India’s services PMI expands for second month in a row

The services activity in India expanded for the second consecutive month in November, with a further improvement in new work supporting business activity growth. The country’s employment rate has also shown its first rise in 9 months. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 53.7 in November, as compared to 54.1 in October. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month.

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RBI bars HDFC Bank from digital launches, issuing new credit cards

The Reserve Bank of India (RBI) has asked HDFC Bank Ltd to put a temporary halt to all digital banking launches and issuance of credit cards to customers. This move comes after the bank faced a series of technical glitches over the last two years. The RBI has also asked HDFC’s board to examine the lapses and fix accountability. The lender ensured that these supervisory measures will not impact existing card customers and digital banking channels.

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Vodafone Idea lost 46 lakh subscribers in September: TRAI data

Vodafone Idea (Vi) lost 46.5 lakh subscribers in September 2020, according to the latest data released by the Telecom Regulatory Authority of India (TRAI). In the same month, Bharti Airtel added 37.8 lakh subscribers and Reliance Jio added 14.6 lakh subscribers. This would be the second straight month when Airtel’s user base grew faster than that of Jio. 

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Govt allows domestic carriers to operate at 80% of pre-Covid capacity

The cap on the number of domestic flights that Indian airlines are permitted to operate has been increased from 70% to 80% of their pre-Covid levels. The Aviation Ministry had allowed airlines to operate at 70% capacity on November 11. This will be the fifth time that the government has allowed airlines to expand capacity, since flight services were restarted in May 2020.

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Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services

Bank of India Ltd (BOI) announced that it will acquire a 49% stake each in BOI AXA Investment Managers Pvt Ltd and BOI AXA Trustee Services Pvt Ltd. After the acquisition, both entities will become Bank of India’s fully owned subsidiaries. The lender has stated that the transactions are subject to various regulatory approvals. It is proposed to be completed by the end of December 2020.

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IGX gets approval from PNGRB to operate Gas Exchange for 25 years

The Indian Gas Exchange (IGX) has secured authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate as a Gas Exchange for 25 years. IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX). It is the first automated delivery-based gas trading platform. The Gas Exchange will play an important role in the transparent discovery of gas prices and aid in the capacity utilisation of pipelines. 

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Max Estates leases 62,000 sq ft office space to Yes Bank

Max Estates Ltd has leased out 62,500 sq ft office space at Max Towers in Noida to Yes Bank Ltd. The bank is planning to relocate its offices from the Central Business District to the new location to rationalize cost. Max Estates is a subsidiary of Max Ventures & Industries Ltd (MaxVIL).

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UltraTech Cement announces Rs 5,477 crore investment to expand capacity

UltraTech Cement Ltd announced that it will invest Rs 5,477 crore towards expanding its capacity by 12.8 million tonnes per annum (mtpa). Upon completion of the latest round of expansion, the company’s capacity will grow to 136.25 mtpa. The Aditya Birla Group’s cement flagship company has stated that they will be well-positioned to support the rising demand for cement in India. 

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SBI’s YONO app faces technical glitches

The State Bank of India informed its customers that YONO, its mobile banking application, was facing technical glitches due to a system outage. Several customers complained that they were unable to conduct transactions through various online platforms. The bank said that it was working towards restoring its app and UPI servers.

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Tata Power’s Mundra unit fully repays bank loans worth Rs 4,150 crore

Tata Power Ltd said that its Mundra subsidiary, Coastal Gujarat Power Ltd (CGPL), has repaid its second tranche of bank loans worth Rs 1,550 crore. Thus, the unit has fully repaid its bank loans worth Rs 4,150 crore. CGPL houses Tata Power’s Mundra Ultra-Mega Power Project (UMPP), based in Gujarat.

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