Axis Bank to hire up to 1,000 employees in next one year

Axis Bank is planning to launch its new hiring initiative ‘Gig-a-Opportunities’. Under this plan, the company is planning to hire a minimum of 800-1000 new employees next year. This new initiative will be launched with two patterns; full-time permanent jobs and duration-wise based on projects. This ‘Gig-a-Opportunities’ will be a model to attract the young and skilled talent who are willing to work remotely from any part of the country.

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Apple: The first-ever US company to cross $2 trillion market cap

Apple Inc made history as they reached the $2 trillion market capitalization. With this move, Apple Inc became the first US company to cross the $2 trillion mark. Surprisingly, the company took just two years to double its market cap as they touched the $1 trillion mark in August 2018. Thus, Apple has crystallised its position as the most valuable company in the world. 

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Vedanta raises over Rs 10,000 crore via bonds

Anil Agarwal-controlled Vedanta Resources Ltd confirmed today that it has been able to raise Rs 10,500 crore via bonds. The bonds will amortize in 3 years and have an annual coupon rate of 13%. The funds raised will be used to buy back the equity shares which are with the shareholders currently as the entity plans to delist itself from the market. 

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Zerodha to launch “Loan against Securities” product

Online retail brokerage firm Zerodha is going to launch its new product “loan against securities” this August or the first week of next month. With this product, Zerodha would be issuing out loans to its customers against their portfolio investments in the market. The company is reported to charge 12%-13% as interest from the borrowers. Zerodha has been looking to launch this product for the past two years.

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Airbnb files for IPO amid global pandemic

The San Francisco-based company, Airbnb, filed preliminary paperwork to launch its IPO on Wall Street. The number of shares the company plans to sell and its price is yet to be finalised. According to the company’s CEO, Brian Chesky, the company was planning for an IPO during March, when the virus hit the US. The timeline of the IPO is not determined yet.

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IIFL Finance raises Rs 100 crore through NCDs 

IIFL Finance has raised Rs 100 crore through issuance of non-convertible debentures (NCDs) on private placement basis. It said the NCDs will be listed on the National Stock Exchange (NSE). 1,000 non-convertible debentures of face value of Rs 10 lakh each, aggregating to Rs.100 Crores were issued.

NCDs are a debt instrument with a fixed maturity date and people who invest in these receive regular interest at a certain rate.

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Cabinet Approves Increase In Sugarcane FRP By Rs 10 For 2020-21

The Government decided on Wednesday that it has decided to increase the minimum price that the sugar mills pay to the farmers or growers by Rs.10 It is called the Fair and Remunerative Price of sugarcane or FRP. FRP was Rs 275 per quintal in 2019-20 and has now been increased to Rs 285 per quintal.

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Loan Worth Rs 1 Lakh Crore Disbursed under ECLGS

The ECLGS (Emergency Credit Line Guarantee Scheme) was rolled out as part of the ₹20 lakh crore Aatmanirbhar Bharat package. ECLGS was launched in May to help to support MSME and private companies reboot after the COVID lockdown. The collateral-free loan is expected to enable small businesses to pay salaries, rent, and restocking expenses.

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IL&FS to sell education arm to Lexington Holdings

IL&FS is going to sell its education arm Schoolnet India Ltd to Lexington Equity Holding Private Limited(LEHL) LEHL shall service all of the Rs 600 Crore debt owed by Schoolnet. This is a part of the loan resolution being done by IL&FS. IL&FS currently owes debt worth Rs. 81,360 Crores out of Rs. 99,000 crore debt that it initially owed. 

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Hindalco to supply 1.2 million tonnes of red mud to UltraTech

Hindalco(Hindustan Aluminium Company) is going to share is going to supply red mud (Bauxite Residue) of almost 1.2 tonnes to UltraTech Cement. UltraTech will use the red mud in its 14 plants across seven States.


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