‘Interest on Interest’ for loans up to Rs 2 crore to be waived off

The Finance Ministry has informed the Supreme Court that it has agreed to waive ‘interest on interest’ on loans of up to Rs 2 crore during the six-month moratorium period. Those who have already cleared their own dues between March and August would also get the benefit. The waiver comes as a relief for small businesses and retail borrowers, but can be a worry for banks.

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Covid-19 deaths in India cross 1 lakh

India’s coronavirus death toll has crossed the 1 lakh mark, which accounts for nearly 10 percent of the global Covid-19 deaths. India’s case fatality ratio (CFR), the ratio of deaths caused by confirmed COVID cases, has declined from 1.76% to 1.56% in September. India is the third country after the US and Brazil to surpass this landmark.

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88% rise in equity funding within first 9 months of 2020

Capital which has been raised through equity instruments for the first 9 months of the year is up nearly 88 percent over the same period last year. The value of capital raised by equity funding has totaled to $32.7 billion, and could even touch $44 billion at the end of the year. Reliance Industries’ rights issue of Rs 53,124.2 crore ($7.1 billion) remains the biggest deal this year. 

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Generic version of Sapropterin Dihydrochloride tablets launched by Dr Reddy’s in the US

Hyderabad-based Dr. Reddy’s Laboratories in a statement said that it has launched a generic version of Sapropterin Dihydrochloride in the United States markets. These medicines are used to bring down blood phenylalanine (Phe) levels in patients. This launch is a part of a wider aim to improve the company’s portfolio with a treatment of a rare disease.

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Retail selling price of petrol, diesel reduced by Indian Oil Corporation

Indian Oil Corporation Ltd (IOCL) has reduced the Retail Selling Price (RSP) of petrol and diesel in major metro cities in the country. Petrol and diesel price in Delhi was reduced by Rs 0.97 per litre and Rs 2.93 per litre respectively.

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Farm budget increased 11-fold to Rs 1.34 lakh crore from FY10

The Agricultural Ministry has increased the farm budget 11-fold to Rs 1.34 lakh crore from Rs 12,000 crore in 2009-2010 (FY10). This shows a considerable rise in government spending on collection of foodgrain at the crop support price. The Ministry has also related this to PM Modi’s commitment to farmers’ welfare. This will benefit stocks related to farming, including that of companies which sell tractors and pesticides. This comes between the ongoing protests against the farm bill around the country.

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Kotak Bank registers Rs 170 crore fraud case against Cox & Kings

A case has been filed against Cox & Kings Ltd by Kotak Mahindra Bank, alleging that the travel company has defrauded the bank of over Rs 170 crore. Mumbai police has registered a case based on the complaint by Kotak, and have started the preliminary investigation. Cox & Kings is also being probed by the Economic Offences Wing after IndusInd Bank’s earlier complaint of a Rs 240 crore fraud.

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World’s longest highway tunnel inaugurated by PM modi

Prime Minister Narendra Modi on Saturday inaugurated the Atal Tunnel at Rohtang in Himachal Pradesh. The new tunnel would reduce the distance between Manali and Leh by 46 km and cut travel time by four to five hours. The 9.02-km tunnel built by the Border Roads Organisation (BRO), it is officially the longest highway tunnel in the world.

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Reliance Retail to receive $1 billion from TPF, GIC

Reliance Industries has announced an investment made of Rs 5,512 crore by Singaporean sovereign wealth fund GIC Private Ltd for a 1.22% stake in Reliance Retail. TPG Capital has also invested Rs 1837.5 crore in the retail arm for a stake of 0.41%. Since September 9, a total of 7.28% stake of the retail unit has been sold for a total of Rs 32,297.50 crore.

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Shaurya missile successfully test fired off the coast of Odisha

India has successfully test-fired the new nuclear-capable Shaurya missile off the coast of Odisha on Saturday. The missile can strike targets at a range of about 800 km. It was created by India’s Defence Research and Development Organisation (DRDO), which is aiming towards self-reliance in the field of strategic missiles.

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