Adani Ports & SEZ raises Rs 900 crore through NCDs

Country’s largest commercial port operator accounting for nearly one-fourth of the cargo movement in the country, Adani Ports & Special Economic Zone Ltd reported to BSE that it raised Rs 900 crore by allotment of 9,000 rated, listed, secured, redeemable Non-Convertible Debentures of the face value of Rs 10,00,000 each on a private placement basis. 

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Yes Bank repays entire Rs 50,000 crore to RBI borrowed under SLF

In an address to the shareholders at the lender’s annual general meeting, Chairman Sunil Mehta confirmed that the bank has repaid the entire amount borrowed from RBI under the Special Liquidity Facility on September 8, much before the actual deadline. The reason for the same is attributed to the strong customer liquidity deposits in the bank. Also, Mr. Sunil Mehta clarified that Yes Bank is not planning to merge with the largest Public Sector Bank, State Bank of India. 

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Passenger vehicle sales saw an increase of 14.15% in August: SIAM

As Indian economy is opening up, The passenger vehicle segment saw an increase in sales to 14.15% compared to the units sold in the year-ago period. As per the data published by Society of Indian Manufacturers (SIAM), the total number of units sold were 215,916 in August compared to 189,126 units last year. 

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Adani Green Energy Q1 results: Rs 22 crore profit

The largest solar power generation owner in the world, Adani Group’s Green Energy posted its Q1 results. The firm reported a consolidated net profit of Rs 21.75 crore for the June quarter and the total income rose to Rs 878.14 compared to Rs 675.23 crore in the same period last year. The company won the world’s largest solar bid of 8GW earlier this year.

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IRDAI allows insurers to issue e-policies

Insurance Regulatory Development Authority of India (IRDAI) allowed general and health insurers to issue policies in electronic form and assured to make it a norm in the future. The regulator has also asked the health insurance providers to disclose the hospital parameters on their websites. Also, Corona Kavach policy launched on July 10 reported 15% week-on-week growth. 

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IRCTC Q1 results: Net loss of Rs 24.60 crore

Indian Railway Catering and Tourism Corporation reported a consolidated net loss of Rs 24.60 crore in the quarter ended June 2020. The loss is attributed to Covid-19 induced lockdown as the train services came to a standstill with just a few trains operating for migration of workers. Revenue from operations plunged heavily by 71.40% to Rs 131.33 crore compared to Rs 459.23 crore a year ago. 

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Domestic demand for steel industry to be subdued in the first half of FY21: EY

Consulting firm EY in its sector report published that the Steel sector’s demand driving segments, infrastructure, construction and real estate are likely to remain subdued in the first half of FY21 with strict lockdown measures during the June quarter and the monsoon season over the second quarter, as against growth expectations.

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American Express launches “Shop Small” campaign in India

As the small retailers in India suffered due to COVID-19 induced lockdown, in its effort to boost the morale of these retailers, American Express launched its Shop Small campaign. The company is offering the small and medium sized merchants recovery kits to small businesses with a range of Shop Small POP, social distancing materials and hygiene supplies such as hand sanitiser sprays, masks, and face shields.

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Future Supply Chain Solutions Q1 results: Net loss of 55.40 crore

Future Group’s logistic arm Future Supply Chain Solutions Limited reported a consolidated net loss of Rs 55.40 crore for the June quarter. Total income saw a huge hit and stood at Rs 1045.37 crore compared to Rs 300.57 crore in the corresponding period of the previous fiscal. 

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RBI issues new rules for the appointment and function of COO at Banks

The Reserve Bank of India issued new rules for the appointment and functioning of Chief Compliance Officer at Banks. The central bank said banks are required to have an effective compliance culture, independent corporate compliance function and a strong compliance risk management programme at bank and group level. It further added that the appointment of COO should be for a minimum fixed period not less than three years.

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