India’s industrial output grew by 7.2% in July

The growth in India’s industrial output continued to pick up in July. The Index of Industrial Production (IIP) increased by 7.2% to 131.4 in July 2021 over the preceding month. On an annual basis, the index rose by 11.5% in July. Manufacturing output rose 8.2% on a monthly basis, compared to a rise of 7.4% in June. Mining output declined by 0.9% month-on-month (MoM), from a decline of 2.3% in the previous month. Meanwhile, electricity generation increased by 9.2% MoM in July, compared to a rise of 4.4% in June.

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Automobile wholesales fall 11% in August as chip shortage continues: SIAM

Automobile wholesales in India declined 11% year-on-year (YoY) in August, as the global semiconductor shortage weighed down production. The total wholesales across automobile categories (excluding commercial vehicles) fell to 15.86 lakh units in August 2021, compared to 17.90 lakh units in August 2020. The total dispatch of passenger vehicles rose 7% YoY to 2.32 lakh in August. The data was released by the Society of Indian Automobile Manufacturers.

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Punjab National Bank to raise Rs 6,000 crore through bonds

The Board of Directors of Punjab National Bank (PNB) has approved a proposal to raise up to Rs 6,000 crore by issuing bonds. The lender will issue Basel-III compliant Additional Tier-I (AT-1) bonds and AT-II bonds or a combination of both. Meanwhile, PNB has waived all service charges and processing fees on its retail products as part of its festival season offering.

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IndiGo aims to operate domestic flights at full capacity from December 2021: Report

According to a report from Bloomberg, InterGlobe Aviation Ltd (IndiGo) is aiming to operate domestic flights at full capacity by December 2021. The budget carrier’s current load factor is around 70%. IndiGo is also targeting just over two-thirds of capacity in international routes as the Covid-19 pandemic eases and people start traveling more. In August, the Ministry of Civil Aviation allowed domestic airlines to increase flight capacity from 65% to 72.5%.

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JioPhone Next launch postponed, to be available before Diwali

The launch of the low-cost 4G-compatible JioPhone Next, made by Reliance Jio and Google, has been delayed due to the global semiconductor shortage. It was supposed to be launched today, September 10. Both companies have begun testing the JioPhone Next with a limited set of users for further refinement. They are actively working to make the smartphone available in time for the Diwali season.

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Manyavar-owner Vedant Fashions files draft papers for IPO

Vedant Fashions, the owner of ethnic wear brand Manyavar, has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The issue will consist of an offer for sale (OFS) of up to 3.63 crore shares by promoters and existing shareholders. Vedant Fashions’ Manyavar brand is a market leader in the branded Indian wedding and celebration wear market. Twamev, Manthan, Mohey, and Mebaz are some of its other brands.

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BHEL extends footprint in HVDC-based power transmission with Raigarh-Pugalur UHVDC link

Bharat Heavy Electricals Ltd (BHEL) has played a key role in the successful implementation of the ultra-high voltage direct current (UHVDC) link between the western and southern region grid. The +800 kilovolts (kV), 6,000 megawatts (MW) UHVDC link is between Raigarh in Chattisgarh and Pugalur in Tamil Nadu. The project aims to bring relief to the power deficit southern grid. 

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Govt extends last date for filing ITR till December 31

The government has once again extended the deadline to file Income Tax Return (ITR) for the financial year 2020-21 (FY21) by three months to December 31, 2021. The deadline has been extended due to glitches on the new income tax portal, which had made it difficult for taxpayers to complete their ITR filing process. With regard to the resolution of glitches in the tax portal, the Finance Ministry on Wednesday said it is continuously engaging with Infosys to ensure a smooth filing experience for taxpayers.

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