Government announces economic stimulus to boost demand by Rs 73,000 crore

Finance Minister Nirmala Sitharaman, on Monday, announced major schemes to boost demand in the country by nearly Rs 73,000 crore. An additional amount of Rs 25,000 crore has been allotted to the capital expenditure budget and will be spent on roads, water supply, etc. A festival advance of Rs 10,000 will also be provided to government employees to improve consumer demand.

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Vedanta shares fall 20% in one day after delisting offer fails

Shares of Vedanta Ltd fell 20.43% to Rs 96.95 on Monday, after the company failed to delist its stock from the stock exchanges. On October 10, Vedanta Resources, in a regulatory filing, said that it had failed to receive the required number of shares to delist Vedanta Ltd. 

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Power outage in Mumbai hits trading volumes at BSE, NSE

India’s financial capital of Mumbai faced its worst blackout in history on Monday, due to a grid failure at a Tata Power plant. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) continued to function normally, but trading volumes dropped. Notably, shares of Tata Power fell 2% on Monday’s trade.

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JSW Energy to invest Rs 8,860 crore in two wind power projects

JSW Energy Limited will obtain 3,150 acres of land from the Karnataka government, to set up two wind energy power projects. According to the state’s commerce and industries department, JSW Energy will invest an amount of Rs 8,860 crore for the new projects.  

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Government to provide Rs 12,000 crore interest-free 50-year loan to states

The Finance Minister on Monday announced that a Rs 12,000 crore no-interest 50-year loan will be given to states. The loan has to be completely spent on new or ongoing capital projects. This could be a relief for the states who are at the forefront of battling the Covid-19 pandemic.

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Mazagon Dock Shipbuilders listed at 49% premium over issue price

Shares of Mazagon Dock Shipbuilders got listed on Monday at Rs 216.25 on the BSE, which is a 49.13% premium from its issue price of Rs 145 per share. On the NSE, shares of the state-owned defense firm got listed at a premium of 48.30% against its issue price, at Rs 214.90. This means that the company made a very strong debut on the exchanges.

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UTI AMC listed at an 11.5% discount over its issue price

Shares of UTI Asset Management Company (UTI AMC) got listed today on the BSE at a discount of 11.51%, at Rs 490.25, as compared to its issue price of Rs 554 per share. On the NSE, the shares got listed at a discount of 9.75%, at Rs 500. The Rs 2,160 crore initial public offering (IPO) of UTI AMC was subscribed 2.31 times of what was on offer. 

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Britannia to invest Rs 550 crore in Tamil Nadu

Packaged foods company Britannia Industries said it is investing Rs 550 crore to set up a manufacturing plant in Tamil Nadu. The company has signed a Memorandum of Understanding (MoU) with the state government, and will generate direct and indirect employment for 1000 people.

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PepsiCo raises investment at snack plant in UP to Rs 814 crore

Food and beverages company PepsiCo has increased investment at its greenfield snacks plant in Uttar Pradesh to Rs 814 crore. The company has plans to double its business in India, and is also increasing the capacity of existing food plants in West Bengal and Maharashtra.

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Mahindra Logistics adds over 10,000 seasonal jobs ahead of festive season 

The logistics arm of Mahindra Group said it has added 10,100 seasonal jobs ahead of the festive season in India. In the last 2 years, Mahindra Logistics Limited has trained around 20,000 personnel under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). They also stated that a significant number of these new employees will be retained, amidst the Covid-19 pandemic.

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