1. Samsung looking to shift production to India

After Apple, Samsung is also looking to shift part of its smartphone production from Vietnam to India. The South Korean tech giant is planning to produce devices worth $40 billion (roughly Rs 3 lakh crore) in India. It is believed that the government’s PLI (production-linked incentive) scheme is behind this move. Samsung’s largest manufacturing plant is in Noida (Delhi NCR).

To read more about the PLI scheme, click here.

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2. Reliance to buy Urban Ladder and Milkbasket?

Mukesh Ambani led Reliance Industries (RIL) is planning to acquire online furniture brand Urban Ladder and milk delivery platform Milkbasket. This will be done to increase its business in the e-commerce segment. With India still grappling with COVID-19, people are relying more on online buying as they prefer to stay indoors. This has prompted RIL to increase its reach in the e-commerce segment.

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3. Japan’s economy shrinks at rapid record rate amid COVID-19

Amid the COVID-19 pandemic, Japan’s economy shrank at an annual rate of 27.8% in the quarter of April-June. This latest drop has been the worst since the Second World War. Japan has already been struggling to maintain high growth in its economy in pre-COVID times. The pandemic has struck hard on their trade business which has put a severe dent on their economy.

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4. Diesel sales dropped by 20% in the first half of August

The sales of diesel have seen a significant cut of almost 20% in the first half of august, as compared to the previous month. The two major reasons behind this are the decreasing difference between the price of petrol and diesel and the increasing price of diesel cars. According to one of the Maruti officials, the price of diesel cars may rise by 2 to 2.5 lakhs as they shift from BS-IV to BS-VI directly. If this happens, demand for diesel may decrease sharply in the coming months.

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5. MCX to launch new Bullion Index on 24th August.

Multi Commodity Exchange of India (MCX) is all set to launch the country’s first bullion index, Bulldex, on August 24. “MCX iCOMDEX Bullion Index Futures contracts, expiring September, October and November, will be available for trading with effect from August 24

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6. AGR hearing adjourned till August 19th

The Supreme Court adjourned the hearing on spectrum sharing case till Wednesday (August 19). A bench led by Justices Arun Mishra, S Abdul Nazeer, and MR Shah heard the case.

Solicitor General Tushar Mehta told the apex court that the government’s official position is that any decision that SC takes to help the recovery of AGR dues, the govt will support.

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7. Jio to contest RCom’s liabilities in Supreme Court

RCom owes Rs 25,199.27 crore in AGR dues, including spectrum usage charge (SUC) and licence fees. Jio, on the other hand, has already cleared its relatively small AGR dues of Rs 195.18 crore in January, complying with the apex court’s October 2019 order. Reliance Jio Infocomm Ltd is likely to tell the Supreme Court that it is not liable to pay the adjusted gross revenue (AGR) since most of these dues predate Jio’s use of RCom’s spectrum.

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8. Petrol price rises across metros again, diesel remains stable

Petrol prices in metros received a hike for the second consecutive day on Monday after remaining stable for over a month and a half. On Sunday, petrol prices were hiked after a pause of 47 days.

In Delhi, petrol is now sold at Rs 80.73 per litre, 16 paise higher than the previous level. Petrol price was at Rs 80.43 in Delhi from June 29.

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9. L&T Finance Holdings to consider raising funds via NCD issue

L&T Finance Holdings announced that the Committee of Directors of the Company will consider raising of funds through issuance of Unsecured, Redeemable, Non-Convertible Subordinate Debentures on a private placement basis and determine the issue price for the proposed Issue on 19 August 2020

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10. Best Agrolife Ltd. posts excellent Q1 results; revenue jumps 77 perc

BSE listed Best Agrolife Ltd, a leading global player in the agrochemicals sector and one of India’s largest manufacturers of agro-inputs, is aiming to achieve Rs 1517 crore turnover by FY2022 along with the net profit of over Rs 677 crore. Best Agrolife is preparing to increase its formulation plant capacity to 50000 MTPA. With regards to the pan-India supply chain network, the plan is to increase the distribution network to 2000 plus dealers and 25 plus depots.

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11. UK launches £3 million innovation challenge fund in India

UK launches £3 million(₹30 crore) innovation challenge fund in India.

The UK government has launched the fund in India to support scientists in academia and industry to tackle the most acute global challenges like Covid-19 and the threat to the environment, it said.

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