Adani Group acquires 74% stake in Mumbai Airport

The Adani Group on Monday announced that it has acquired 74% stake in Chhatrapati Shivaji Maharaj International Airport in Mumbai. This makes the group the second-largest private operator in India after the GMR group, which operates the Delhi and Hyderabad airports. Together with 50.50 per cent stake of GVK, Adani’s total holding in Mumbai airport will be 74 per cent after completion of the transaction. 

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Defence Ministry inks Rs 5,000 cr project with L&T, Tata

The defence ministry is signing a Rs 5,000 crore deal to manufacture indigenous Pinaka multi-barrel rocket launchers for the Army that is likely to generate several hundred jobs in the coming months. The contract, which has been in the making since 2017, will go to private sector companies Larsen & Toubro and Tata Aerospace and Defence. The PSU BEML (Bharat Earth Movers Limited)  is also likely to be a part of the project.

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India’s Reliance Retail Acquires Future Retail

Reliance Retail said it has reached an agreement with Future Group to acquire the latter’s retail and wholesaler business, and its logistics and warehousing business for $3.4 billion. The acquisition will help Reliance Retail command one-third of the bricks-and-mortar stores of India’s modern retail sector.The purchase price was 247.13 billion rupees, or $3.38 billion at current exchange.

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SC rejects Vijay Mallya’s plea seeking review in 2017 Contempt Case

The Supreme Court on Monday dismissed a plea of fugitive businessman Vijay Mallya seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children. Mallya had filed the petition seeking review of the apex court’s May 9, 2017 order by which he was held guilty of contempt of court for transferring USD 40 million to his children in violation of the order.

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International passenger flights extended till Sept 30

The suspension of scheduled international passenger flights has been extended till September 30, said Indian aviation regulator DGCA on Monday. The circular said the suspension does not affect the operation of international all-cargo operations and flights specifically approved by the DGCA.

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RBI announces liquidity measures to ensure orderly market conditions

Reserve Bank of India in its move to ensure liquidity in the market, announced an additional Open Market Operation worth Rs 20,000 crore and term repo operations worth Rs 1 trillion. To increase secure investment for banks, the central bank increased the held to maturity limit (HTM) for the banks from 19.5% to 22%. 

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India’s GDP contracts by 23.9% in Q1

As a result of strict lockdown in the country and becoming a global hotspot for the coronavirus infection, India witnessed its steepest quarterly decline in GDP. It contracted 23.9% in the quarter to June from a year ago.Manufacturing, Construction and Trade sector saw a massive contraction amongst all the sectors.

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Market closes over 2% lower in a day

Market reversed its 6-day highs and the Sensex plunged 994 points from the day’s high. It even touched the 40,000 points mark but ended at 38,473.82 points. Nifty also tumbled 2.6% to close at 11,342.5 points. The reason for this decline is highly associated with the tensions at the border with China. The RBI Governor had shown worries about the market correcting itself and the result was observed. 

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Sachin Bansal to buy out Future Group’s life insurance venture

Flipkart Co-founder Sachin Bansal-led Navi Technologies Pvt Ltd is planning to buy out Kishor Biyani’s Future Generali India Life Insurance Co. Ltd. This deal values the company at Rs 1400 – 1500 crore. This firm is a three-way joint venture where Future Group owns a majority stake.

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Fiscal deficit at Rs 8.21 lakh crore, breaches full year target

In the first four months of the financial year 2020-21, the fiscal deficit stands at Rs 8.21 lakh crore, 103.1 percent of the budgeted target for the year. Fiscal deficit is the difference between expenditure and revenue. The primary reason associated with the deficit is the nation-wide lockdown and the figures are yet to be revised significantly due to the pandemic.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]