IMF projects 11.5% growth rate for India in 2021

According to the World Economic Outlook Update by the International Monetary Fund (IMF), the Indian economy is likely to recover at a faster pace in 2021. The IMF has projected an 11.5% growth rate for India in 2021, which makes the country the only major economy in the world to register double-digit growth this year. China is next with 8.1% growth in 2021, followed by Spain (5.9%) and France (5.5%). IMF’s latest growth projection is in line with the Indian government’s assessment of a strong revival in the coming months, especially after the recent vaccine approvals. 

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Farmers clash with police at Red Fort; one dead as tractor overturns

Thousands of farmers entered New Delhi and reached Red Fort and ITO from Singhu and Ghazipur borders as part of their tractor rally on Tuesday. The farmers deviated from the pre-approved route and clashed with the Delhi Police, vandalised buses, and breached barricades. The police, in turn, resorted to lathi-charge and also lobbed tear gas shells. A farmer in his 30s, who was on one of the tractors, was allegedly hit by a tear gas shell on his head. He started bleeding profusely, his tractor overturned, and was claimed to have died on the spot. 

Reliance Jio, Bharti Airtel, and Vodafone Idea suspended their internet services in parts of the National Capital Region (NCR) following a Home Ministry directive on Tuesday, in the wake of farmers’ violent protests.

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Inox Leisure commences operations at new multiplex in Thane

Inox Leisure Ltd has commenced commercial operations at a new multiplex at Thane, Maharashtra. The company is now present in 69 cities with 151 multiplexes, 641 screens. It has a total seating capacity of 1.46 lakh seats across India. According to Unlock 5 guidelines issued by the government, multiplexes and cinema halls are now operating under half of their sitting capacity.

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Hero MotoCorp may launch electric car as part of new future-forward lineup: Report

According to a report from the Times of India, Hero MotoCorp may launch an electric car as part of its efforts to fuel the next leap in mobility. The company has already prototyped a high-utility, modular electric three-wheeler (Quark 1), which can be converted into a two-wheeler based on the requirements of the user. “Similar innovations and solutions— beyond its traditional two-wheeler business— will form the new line-up that the company is working on as part of a vision of the future of mobility,” said Pawan Munjal, chairman of Hero MotoCorp.

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Adani Ports to raise $500 million via dollar bonds to refinance overseas debt

Adani Ports & Special Economic Zone Ltd (APSEZ) on Tuesday said it will raise $500 million (~Rs 3,645 crore) through dollar bonds. The proposed bonds will have a 10-year maturity. The funds will be used for early redemption of dollar bonds of the company which matures in 2022. Investment banks Barclays, Bank of America, and Citibank have been selected as advisors for the proposed bond issuance.

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Petrol crosses Rs 86 mark in Delhi, diesel above Rs 76

The price of petrol touched a record high of Rs 86.05 per litre in Delhi, while diesel price rose to Rs 76.23 per litre. Petrol and diesel cost Rs 92.62 and Rs 83.03 per litre, respectively, in Mumbai. In the last 10 weeks, state oil companies have raised prices of petrol by Rs 5 per litre and that of diesel by nearly Rs 6 per litre. Taxes, which the government raised steeply last year, comprise about 60% of the fuels’ retail prices.

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Affle India’s subsidiary to acquire business assets of Discover Tech

Affle MEA FZ-LLC (AMEA), a wholly-owned subsidiary of Affle (India) Limited, has entered into a definitive Business Transfer Agreement to acquire the business assets of Israel-based Discover Tech Limited. As part of the deal, the technology platform, brand name, intellectual property rights, and business relationships of Discover Tech will be acquired by AMEA. The cost of the acquisition is estimated at $1.15 million (~Rs 8.38 crore).

Jubilant Foodworks completes acquisition of 10.76% stake in Barbeque Nation

Jubilant Foodworks Ltd has completed the acquisition of a 10.76% stake in Barbeque Nation Hospitality Limited (BNHL). On December 31, the company said it would invest Rs 92 crore into BNHL. BNHL owns and operates 138 Barbeque Nation restaurants across 73 cities in India.