pension fund for biz links with Myanmar military
This due diligence-based divestment has been implemented on the grounds that Adani's operations in Myanmar and its business partnership with that country's armed forces constitutes an unacceptable risk of contributing to the violation of KLP's guidelines for responsible investment.
Indian working women more worried about job availability: LinkedIn
Shecession -- an economic downturn where job and income losses are affecting women more than men. The term was coined by C. Nicole Mason, president and chief executive of the IWPR, a thinktank. The report, based on the survey responses of 1,891 professionals from May 8 to June 4, revealed how the aftermath of the pandemic's second wave has left Indian professionals -- particularly Gen Z and working women -- increasingly vulnerable to the economic uncertainty in today's evolving job market.
India's huge bauxite import bill needs to be diverted to develop local supply chains
For the first quarter of 2021, this totals to $51.97 million (Rs 390 crore), which otherwise should have belonged to the people of India, with a significant share going to the participants in the value chain of extraction, transportation, processing and supply of bauxite and its end output.
Fuel price hiked again, petrol nearing century mark across the country
With the rise, petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.
India poised for highest capex in a decade
According to a note by Spark Capital, capital expenditure (capex) over the ensuing three years in core sectors ?cement, metals, oil refining and power (esp. renewables) ?should be about Rs 5 trillion. This should not only be the highest in a decade but is also likely to be more than 2X the capex over the previous three years.
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