BUSINESS
Industry hails expansion of ECLGS amid Covid crisis
"Relaxations announced under ECLGS 1.0 both in terms of extension of period of repayment as well as offer of an additional 10 per cent loan will serve the MSMEs well. Removal of the Rs 500 crore cap for eligibility under ECLGS 3.0 and inclusion of the civil aviation sector are also welcome," he said.
State-run banks to lend up to Rs 5 lakh for Covid treatment
The decision, which comes in the wake of the severe second wave of Covid-19, was announced jointly at a press conference by the State Bank of India and the Indian Banks' Association (IBA). PSBs will provide "unsecured personal loans to individuals from Rs 25,000 to Rs 5 lakhs for salaried, non-salaried and pensioners for meeting Covid treatment", said a joint statement.
SBI raises cash withdrawal limits at non-home branches
"To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form," the public sector lender said in a tweet. The revised ceiling for cash withdrawal for self through withdrawal form accompanies by savings bank passbook has been raised to Rs 25,000 per day.
Civil aviation now under ECLGS, norms eased to support smaller businesses
Announcing ECLGS 4.0 on Sunday, the Finance Ministry also said that the current ceiling of Rs 500 crore of loan outstanding for eligibility under ECLGS 3.0 will be removed, subject to maximum additional ECLGS assistance to each borrower being limited to 40 per cent or Rs 200 crore, whichever is lower.
LIC's holding at all time low on profit booking
In INR value terms though, it reached an all-time high of Rs 7.24 lakh crore in quarter ending March 31, 2021, an increase of 6.30 per cent over previous quarter. Sensex and Nifty rose by 3.70 and 5.10 per cent respectively during this period. LIC also continues to command a lion's share of investments in equities by insurance companies (76 per cent share).
Robotics firm Addverb eyes Rs 4,000 cr revenue in India in 2 yrs
Addverb Technologies in March this year inaugurated its Rs 75 crore manufacturing facility in Noida, Uttar Pradesh, that will employ 450 people and enable rapid innovation, adaption, optimisation and agile delivery of made-to-order robotics. The facility called 'Bot Valley' has a capacity to manufacture more than 50,000 robots of varied types in a year, and is equipped with best-in-class electronics and mechanical machines.
470 infra projects report 'cost overrun' of Rs 4.38L cr
The Flash Report on Central sector projects for April published by the Ministry of Statistics and Programme Implementation showed that 525 projects are running behind schedule. Out of the 1,737 projects, only 11 projects are ahead of schedule, 213 are on schedule, showed the report. "Total original cost of implementation of the 1737 projects was 22,33,409.53 crore and their anticipated completion cost is likely to be 26,71,440.77 crore.
Smartphone shipments to reach 1.38 bn in 2021, highest since 2015
"Smartphones are seeing competition for consumer spending from adjacent markets like PCs, tablets, TVs, and smart home devices, yet that hasn't slowed the market's path to recovery," said Ryan Reith, program vice president with IDC's Worldwide Mobile Device Trackers. With 5G shipments expected to grow nearly 130 per cent in 2021, almost all regions outside of China will see triple-digit growth by the end of this year.
Indian consortium may get to remain invested in Iranian gas field
Reports from Iran indicate that months the after ejecting India from the ambitious $1.8 billion project, Tehrann has now brought in Petropars Group to develop the gas field in the Persian Gulf. But the sources said that this would not deter the Indian entity from pursuing energy assets in the country and remain invested in the project.
Record company registrations in April; Covid-hit Maharashtra, Delhi, UP lead charge
And a testimony to the strong entrepreneurial spirit of the Indian people is the growing number of companies that are getting registered in the country. During the peak of the second wave of the pandemic in April, a whopping 12,554 companies were registered in India, including 839 one-person companies with authorised capital of Rs 1,483.41 crore.
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