Bharat Petroleum to offer stock options to employees

Bharat Petroleum Corporation Limited has approved an Employee Stock Purchase Scheme (ESPS) where the employees will be allowed to buy 2% stake of the company at 1/3rd the market price. The number of shares to be offered under the ESPS will depend on the grade of the employee and even directors on the company board would be eligible for the offer.

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Moody’s downgrades ratings of 4 PSU banks

Global rating agency Moody’s on Friday downgraded the long-term local and foreign currency deposit ratings of Bank of Baroda (BoB), Bank of India (BoI), Canara Bank, and Union Bank of India (UBI) “Baa3” to “Ba1”. It also downgraded Baseline Credit Assessments (BCAs) from “Ba3” to “b1” for these four PSBs. 

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Franklin Templeton gets Rs 146-cr interest payment from Vodafone Idea

The five suspended debt schemes of Franklin Templeton have received ₹146 crore from Vodafone Idea as interest on debt investment.The fund house said the amount would be distributed among investors in proportion to their holdings in the plans of the segregated portfolio.

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SEBI orders attachment of bank, demat accounts of Mehul Choksi, Gitanjali Gems

Market Regulator SEBI on attachment of bank and demat accounts of fugitive businessman, Mehul Choksi along with Gitanjali Gems and its director Dhanesh Sheth to recover dues pending worth over Rs 5 crores. Attachment is a legal term referring to the action of seizing property in anticipation of a favorable ruling for a complainant who claims to be owed money by the defendant.

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NLC Q1 Results; Profit up by 21%

NLC India Limited announced its Q1 FY21  results on September 4, 2020. The consolidated net profit in Q1FY21 was Rs 343.48 crore, with an increase of 21% YoY. Consolidated net revenue in Q1FY21 stood at Rs 2,699 crore, which increased by 29.62% YoY. NLC India Limited (NLC) (formerly Neyveli Lignite Corporation Limited) is a ‘Navratna’ government of India company in the fossil fuel mining sector in India and thermal power generation. 

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Centre working with the states on “One Product One District” programme

Minister of Commerce and Industry, Piyush Goyal speaking at the release of the rankings of the States and Union Territories (UTs) in terms of ease of doing business, said that the ministry is working with the states on the “One Product One District” programme. In this initiative, each district will focus its energy and resources on the outreach of their own products of excellence. 

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Vodafone Idea to raise Rs 25,000 crore

Vodafone Idea Ltd on Friday reported that it will raise Rs 25,000 crore as the AGR dues are to be paid within 10 years and the company’s board has approved the same. The fundraising will be through the sale of shares and non-convertible debentures. Company is entitled to pay more than Rs 58,000 crore as AGR dues.

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Andhra Pradesh tops state wise ‘ease of doing business’ ranking again

The Department for Promotion of Industry and Internal Trade conducts the evaluation of all the States and Union Territories under the Business Reform Action Plan for ease of doing business in the states. Andhra Pradesh topped the list continuing to be the best state in India to start a business. The parameters in this survey include construction permit, labour regulation, environmental registration, access to information, land availability and single-window system.

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Warren Buffet’s Berkshire Hathaway further cut its stake in Wells Fargo by 43%

Wells Fargo’s largest shareholder, Berkshire Hathaway holding 7.8% stake earlier this year, has gradually reduced its stake in the firm and currently, it stands at 3.3% stake in the firm. Berkshire sold a bunch of financial stocks like JP Morgan, Goldman Sachs, BNY Mellon and others.

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MTR Foods owner Orkla to buy a majority take in Eastern Condiments

Norwegian consumer conglomerate Orkla, which owns MTR Foods has entered in an agreement to buy a majority stake in Kerala’s largest spice company Eastern Condiments. Orkla is aiming to acquire a total of 67.8% stake with a valutation of Rs 2,000 crore in the Eastern Condiments with an aim to merge the entity with MTR to double its presence in Indian market

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