Kerala moves SC against leasing out TVM airport to Adani Group

The Kerala Government moved the Supreme Court seeking a stay on the Centre’s decision to lease out the Thiruvananthapuram International Airport to Adani Enterprises Ltd. Adani had won the rights for the operations of the airport in an auction held in August. The petition filed by Kerala in the apex court argues that Adani Group does not have prior experience in the field and is therefore unfit. The petition also claims that the decision goes against “public opinion”. 

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RBI rejects Muthoot Finance’s proposal to buy IDBI Mutual Fund

Muthoot Finance, on Tuesday, announced that the Reserve Bank of India has rejected its proposed acquisition of IDBI Mutual Fund. The company’s request for a no-objection certificate was not accepted by the RBI. The central bank stated that “the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in accordance with the activity of an operating NBFC”.

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Karvy Stock Broking expelled from NSE’s membership, declared as defaulter

The National Stock Exchange (NSE) has scrapped Karvy Stock Broking Ltd. from its membership and declared it as a defaulter. The move was taken as the broker failed to comply with NSE guidelines. In November 2019, Karvy had transferred securities worth Rs 2,300 crore into its account by misusing the power of attorney given by its clients. 

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Maruti Suzuki extends vehicle subscription service to 4 new cities

Maruti Suzuki Ltd. announced that it will be extending its subscription services to Mumbai, Chennai, Ahmedabad, and Gandhinagar. The Maruti Subscribe program was launched four months ago, and will now operate in a total of 8 cities. India’s largest automaker has plans to expand its subscription service to 40-60 cities by 2023.

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Goa government issues demand notice to JSW Steel to pay Rs 156 crore

The Goa government has issued a demand notice to JSW Steel Limited to pay Rs 156.34 crore for the transportation of coal. The company has to pay the amount towards the Goa Rural Improvement and Welfare Cess within 15 days. The notice said that the company representative may face punishment with imprisonment of two years or a fine of Rs 25,000 if the cess is not paid.

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Gayatri Projects receives Rs 208 crore arbitral award

Gayatri Projects Ltd. said that it has received Rs 208 crore under the Government of India scheme of monetisation of ‘under litigation arbitral award’ against bank guarantees. The company, along with its joint venture (JV) partner, had been awarded an arbitration claim worth Rs 703 crore (including interests) for its road project in Nagaland. The construction company has now received 75% of the claim.

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Infibeam Avenues collaborates with Bank Muscat for digital payment services

Infibeam Avenues has tied up with Bank Muscat to offer payment processing services. The company is set to offer next-generation payment processing services under the flagship brand CCAvenue to merchants in Oman’s e-commerce sector. Infibeam has also expanded its operations to the UAE, Saudi Arabia, and the US this year.

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SpiceJet launches mobile testing lab in Delhi

SpiceJet Limited has launched a mobile testing laboratory to conduct Covid-19 tests in Delhi. The lab will conduct tests at Rs 499 and can process up to 3000 test reports per day. SpiceHealth (an initiative of SpiceJet) has tied up with GeneStore to establish diagnostic testing facilities across the country as a ‘Make in India’ initiative.

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Adani Ports ranked 14th in Dow Jones EM Index

Adani Ports & Special Economic Zone Ltd. has been ranked 14th in the global transportation and infrastructure sector of the Dow Jones Sustainability Emerging Markets Index 2020. The index is based on long-term environment, social & economic, and governance criteria. APSEZ said that it has ranked in the top 20 of every single dimension of the three criteria.

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Tata Group to infuse $50 million into AirAsia India: Report

As per a report from Mint, the Tata Group is planning to invest $50 million (~Rs 370 crores) as emergency funding in the loss-making AirAsia India. The report states that fund infusion will be through a mix of debt and equity instruments. Thus, Tata Group’s stake in AirAsia India Ltd will go beyond the current 51%. Last week, Malaysia-based AirAsia Group said it was reviewing its India operations run in partnership with Tata Group. It had also indicated a possible exit from the country. 

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Infosys wins contract from Mongolia-based XacBank

EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd., has bagged a contract from Mongolia-based XacBank. Infosys Finacle’s core banking, treasury, and corporate banking solutions will be used to accelerate the bank’s digital transformation. The partnership will help XacBank to standardize business processes, simplify enterprise architecture, and offer tailored services.

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