Dream 11 becomes the new title sponsor of IPL 2020

The fantasy sports platform, Dream 11, pips Tata Sons, Byju’s & Unacademy to grab the title sponsorship for IPL 2020. Last month, Chinese smartphone manufacturer Vivo announced that it won’t be able to sponsor this year’s IPL. Dream 11, which is a unicorn, made a three-year winning bid to bag the deal which worth Rs 222 crore, as per the reports. 

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Paytm ties up with Stockholding Gateway

StockHolding Corporation of India and Paytm has joined hands to provide payment gateway services for its five crore applications. StockHolding is one of India’s largest depository participants and provider of custodial services. It operates under 200 branches and manages over Rs 38 lakh crore in Assets Under Custody. Paytm’s Payment Gateway business processes over 400 million monthly transactions already. 

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Tech Mahindra launches UaaS platform

The UaaS platform stands for Upskilling-as-a-service platform which will accelerate new-age skill development for its 60000 employees globally. This artificial intelligence-based system will help the employees to upskill themselves on technologies like 5G, cloud, big data, robotic process automation. Many companies are focussing on skill development of their employees so that they can reap the benefits of the technologies to save their cost and improve efficiency.

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Volvo India planning to build all its models locally

The Swedish car-maker Volvo’s Indian unit is looking to build all its models in India itself. At present, Volvo Car India assembles three models, SUVs XC60 and XC90, and sedan S90, locally. Even though COVID-19 has caused a few disruptions, Volvo India is still looking to expand in the Indian market. They are also looking to build the electric vehicle segment in the country.

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Birlasoft forms alliance with Microsoft, Stock price surges 18%

Birlasoft, part of the 2.4 billion dollars C K Birla Group, on Tuesday announced a global strategic alliance with Microsoft and said it has plans to scale its cloud business to 100 million dollars (about Rs 748 crore). Right after the announcement, the company’s stock jumped by 17.2 per cent on BSE to Rs 175.90 per unit at 12 noon. Birlasoft helps customers in manufacturing to accelerate their Industry 4.0 adoption and in BFSI to leverage open APIs and automate both front-office and back-office transformation.

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Zee Entertainment Q1 results: Net profit plunges 95% to Rs 29 crore

Zee Entertainment Enterprises posted a consolidated net profit of Rs 29.28 crore for the quarter ended June, down 94.5 percent and a net profit of Rs 529.76 in the same quarter a year ago. Zee’s total income in the period tumbled 36.6 per cent to Rs 1,338.41 crore, from Rs 2,112.03 crore a year ago. Its advertisement revenues dropped 64.5 per cent to Rs 421.06 crore, from Rs 1,186.71 crore in the same quarter in the previous year.

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ADB approves $1 billion loan for construction of Delhi-Meerut RRTS

The Asian Development Bank (ADB) has approved a $1 billion loan to support construction of the modern, high-speed Delhi–Meerut Regional Rapid Transit System.Financing for the project will be implemented in four tranches between August 2020 and May 2025. The Government of India will provide $1.89 billion and co-financiers are expected to provide $1 billion of the total project cost of $3.94 billion, the multilateral development bank said in a statement on Tuesday.

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Sterlite Copper plant in Tuticorin to remain closed: Madras High Court

The Madras High Court rejected Vedanta’s plea and refused to allow the reopening of the Sterlite Copper smelting plant in Tamil Nadu’s Thoothukudi in a verdict on Tuesday. The Tamil Nadu government had closed down the plant after 13 protesters were killed in police firing on May 22, 2018. The High Court said the ‘closure order stands’ in response to Vedanta’s appeal, challenging the state government’s move to shut down its Sterlite Copper plant.

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Government looking to speed up privatisation of PSU Banks

The Prime Minister’s Office (PMO) has reportedly expressed its intent to speed up the process of privatisation of Public Sector Banks to this financial year. The government has lost track of spending and inflow of cash as the fiscal deficit ( difference between the total income of the government and its total expenditure) shot up due to the pandemic. Selling stake will help the government plug in the huge gap. Sources pinpoint four banks; UCO Bank, Bank of Maharashtra, IDBI Bank and Punjab & Sind Bank as the probable candidates for the stake sale. 

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Congress writes to Facebook and demands a probe

The Congress party wrote to Facebook’s Mark Zuckerberg and demanded a time-bound inquiry into the conduct of Facebook India leadership team and their operations. The party has accused Facebook India of “interfering” with the country’s democracy and elections. Congress general secretary KC Venugopal has even asked Facebook to consider a new team to lead Facebook India operations so that the probe cannot be influenced.

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