BUSINESS
Government okays final green bonds framework
The proceeds generated from issuance of such bonds will be deployed in public sector projects which help in reducing carbon intensity of the economy. Finance Minister Nirmala Sitharaman had announced in her budget speech on February 1 this year that sovereign green bonds will be issued for mobilising resources for green projects.
Adani Ports acquires 49.38% stake in Indian Oiltanking Ltd for Rs 1,050 crore
This agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL. Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 Mn KL (owned capacity of 0.5 Mn KL and BOOT capacity of 1.9 Mn KL) for storage of crude and finished petroleum products.
Massive global Meta layoffs hit India teams
In one of the worst lay-offs ever in the tech industry after Twitter - which saw 90 per cent of India team being sacked - Meta Founder and CEO Mark Zuckerberg fired about 13 per cent of the global workforce and extended hiring freeze through Q1 2023.
5G smartphone shipments grow 30% in Q3: Report
"On the back of the recent 5G auctions, shipments of 5G smartphones continued to gain momentum during the quarter. Driven by the festive season sales, consumer appetite for 5G, value for money and premium smartphones saw strong growth," said Menka Kumari, Analyst - Industry Intelligence Group, CyberMedia Research (CMR).
International trade settlements in Indian rupee allowed
Amendments in the foreign trade policy and handbook of procedures have been made to allow for international trade settlement in Indian rupees i.e. for invoicing, payment and settlement of exports and imports in Indian rupees. The allowance has been made to allow grant of exports benefits and incentives and fulfilment of export obligation under the foreign trade policy.
Tata Motors closes Q2 with Rs 898.35 cr loss
The company said for Q2FY23, it had earned an operational revenue of Rs 78,846.92 crore (last year Q2 Rs 60,435.92 crore) and a net loss of Rs 898.35 crore (Rs 4,415.54 crore). According to Tata Motors, the commercial vehicles (CV) business registered a 15 per cent growth in sales over Q2 FY22. For India business, domestic wholesales were at 93,651 vehicles (19 per cent yoy).
Ramco Cements to spend Rs 731 cr on capex in H2FY23, posts Rs 11 cr PAT
According to the company, the proposed line will have a capacity of 0.90 million tonne per annum (mtpa), and post commissioning the total capacity at the Haridaspur unit will be 1.80 mtpa. The company said production of cement at its Kolimigundla plant in Andhra Pradesh had commenced in September.
Mark Zuckerberg sacks 11,000 employees, extends hiring freeze at Meta
The company also removed access to most Meta systems for people leaving, given the amount of access to sensitive information, "keeping email addresses active throughout the day so everyone can say farewell". As a severance measure, the company will pay 16 weeks of base pay, along with two additional weeks for every year of service, "with no cap".
No cricket in India means 'most significant impact' on Disney's global revenues
The most significant impact was on the timing of Indian Premier League (IPL) cricket matches, as there were no matches on Disney+Hotstar in the quarter that ended on October 1, compared to 18 matches in the prior-year quarter, The Walt Disney Company said in its quarterly earnings call late on Tuesday.
Adani Group enters Sri Lanka's port industry as the 1st Indian operator
The group will have the majority stake in the West Container International Terminal Joint Venture (JV) which is valued at $700 million. The build-operate-transfer (BOT) agreement which is to remain valid for 35 years, is said to be the "largest" foreign investment ever in Sri Lanka's port history.
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