Govt sets new rules for social media, OTT platforms

The Central government, on Thursday, released guidelines for regulating social media and over-the-top (OTT) platforms to curb misuse of content. Some of the new changes include a strict oversight mechanism involving several ministries. In a press conference, Union IT minister Ravi Shankar Prasad said that the guidelines will keep an eye on the web/OTT content and empower social media users. Digital platforms can set up a self-regulatory body to review their age-based content. The new guidelines will be implemented within 3 months. 

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Heranba Industries IPO subscribed 83 times on final day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 83.29 times on the final day of bidding. The issue received bids for 58.15 crore equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 11.84 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 271.15 times, while that of qualified institutional buyers (QIBs) 67.45 times.

UK Court orders extradition of Nirav Modi to India

A UK Magistrates’ Court on Thursday ruled that fugitive diamond dealer Nirav Modi can be extradited to India to face charges of fraud and money laundering in the estimated $2 billion (~Rs 14,528 crore) Punjab National Bank (PNB) scam case. Nirav Modi is the subject of two sets of criminal proceedings. The first is the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of Letters of Undertaking (LoUs) or loan agreements. The second is the Enforcement Directorate (ED) case relating to the laundering of the proceeds of the PNB fraud.

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Ashok Leyland to acquire Nissan’s 38% stake in Hinduja Tech for Rs 70.20 crore

Ashok Leyland has entered into a share purchase agreement (SPA) with Nissan International Holding BV to acquire 38% stake in Hinduja Tech Limited (HTL) for Rs 70.20 crore. After the acquisition, Hinduja Tech will become a wholly-owned subsidiary of Ashok Leyland. In November 2014, Ashok Leyland had sold 38% stake in HTL to Nissan International Holdings BV, the investment arm of Nissan Group, for an undisclosed sum.

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Bharti Airtel raises $1.25 billion through debt instruments

Bharti Airtel Limited said it has raised $1.25 billion (~Rs 9,064 crore) through the issue of debt instruments. The debt raising of the telecom company comes just before the start of the spectrum auction valued at Rs 3.92 lakh crore. Airtel said this is the first-ever dual-tranche US dollar bond issued by the company spread across senior and perpetual issuance. [Senior bond is a debt instrument that has higher priority compared to others in the event of liquidation. Perpetual bonds are those which do not have a maturity date and are riskier]

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Coal India to invest in 26 projects in new business areas: Report

As per a report from CNBC TV-18, Coal India Limited plans to invest Rs 1.43 lakh crore in 26 projects in new business areas. The new business areas will include solar wafer manufacturing, a greenfield aluminium project (along with brownfield aluminium projects in a joint venture with NALCO), solar generation projects, and thermal power plants. The company also plans to invest Rs 38,000 crore in clean coal technologies.

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Airbus selects L&T Technology Services for Skywise Partner Programme

L&T Technology Services (LTTS) has been selected by aerospace company Airbus SE to become part of its ‘Skywise Partner Programme’. LTTS will provide technology and digital engineering solutions for Airbus’ Skywise platform. The company will support Airbus in the development of complex workflows, creation of new interfaces, and assist in their digital transformation with Skywise. 

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M&M sells Mahindra First Choice Services for Rs 21.5 crore to TVS

Mahindra Holdings Ltd, a wholly-owned subsidiary of Mahindra and Mahindra (M&M), has concluded the sale of its 100% stake in Mahindra First Choice Services (MFCS) to TVS Automobile Solutions. The services arm of the used car business was sold for a consideration of Rs 21.5 crore. Mahindra Holdings has also sold its 100% optionally convertible redeemable preference shares in Auto Digitech to TVS for Rs 13.5 crore.

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South Indian Bank to raise Rs 239 crore via preferential allotment of shares

The Board of Directors of South Indian Bank Ltd has approved the issuance of up to 28.30 crore equity shares (of the face value of Re 1 each) to HDFC Life Insurance Company Ltd, Kotak Mahindra Life Insurance Company Ltd, SBI Life Insurance Company Ltd, and ICICI Lombard General Insurance Company Ltd at Rs 8.48 per share. The total issue size is Rs 239 crore. The fundraising is subject to the approval of shareholders.

Angel Broking partners with Vested Finance to allow Indian investors to invest in US-based stocks

Angel Broking has partnered with Vested Finance to enable domestic investors to easily invest in US-based stocks and ETFs. Users will be able to invest in fractional shares, with no minimum balance requirement, anytime withdrawal, and a quick and easy sign-up process. Vested Finance is a California-based firm that provides an online investment platform to invest in the US stock market.

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