Loan moratorium extended till September 28

The Supreme Court extended the Loan Moratorium period till September 28. The court, in its interim order, had directed the banks that accounts not declared as NPA till August 31 shall not be declared NPA till further notice. The issue here is the interest being charged by the banks on installments deferred during the moratorium period. Further hearing on this matter is scheduled on September 28.

Read more here

RIL becomes first Indian company to hit $200 billion market cap, stock surged

Reliance Industries Limited became the first Indian company to hit $200 billion market capitalisation, a result of various investments in its subsidiaries which led to share price rise. Announcements of silver lake investing Rs 7500 crore and offering $20 billion stake to Amazon in Reliance Retail were major drivers for price surge. The stock surged 7% today.

Read more here

Suzuki raises its stake in Maruti Suzuki to 56.37%

Japanese Automaker Suzuki Motor Corporation increased its stake in India’s largest car manufacturer, Maruti Suzuki to 56.37% by purchase of equity shares from the market. Suzuki purchased 284,322 equity shares valued at Rs 204.31 crore, earlier the company held 56.28% stake. This is the second time the company has increased its stake in this year. 

Read more here

Zomato planning to go public by first half of 2021

In its current fundraising round, Zomato has roped in US-based Tiger global amid the tensions of its prominent stakeholder – China’s Ant Financial reviewing its India strategy. The startup is valued at $3 billion and the Co-founder and CEO, Deepiner Goyal stated that the finance and legal team is working for going public in the first half of the next year. 

Read more here 

Serum Institute of India officially halts the vaccine trials in India

SII reported that it was halting the trail of Astrazeneca-Oxford University Covid vaccine in India. The move comes after the Drug Controller’s General of India asked the company as to why it didn’t inform the central licensing regarding pausing the clinical trial carried out by Astrazeneca in other countries like the US, UK, Brazil and South Africa. Serum Institute of India has tied up with AstraZeneca to manufacture the University of Oxford’s vaccine for Covid-19.

Read more here

ICICI Bank launches ‘iStartup2.0’

India’s second largest private sector bank, ICICI Bank launched a new service as the number of start-ups are growing. “iStartup2.0” will offer its customers a current account in three variants that will offer additional services, including premium savings accounts for the promoters, salary accounts for employees and a dedicated relationship manager. The bank’s idea is to cater to the needs of other aspects of a start-up business and let the start-up focus on its core business.

Read more here

Bharat Dynamics Ltd received subscription worth Rs 770 crore via OFS

The government reported that it received subscriptions worth Rs 770 crore from institutional and retail investors via Offer for Sale of the defence firm Bharat Dynamics Ltd. The floor price was set at Rs 330 per share for over 2.74 crore shares to be sold. The government launched the OFS as a part of disinvestment strategy for the current financial year.

Read more here

Indiabulls Housing Finance sold a portion of its stake in OakNorth Holding Ltd

India’s third largest housing finance company, Indiabulls Housing Finance sold a portion of its stake in OakNorth Holding Ltd to HighSage Ventures LLC for Rs 440 crore. This divestment will help the company in improving its CRAR and free up some capital to grow the loan book of the company. 

Read more here

India plans to restrict copper,aluminium imports from China

The government is planning to curb imports of copper and aluminium from China and other Asian nations to protect the domestic producers amid these challenging times. This move comes as a result of the government’s push for economic self-reliance and the government is planning to ask the importers to register with authorities that would require permits for individual shipments of the two metals.

Read more here

Government considering Rs 1.68 lakh crore package to attract global manufacturers

The Government is planning to offer incentives worth Rs 1.68 trillion to attract companies to set up manufacturing facilities in India. Automobile manufacturers, solar panel manufacturers, and specialty steel to consumer appliance companies are to be considered for the production-based incentives. The government is also planning to introduce a phased manufacturing program to other sectors for allowing companies to gradually increase local materials for their value addition.

Read more here

Latest

At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

Advertisement