ECONOMY & NATION


Moneylife Digital Team 16 October 2021
The government has decided to convert the Ordnance Factory Board (OFB) from a department, into seven fully government-owned corporate entities to improve self-reliance on the country's defence preparedness. The seven new defence companies that have been incorporated are Munitions India...

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PNB Housing Finance has terminated the Rs 4,000 crore deal with US-based Carlyle group for a preferential allotment.   "The Board's primary objective is to raise capital to support the growth of the Company, and the Board believes that the current situation is not in the best...

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After facing protests and social media storm over pay parity and working conditions, online home services provider Urban Company (formerly UrbanClap) on Thursday announced to slash the commission it charges from beauty service professionals from 30 per cent to 25 per cent.   The...

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Moneylife Digital Team 14 October 2021
Curtailed production due to semiconductor shortages heavily dented India's domestic passenger vehicle sales on a year-on-year (y-o-y) and sequential basis in September. Further, challenges about high operating and ownership costs due to rising fuel and commodity prices subdued buyers'...

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Moneylife Digital Team 13 October 2021
Invesco Developing Markets Fund (Invesco), in a statement, has revealed that it was the Reliance group that was keen on a deal with Zee Entertainment Enterprises Ltd (ZEEL) – a fact hidden by the founding group in the charges levelled on Tuesday in the ongoing war between the company and its...

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As many as 32 Tihar Jail officials were found complicit with former Unitech promoters and money laundering accused Ajay Chandra and Sanjay Chandra, while they were lodged in the prison, Delhi Police said on Tuesday.   The Enforcement Directorate had, in a report to the Supreme Court,...

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Moneylife Digital Team 12 October 2021
TPG Rise Climate and Abu Dhabi’s ADQ will invest Rs 7,500 crore (around US$1 billion) in Tata Motors' new subsidiary which will make electric vehicles (EV). The investment values 'TML EV Co' close to US$9.1 billion. The investment will be done through a compulsory convertible instrument to...

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India will continue to be the world's fastest growing major economy, clocking a growth rate of 9.5 per cent this fiscal year and 8.5 per cent in the next, according to the International Monetary Fund (IMF) projections released on Tuesday.   The IMF's World Economic Outlook (WEO) kept...

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Ranganathan V Ranganathan V 12 October 2021
“Mr JRD Tata would have been overjoyed if he was in our midst today,” Ratan Tata, chairman emeritus, Tata group was quoted in the media, announcing the Tata group’s Rs18,000 crore winning bid to regain Air India after a hiatus of 68 years.   JRD Tata would have been a ripe old soul of...

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In a veiled threat, the Centre has warned states of snapping their share of unallocated power if it is not being used to meet the needs of consumers but being sold on power exchanges at higher rates for gains.   The Union power ministry directive has come in the wake of several states...

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The Central Bureau of Investigation (CBI) has raided at least nine official and residential premises in Mumbai and other parts of Maharashtra in connection with a case for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs862 crore, an...

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Moneylife Digital Team 11 October 2021
In an open letter to all the 250,000 shareholders of Zee Entertainment Enterprises, on Monday, Invesco Developing Markets Fund, the largest shareholder of Zee, raised several questions over the company's merger proposal with Sony Pictures saying that the transaction is not in the best...

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Moneylife Digital Team 11 October 2021
A bizarre circular issued by public sector lender, Union Bank of India had made it mandatory for “all staff and vendor partners working on-site” to adhere to a special ‘Navratri’ dress code or be ready to cough up a steep penalty of Rs 200. The bank was forced to withdraw the circular on...

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The board of beleaguered infrastructure financier IL&FS has approved the appointment of CNK & Associates LLP as the statutory auditor in casual vacancy for FY 2020-21.   Its appointment as official auditor of the company for FY22 was confirmed by the IL&FS board post the resignation...

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Moneylife Digital Team 11 October 2021
Updated to include tweet response from GSTN   During September this year, revenues collected for goods and services tax (GST) touched a five-month high at Rs1.17 lakh crore, says the Union ministry of finance. However, a whopping Rs6.14 lakh crore as input tax credit (ITC) remains...

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Moneylife Digital Team 11 October 2021
More than 100 women working with Urban Company (UC) as beauticians went on strike on Friday against low wages, high commissions collected by the company and unsafe working conditions for them. There were messages and videos of the strike posted on social media. Urban Company also put out...

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Moneylife Digital Team 11 October 2021
Reliance Industries Ltd (RIL), through its unit Reliance New Energy Solar Ltd (RNESL), is rapidly expanding its footprints through acquisitions and stake buys. Reliance New Energy bought REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an enterprise value of...

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Moneylife Digital Team 08 October 2021
The Union government is selling the national carrier Air India to Tata Sons for Rs18,000 crore, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey announced this afternoon.. This puts an end to the prolonged attempts to sell and turnaround the airline by...

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The Enforcement Directorate (ED) is set to begin a probe into the Rs64.5 crore Telugu Akademi fixed deposit (FD) fraud in Hyderabad.   The central agency is likely to register a case under the Prevention of Money Laundering Act (PMLA) and take up investigations.   As the case...

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In order to promote digital transactions, the Reserve Bank of India (RBI) on Friday enhanced the transaction limit using immediate payment service (IMPS) of banks to Rs5 lakh.   RBI governor Shaktikanta Das said that the limit has been raised in view of importance of the IMPS system...

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