Union Cabinet approves reforms in natural gas marketing

The Union Cabinet on Wednesday approved the guidelines for complete freedom of natural gas marketing, which will be applicable for natural gas producers. A standardized e-bidding process for gas prices will be introduced in India. These reforms will help reduce import dependence and boost the gas economy.

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India becomes global leader in real-time financial transactions

With 42 million transactions per day, India has become the global leader in real-time financial transactions, according to a report from FIS (a leading provider of technology solutions for banks and capital markets). This is more than double the number of transactions as compared to last year. The main reason for this increase could be due to more digital payments amidst the Covid-19 pandemic.

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Enforcement Directorate arrests two executives of Cox & Kings Group

The Enforcement Directorate (ED) arrested Cox & Kings’ CFO Anil Khandelwal and internal auditor Naresh Jain on Tuesday, in connection with its money laundering probe in the Yes Bank loan default case. It was found that Yes Bank had a total outstanding (amount owned on debt) of Rs 3,642 crore against the travel company. The two executives had purchased properties using the funds diverted from Cox and Kings Group.

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Market borrowings of States’ increases 55% to Rs 3.75 lakh crore in FY21

The total market borrowings of 28 states and 2 union territories of India, during the current financial year (between April 7- October 6), has been estimated at Rs 3.75 lakh crore. This is a 55% increase, as compared to the market borrowings during the same period in FY20. Due to the Covid-19 pandemic, states were forced to borrow or raise funds from the market to meet expenses.

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Dixon Tech gets approval from Government for smartphone incentive plan

The government has approved Dixon Technologies Ltd’s (a design-focused solutions company) subsidiary, Padget Electronics, as a mobile manufacturing partner under the Production Linked Incentive (PLI) scheme. Under the PLI scheme, a company will get a 4%-6% incentive on incremental sales of goods manufactured in the country. The company’s shares saw a rise of 3.81% to Rs 9,056.30 after this announcement was made.

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Airtel extends contract with Ericsson for deployment of 5G-ready radio network

Telecom company Bharti Airtel has extended its contract with Sweden-based Ericsson for the deployment of 5G-ready radio network. The Made-in-India Ericsson Radio System is expected to improve Airtel’s network capacity for its customers. 

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Flipkart acquires 140-acre land to develop logistic park

Flipkart, which is owned by Walmart, has acquired 140-acre land in Manesar, Gurgaon at a cost of Rs 432 crore. The company aims to develop a logistic park, in order to increase their infrastructure capacity over the next 3-5 years. The project is set to create more than 12,000 jobs in the state.

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HDFC Bank and Apollo Hospitals introduces HealthyLife Programme

HDFC Bank and Apollo Hospitals have joined hands to launch the HealthyLife Programme, which would allow the bank’s customers to get affordable financing options for medical treatments. The programme creates easy access to quality healthcare and easy finance through its digital platform, Apollo 24/7. The initiative was launched digitally by HDFC MD Aditya Puri and Apollo Hospitals Group Chairman Dr. Prathap C. Reddy.

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