Cabinet approves scheme for setting up 7 mega textile parks

The Union Cabinet has approved the setting up of seven textile parks under the Prime Minister Mega Integrated Textile Region and Apparel (PM-MITRA) scheme with a total outlay of Rs 4,445 crore over five years. The scheme will help in setting up world-class industrial infrastructure that will attract cutting-edge technology and boost foreign direct investment (FDI) in the textile sector. PM-MITRA will offer an opportunity to create an integrated textile value chain right from spinning, weaving, dyeing, and printing to garment manufacturing at one location.

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SBI extends contract with TCS for 5 years

Tata Consultancy Services (TCS) has extended its partnership with State Bank of India (SBI) for another five years to drive innovation and tech solutions. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate across core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. The IT firm will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

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SAIL’s Rourkela Steel Plant registers best-ever H1 production in key areas

Rourkela Steel Plant has registered its “best-ever” production performance for the April-September period (H1 FY22) in three key segments: hot metal, crude steel, and saleable steel. The plant produced 21.01 lakh tonnes of hot metal, 19.53 lakh tonnes of crude steel, and 17.72 lakh tonnes of saleable steel during H1. The figures are a significant improvement of 42.9%, 38%, and 37.8%, respectively, over H1 of the previous financial year. Rourkela Steel Plant is a unit of Steel Authority of India Ltd (SAIL).

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Equitas Small Finance Bank launches ASBA facility

Equitas Small Finance Bank has announced the launch of the ASBA facility on its Internet Banking, Mobile Banking, and UPI interface for its customers. Applications Supported by Blocked Amount (ASBA) is a process developed by market regulator SEBI for applying to IPOs and Follow on Public Offers (FPOs). With the ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. 

Tata Power partners with renewable energy AI firm BluWave-ai

Tata Power has signed a three-year commercial agreement with BluWave-ai to operationalise artificial intelligence (AI) in day-to-day power distribution in Mumbai. Canada-based BluWave-ai is the world’s first renewable energy AI company. The agreement was signed after a successful trial project, in which Tata Power evaluated the performance of BluWave-ai’s cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

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Tata Steel reports 3% YoY growth in crude steel production

Tata Steel India crude steel production grew 2% quarter-on-quarter (QoQ) and 3% year-on-year (YoY) to 4.73 million tonnes (MT) in Q2 FY22. The company’s Europe devision recorded a 4% QoQ decline in steel production to 2.56 MT in Q2. Despite seasonal weakness, overall delivery volumes grew 12% QoQ on the back of economic recovery after the second wave of the Covid-19 pandemic.

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ZEEL moves NCLAT against NCLT order on Invesco’s plea for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has approached National Company Law Appellate Tribunal (NCLAT) against National Company Law Tribunal’s (NCLT) order that asked it to file a reply to a petition filed by Invesco and OFI Global China by Thursday. On Tuesday, NCLT asked ZEEL to file a response by October 7 in a case filed by its major shareholders, who want the company to call an Extraordinary General Meeting (EGM). To learn more about the boardroom battle at ZEEL, click here.

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Dept of Revenue selects CAMS as Central Record Keeping Agency for NPS

The Department of Revenue has selected Computer Age Management Solutions (CAMS) as a Central Record Keeping Agency (CRA) for the National Pension Scheme (NPS). The company has received permission to use Aadhaar-based eKYC services as Authentication User Agency (AUA). CAMS is a mutual fund transfer agency, which provides services for investors, distributors, asset management companies, and demat account holders in India.

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Govt notifies 100% FDI in telecom under automatic route

The Centre has notified its decision to permit 100% foreign direct investment (FDI) under automatic route in the telecom services sector. Any non-resident entity can invest in India, subject to the FDI Policy (except in those sectors or activities which are prohibited). Only 49% FDI was allowed through the automatic route till now, and anything beyond that needed to be through the government route. 

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Nazara Technologies raises Rs 315 crore from marquee investors

Nazara Technologies’ board has approved a preferential allotment of fresh equity to raise Rs 315.3 crores from marquee institutional investors. The company will issue 14.29 lakh equity shares of the face value of Rs 4 each at Rs 2,206 per equity share. The marquee investors include Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management.

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