NSE to sell entire CAMS stake through IPO

NSE will sell its entire stake in Computer Age Management Services (CAMS) via an offer for sale (OFS). Currently, NSE owns about 37% stake in CAMS. Great Terrain Investment CAMS’s promoter with 43.53% shareholding shall also give up 13% stake in the IPO. An update on the IPO is likely to be announced on Wednesday, and the issue is likely to hit the market next Monday

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Toyota stops expansion in India stating a high tax regime

Toyota won’t expand further in India due to the country’s high tax regime. “The message we are getting after we have come here and invested money, is that we don’t want you. In the absence of any reforms, we won’t exit India, but we won’t scale up”, Shekar Viswanathan, vice-chairman of Toyota’s local unit said in an interview.

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India Bans Export of All Varieties of Onion

The Indian government has decided to ban the export of all onion varieties.“The export of all varieties of onion is prohibited with immediate effect,” the Directorate General of Foreign Trade (DGFT) said in a release. The move has been made in order to curb the rising onion prices in India.

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NPA classification to be automated by all banks : RBI

The RBI in a notification has asked all banks to automate provisioning and recognition of all NPAs or Bad Loans. “It is observed that the processes for NPA identification, income recognition, provisioning and generation of related returns in many banks are not yet fully automated.

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SFIO completed investigations against 361 companies: Govt

The Serious Fraud Investigation Office (SFIO) completed probes in 12 cases involving 361 companies in the last financial year. “SFIO has been given vast powers under the provisions of the Companies Act, 2013 including the power to arrest. “Based on a well laid down process, cases that involve prima facie findings of fraud are referred to SFIO,” the minister said.

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US partners with Mekong Nations to counter China’s Growing Influence

The Trump Government has decided to enter into a formal partnership with Mekong Nations to counter the growing influence of China in the area. The Mekong Nations include Cambodia, Laos, Myanmar, Thailand and Vietnam. “The Mekong-U.S. Partnership promotes the stability, peace, prosperity, and sustainable development of the Mekong sub-region through cooperation among the Mekong partner countries and the United States.”, the official website read.

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Rs 90,048 crores allocated for defence modernisation

Rs 90,048 crores has been allocated for modernisation of the armed forces according to Defence Service Estimates in 2020-21. This amount is Rs 9,000 crores more than what was allotted for the same last year.

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Facebook announces launch small business grant for India of $4.3M 

Facebook has launched a grant programme worldwide for SMEs that are battling the effects of the global pandemic. A grant of $4.3 million in India, for more than 3,000 small businesses across Delhi, Gurgaon, Mumbai, Hyderabad, and Bangalore where Facebook holds its offices, has been announced. You can read the terms or apply for the grant here.

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Indian Economy to Shrink by 9% in FY20-21: Asian Development Bank

The Asian Development Bank has stated in a report that India’s Economy will shrink by almost 9% in FY20-21, followed by a sharp rise and recovery of almost 8% the following year. You can find the ADB forecast report over here.


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SpiceJet Q1 Results out: Reports loss amounting Rs 593 crore

SpiceJet announced its Q1FY21 results late on Tuesday. It has reported a net loss of Rs 593.4 crores in the first quarter as compared to a net profit of Rs 262.8 crores, the same quarter last year. Revenue for this quarter stands at Rs 514.7 crores. 

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