FinCEN receives 3,201 suspicious activity reports involving Indian entities – Top 10 Market News

FinCEN receives 3,201 suspicious activity reports involving Indian entities, one of the reason for drop in market

The US financial watchdog, Financial Crimes Enforcement Network (FinCEN) of the treasury department, has received 3,201 suspicious activity reports involving Indian entities for suspected money laundering, terrorism, drug dealing or financial fraud. Some of the companies in this list are Punjab National Bank, Kotak Mahindra Bank, HDFC Bank, Canara Bank, IndusInd Bank and Bank of Baroda.

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Telecommunication companies need to pay 10% of total AGR dues by March 31, 2021

According to government sources, telecom operators, including Bharti Airtel and Vodafone Idea, which have pending adjusted gross revenue dues will have to pay 10 per cent of the total liability by March 31, irrespective of the part-payments made by them. The companies have to clear the dues in a period of 10 years. Operational telecom operators are expected to pay Rs 12,921 crore by March 31, of which close to 80 per cent has to be paid by Vodafone Idea and Bharti Airtel.

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India bought crude oil at $19 a barrel to fill its strategic reserves

Petroleum and Natural Gas Minister Dharmendra Pradhan informed in the Rajya Sabha session that  India bought crude oil at an average price of $19 per barrel to fill its strategic crude oil reserves, and in the process saved $685.11 million. It leveraged the depressed prices and lack of demand on account of the coronavirus pandemic to make this saving and filled its existing storage capacity.

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Bank of India planning to raise Rs 8000 crore

In its extra-ordinary general meeting (EGM), Bank of India got the approval of its shareholders to raise fresh capital of Rs 8,000 crore. The bank also received the approval to set off accumulated losses of Rs 23,782 crore as of March 31, 2020, by utilising the balance in the share premium account. The mode of the issue is not yet mentioned by the bank.

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Route Mobile settles at Rs 651, closed at 86% premium on its first day

Cloud communication services provider Route Mobile share price closed with a 86 percent premium today, its first day of trading. After opening at Rs 708 on the BSE and Rs 717 on the NSE, the stock touched an intraday high of Rs 735 and low of Rs 625 on both exchanges. The company raised Rs 600 crore through the public issue.

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HCL Technologies acquires Australian IT firm DWS for $115.8 million

HCL Technologies has announced the acquisition of Australian IT firm DWS Ltd for $115.8 million in a bid to further expand its digital offerings especially in Australia and New Zealand. HCL currently employs 1600 people in major cities, including Canberra, Sydney, Melbourne, Brisbane, and Perth and the transaction is expected to close in December 2020.

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IOCL to invest Rs 17,000 crore in its Gujarat refinery

Country’s second largest player in the petrochemicals segment, Indian Oil Corporation Limited is planning to expand its petrochemicals capacity by more than 70%. This investment is to implement Petrochemical and Lube Integration. The total investment of IOCL for this fiscal is Rs 26,233 crore.

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Indian steelmakers turn net exporters to China in April-August: CRISIL

As per the rating agency, Crisil, Indian steelmakers have turned net exporters to China during April-August for the first time in several years, owing to weak domestic demand due to COVID-19 pandemic. Primary steelmakers exported 60-80 percent of their total production between April and August this year to various destinations, with China leading the pack.

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Tesla in talks with Karnataka govt to set up R&D centre in Bengaluru

Electric car maker Tesla Inc is in discussions with the industries department of Karnataka government to set up a centre in Bengaluru to leverage the large research and development (R&D) ecosystem in India’s technology capital. The city is a hub to a famous R&D centre of various global companies and definitely Tesla would benefit from it.

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Nominal GDP to grow at 19% in FY22: Government

According to the finance ministry’s estimates, Indian economy is likely to rebound 19% in the next fiscal year without adjusting for inflation. The finance ministry has not disclosed its GDP estimates for the current financial year but most forecasters are now projecting a GDP contraction of more than 10%.

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