Fuel rates hiked by 15-24 paise after 3-day break; Petrol price in Delhi at Rs 91.17

After remaining unchanged for 3 consecutive days, fuel prices in India were hiked by 15-24 paise on Saturday. Petrol price in Delhi has surged to Rs 91.17 per litre and in Mumbai to Rs 97.57 per litre. Diesel rates in Delhi rose to Rs 81.47 per litre, while it stood at Rs 88.60 per litre in Mumbai. Petrol and diesel prices have been rising continuously since February 9. So far, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in the national capital.

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Reliance partners with Google, Facebook for seeking NUE license from RBI: Report 

As per a report from Economic Times, Reliance Industries has partnered with Google and Facebook Inc. to set up a New Umbrella Entity (NUE). The NUE will allow them to create a payments network similar to the Unified Payments Interface (UPI) to gain a share of India’s fast-growing digital payments market. The report states that the companies are in advanced stages of submitting their proposal to the Reserve Bank of India (RBI).

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JLR to write off £1.5 billion in Q4 as part of its restructuring plan

Jaguar Land Rover (JLR) will take a one-time write-off of £1.5 billion (~Rs 15,372 crore) in the January-March quarter (Q4) as part of a restructuring exercising under its ‘Reimagine’ strategy. This will be the second biggest write-off by the UK subsidiary of Tata Motors. Under the Reimagine strategy, JLR plans to develop a more focused product portfolio and cut annual spending to about £2.5 billion (~Rs 25,620 crore).

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To know more about JLR’s Reimagine strategy, click here.

Around 11 lakh people will lose jobs if Future Retail-Reliance deal falls through: FMCG distributors, traders

Around 11 lakh people will lose their jobs if the Future Retail-Reliance deal falls through, said FMCG distributors, Traders Association Delhi, and a Delhi-based NGO in a joint statement. They said that Future Group and Reliance had ensured that all businesses, including Big Bazaar, EasyDay, Nilgiris, Central, and Brand Factory would continue to function so that employees and suppliers do not lose their livelihood. They stated that the frequent litigations and roadblocks by Amazon are putting this arrangement into a crisis. 

Board of Affle (India) approves raising upto Rs 1,080 crore

Affle (India) Limited said its Board of Directors has approved raising upto Rs 1,080 crore through the issue of securities, including warrants and bonds. The fundraising is subject to the approval of shareholders. Affle (India) is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagements, acquisitions, and transactions through relevant mobile advertising.

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Vedanta Resources raises $1.2 billion ahead of open offer for Indian listed unit

Vedanta Resources said it has successfully raised $1.2 billion (~Rs 8,831 crore) through bonds sold to international investors. The bonds were priced at 8.95% with a four-year maturity. The proceeds of the bonds will be used for acquiring 33.17 crore equity shares (or 10%) of its India unit, at Rs 160 per share. The total consideration of the deal would be about Rs 5,948 crore. 

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HKG Limited’s board approves rights issue of upto Rs 45 crore

The Board of Directors of HKG Limited has approved the offer and issuance of fully paid-up equity shares of the company for an amount not exceeding Rs 45 crore by way of a rights issue to eligible equity shareholders. The record date for the same will be determined and notified in due course. Mumbai-based HKG Limited empowers small businesses through the use of its web interfaces and services.

At 3 pm, squaring off was the right decision: Zerodha CEO on NSE trading halt

Addressing Wednesday’s trading halt at the National Stock Exchange (NSE) via Twitter, Zerodha CEO Nithin Kamath said, “At 3 pm, not knowing if market timings would be extended, squaring off was the right decision”. Several investors had criticised Zerodha for their losses after their trades were squared off by the broker. Kamath further said, “As brokers, our business isn’t to predict the direction of the market”.

Indigo to operate select domestic flights from T1 in Mumbai

InterGlobe Aviation Ltd (IndiGo) said that all its domestic flights having subset series 6E 5500 – 6E 5900 will be operated from Terminal-1 of the Mumbai airport, starting March 10. All other flights, including the 5000 series, will continue to operate from Terminal 2. IndiGo, in a release, said that it has taken measures to ensure that passengers are informed of this change at every stage of their journey with the airline.

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Stovec Industries Q4 Results: Net profit declines 17% YoY to Rs 4.64 crore

Stovec Industries Ltd reported a 16.99% YoY decline in standalone net profit to Rs 4.64 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations declined 1.23% YoY to Rs 49.69 crore during the same period. The company’s board has declared an interim dividend of Rs 22 per share.

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