Vodafone Idea rebrands itself to “VI”

Indian telecom operator, Vodafone Idea, has announced its new unified brand identity “VI”. This comes two years after the merger of Vodafone India Ltd and Idea Cellular Ltd which took place in August of 2018. Later, MD and CEO Ravinder Takkar of Vodafone Idea (VI) stated that the telco is looking to increase the tariff rates to improve its average revenue per user (ARPU). VI’s current ARPU is 114 when compared to Airtel’s Rs 157 and Jio’s Rs 140.

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RIL to spin off Oil-to-chemicals business

Mukesh Ambani-led Reliance Industries (RIL) is planning to bring in strategic investors in its Oil-to-Chemical (O2C) business. Yesterday, the company released the details related to slicing out its oil-to-chemicals business into a separate entity. The separation was planned initially to sell 20% of its stake to Saudi Aramco. However, the deal has not been finalized until now. 

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Raghuram Rajan comments on contracting Indian GDP

Former RBI and former IMF Chief Economist, Raghuram Rajan, has expressed his concerns over the steep fall in the country’s GDP. This comes after India reported a massive 23.9% fall in GDP for April-June 2020. Rajan has been vocal and stated that the government should be “frightened out of their complacency”. He has also asked for a better stimulus package and stated that mere free food and credit guarantees to the banks won’t do any good to the economy.

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23% increase in exports of farm produce

India has reported a YoY 23% increase in the exports of farm products for the period April-June. When compared to the first quarter of the previous year, India declared an increase of Rs 4,818 crore of Agri products export. Basmati rice was the leading export product with almost one-third of total exports in Q1 FY21.

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Tata Steel production back to 100% capacity

Tata Steel MD and CEO TV Narendran said that the company is back to their 100% production capacity. This comes after their production capacity was dropped to 50% during the COVID-19 lockdown. This has been possible due to a good monsoon season and an increase in demand in the rural economy. 

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RBI announces special OMO of Rs 10,000 cr G-Secs on Sept 10

The Reserve Bank of India (RBI) has decided to conduct simultaneous purchase and sale of government securities (G-Secs) under Open Market Operation (OMO) for ₹10,000 crores, in a bid to tame G-Sec yields, which jumped almost 24 basis points in the last six trading sessions. This OMO is a part relaunch of “Operation Twist” announced by the RBI previously. The simultaneous purchase and sale of G-Sec under OMO is called Long Term Repo Operations or LTRO. 


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Read More about Operation Twist and LTRO over Here.

SBI plans VRS for employees, about 30,000 eligible

The State Bank of India (SBI) is coming up with a voluntary retirement scheme (VRS) to optimise its human resources and costs to the back. The scheme can be availed of by employees who have completed 55 years of age and 25 years in the job. The scheme is also open for those who have health issues or problem with movement. Employees of other banks merged with the State Bank will also be able to participate in the scheme.

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Happiest Minds IPO opens up for subscription.

Happiest Minds Technologies Limited’s 700 Crore IPO opened up for subscription today. The Retail Investor portion got subscribed 14.6 times. Qualified investor and wealthy investor portion were subscribed 8 per cent and 62 per cent respectively. The IPO shall end on September 9th.


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Future Lifestyle Fashions Ltd. Q1

Future Lifestyle Fashions, reported its Q1 results today. Future Lifestyle Fashions reported a standalone loss of Rs 329 crore in the quarter ended June as compared to a profit of Rs 39 crore in the same period of last fiscal year. Revenue from operations in Q1 FY21 tumbled down to Rs 80 crore from Rs 1,496 crore in Q1 FY20 as the countrywide lockdown due to COVID-19 pandemic closed stores for several weeks together.

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Vehicle Scrappage Policy to be rolled out soon: Transport Minister.

A vehicle scrappage policy is in its final stages of approval and is likely to be rolled out within a month, Road, Transport and Highways Minister Nitin Gadkari said on Saturday. The vehicle scrappage policy is expected to warrant the scrapping of old vehicles in exchange for some incentives for consumers. Additionally, Vehicle recycling clusters shall be set up to boost the use of recycled materials thereby cutting the cost of raw materials.


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