Dream 11 IPL 2020 begins today

India’s own cricket league, India Premier League begins today and brands pad up to catch the viewer’s eyes. Star and Disney India’s live streaming platform Disney+Hotstar has roped in 13 sponsors for this year’s IPL. Last year it had 10 sponsors and earned around Rs 250 crore from digital advertising and sponsorships. This year, the revenue on digital is expected to cross Rs 300 crore.

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Government liabilities rises to 7.1% in June quarter

The government’s total liabilities rose by 7.1%, or Rs 6.73 lakh crore, in the April-June period to over Rs 101.35 lakh crore, against a 0.8% increase in the previous quarter. In order to recover the deficit caused by a fall in revenue collection during the pandemic, the Centre issued dated securities aggregating to Rs 3,46,000 crore in the June quarter, much higher than the Rs 2,21,000 crore a year before.

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FDI cap raised to 74 per cent in defence sector

In a bid to boost Foreign Direct Investment (FDI) in the defence sector, the government has decided to raise the cap on investment through the automatic route to 74 per cent for companies seeking new industrial licenses, beyond which it will continue to require prior permission. The Department for Promotion of Industry and Internal Trade (DPIIT) data indicates that the Indian defence industries during 2000 and 2020 have received FDI equity inflows of Rs 56.88 crore.

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Future Enterprises Limited defaults on debt repayment

Future Enterprises Limited reported that it had defaulted on debt repayment towards commercial papers. The company could not service its obligations in respect of the payment of commercial paper after its maturity and the gross principal amount on which the default occurred on September 14, is Rs 90 crore.

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NBFC delinquencies may rise up to 250 bps in FY21: Crisil

The rating agency, Crisil, in a report mentioned that Non-banking Financial Companies (NBFCs) are likely to see up to 250 basis points (bps) increase in their delinquencies in the current fiscal year. Increase in Covid-19 infections and intermittent lockdowns will increase asset quality challenges of NBFCs.

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HCL planning to double its workforce in smaller towns

HCL Technologies is planning to double its headcount in its centres in smaller towns such as Lucknow, Nagpur, Madurai and Vijayawada over the next two-three years. HCL Technologies is the country’s third largest software company and in the expansion plan, it will shift people from prime locations to the smaller town locations and also hire freshers in these locations who will come into the workforce.

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India’s fuel demand to contract 11.5% in 2020: Fitch Solutions

Fitch Solutions has revised downward its forecast for fuel demand contraction in India to 11.5 per cent in 2020 which is in line with the economic downfall the country is facing. Earlier, the company had forecasted a 9.4% contraction in fuel demand but it revised it to 11.5% for the fiscal year 2020-21. 

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RITES announces share buyback worth up to Rs 257 crore

Transport Infrastructure Consultancy and Engineering firm RITES Limited  on Friday said that its board has approved buyback of 96.98 lakh shares with repurchase amount not exceeding Rs 257 crore. Government holds a majority stake in the firm (72.07%). RITES Ltd is the only export arm of Indian Railways for providing rolling stock overseas.

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CAMP manages to raise Rs 666.56 crore from 35 anchor investors just ahead of its IPO

Financial infrastructure and services provider, Computer Age Management Services Ltd (CAMS) raised Rs 666.56 crore from 35 anchor investors just ahead of its Initial Public Offering. A large number of domestic financial institutions and FPIs picked up 4.5% stake each for close to Rs 30 crore each.

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Government considering reducing Air India’s debt and delaying its disinvestment

The Central Government on Friday announced that it is considering reducing Air India’s debt further and delaying its disinvestment process in order to attract buyers. Also, the government is considering reducing the debt of the airline further in order to make it attractive for interested parties in the current economic scenario affected by the Covid-19 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 […]

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