The Aviation Ministry approves 78 new routes in UDAN 4.0. North-East is Priority

The Civil Aviation Ministry on Thursday approved 78 new routes under the 4th round of Regional Connectivity Scheme UDAN.So far, 766 routes have been sanctioned under the UDAN scheme. 29 served, 08 unserved (including 02 heliports and 01 water aerodrome), and 02 underserved airports have been included in the list for approved routes.

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Delhi HC stays insolvency proceedings against Anil Ambani.

The Delhi High Court halted personal bankruptcy case hearings against Anil Ambani, in order to hear his broader challenge against certain parts of the country’s insolvency law.

The insolvency proceedings were previously initiated in view of Anil Ambani giving a personal guarantee of an Rs.1200 Crore loan from SBI.

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Parliamentary panel proposes FDI in the tobacco sector.

A panel of Indian Parliament has proposed an initiative wherein the government should impose 1% tax on cigarettes to help tobacco farmers and allow 100% FDI in tobacco production and cigarette manufacturing, to boost one of India’s major cash crops. Currently, FDI is prohibited in the manufacturing of tobacco products. The panel also recommended having export-only tobacco farms.

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Reliance Jio to invest over Rs 1,000 crore in West Bengal.

West Bengal Chief Minister Mamata Banerjee said Mukesh Ambani-led Reliance Jio will invest more than Rs 1,000 crore to set up a cable landing station in Digha, West Bengal.

Banerjee also announced that her government will also build a deep-sea port near the proposed site of the Digha landing station, adding that the state will come up with a broadband policy soon.

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Dilip Buildcon bags Rs 1,274 cr highway project in Karnataka from NHAI

Dilip Buildcon said in an exchange filing that it has received a letter of acceptance (LOA) on August 26, 2020, from the National Highways Authority of India (NHAI) for new HAM project in Karnataka.

The 38-km long project has been won at a bid project cost of Rs1,278cr and is expected to be completed within the next 24 months, the company said. Further, the operation period for the HAM project is 15-years

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GMR Infra planning to raise Rs 2000-3000 crore fund through QIP in October,2020

Diversified conglomerate GMR Infra is evaluating the launch of a Qualified Institutional Placement (QIP) in order to reduce the debt and is in talks with various investment bankers to raise Rs 2000-3000 crore. COVID-19 hit airport business has led to lower revenue and increasing interest costs, this fund-raising plan might help to reduce interest costs.

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Government to sell up to 15% stake in HAL via Offer for Sale

The government will sell up to 15% stake in Hindustan Aeronautics expecting to fetch Rs 5000 crore from the offer.

The deal will be executed at a floor price of Rs 1001 per share which comes at a discount rate of 15%. This move comes as a result of Disinvestment target for the fiscal year 2020-21. 

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Crude oil prices near five-month high since record low in April

Brent crude and U.S. West Texas Intermediate crude, both benchmark crude oil rose to 0.2 and 0.6 per cent respectively, to settle at a five-month high.

A record output cut by OPEC and its allies helped Brent crude to rise from a 21-year low in April.

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Amazon faces anti-trust case from over 2000 vendors

A group of more than 2000 online sellers filed an antitrust case against Amazon over unfair trade practices. The company is accused of favouring some retailers whose discounts drive the independent retailers out of business. It will be notable to see the case proceedings as the company is planning to invest $6.5 billion worth of investment.

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Alibaba puts on hold all the investment in India companies amid the tensions between the two nations

The Chinese conglomerate, Alibaba Group is planning to slow down its fundraising plans for a few companies in India like Paytm, Zomato and e-grocer BigBasket. The company has no plans of putting in its fresh funds to expand its investments in the country for at least six months.

However, certain sources suggest that there is a lot of interest from European and US-based investors to fill the gap left by Chinese investors. 

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