Unacademy becomes IPL Official partner

Edu-tech firm ‘ Unacademy’ will be the official partner for IPL 2020 which is set to begin from September 19. They have been roped in this role for the next three seasons. Earlier this month, Chinese mobile company, Vivo, pulled out as tournament’s title sponsor. A few days later Dream11 pipped Unacademy and BYJUs to become this year’s IPL title sponsor.

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China buys record amount of steel from India in April-July

Amidst trade tensions between the nations, Indian steel exports actually hit its highest level in at least six years. The primary reason for that is assigned to reduced prices as the companies looked to sell the surplus created in domestic demand due to COVID-19. Tata Steel and JSW Steel, leading steel giants, contributed the maximum to the exports.

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Popular Finance owners go missing after Rs 2000 crore scam

Over 200 cases have been filed against the owners of Kerala-based financial firm Popular Finance over an alleged fraud of Rs 2000 crore. The matter came to light after all the branches of the firm were reportedly shut, leaving customers with no option to withdraw their deposits from the company. According to the police, the company has at least 1500 depositors.

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GST collections affected due to ‘Act of God’ Covid-19: FM Nirmala Sitharaman

As the GST Council meeting concluded, over the worries about revenue shortfall from states, The centre stated that the drop in revenue in Goods and Service Tax is because of COVID-19 pandemic and there may be a contraction in the economy. The centre estimates that the total expected shortfall in compensation cess payment is around Rs 2.35 lakh crore.

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India COVID-19 vaccine market could be worth $6 billion

The Coronavirus vaccine market in India could potentially be $6 billion in terms of sales. Government would require a 100% addition in the budget if it is planning to provide a vaccine to all the citizens which will be around $6 billion cost. 

Currently, with the sentiment, the Government will be able to immunise 30% of the population, while the rest of the population would have to purchase the vaccine privately. The price of the vaccine is expected to be $3 per dose for government procurement and $6 per dose for private purchase.

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$1.4 million raised by IIT Kanpur-incubated startup

Phool.co, a start-up in the innovative business of converting floral waste at temples into charcoal-free luxury license products, raised $1.4 million in a pre-series A funding round. The start-up is backed by the Indian Institute of Technology, Kanpur. During the lockdown, the company ensured its supply chain by sourcing flower waste directly from the distressed horticulture farmers.

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Future Enterprise rescheduled their important board meeting

Kishore Biyani-led Future Enterprises’ board meeting, which was scheduled to be held today, has been postponed. The meeting is now scheduled to be held on 7th September. Analysts have a keen eye on this meeting because Future Enterprises was reported to decide on their retail business which is rumoured to be acquired by Reliance.

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Wockhardt Q1 results: Revenue falls by 17.3%

Drug firm Wockhardt declared a consolidated net profit of Rs 759.75 crore for the quarter ending June. Last year for the same quarter the company reported a net loss of Rs 36.88 crore. Total revenue was amassed at Rs 606.22 crore in this quarter in comparison to Rs Rs 733.66 crore reported last year. Mumbai-headquartered Wockhardt Ltd. is a global pharmaceutical and biotechnology entity.

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Softbank Group to sell $14 billion stake in its telecom unit

Japanese multinational conglomerate, Softbank, is going to raise $14 billion by selling assets. This is done to generate more cash so that the company has a safeguard against future coronavirus implications. The sale will lower Softbank’s stake in its telecom unit. Their stake in the telecom unit is 62% but it will fall to 40% after the asset sale.

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PayU co-founder’s startup UniOrbit to raise $20M

Nitin Gupta’s new fintech startup, UniOrbit, is set to raise $18-$20 Mn. Accel and Lightspeed Venture Partners are said to be the leading investors for the company in the initial round. The seed round is reported to be formed at a valuation of $40-45 million.

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