COMPANIES & SECTORS


The National Spot Exchange Limited (NSEL) said on Wednesday that an order of the Punjab and Haryana High Court has paved the way for criminal investigation against NSEL defaulter LOIL Group and the subsequent arrest of its owners, Balbir Uppal and Janak Raj Singh, for the recovery of Rs...

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IL&FS has invited Expressions of Interest (EoI) for its stake in its subsidiary Ramagiri Renewable Energy Ltd (RREL).   IL&FS has offered 100 per cent of the issued, subscribed and paid-up share-capital of RREL held by IL&FS Energy Development Company Ltd (IEDCL) together with...

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Dr B Yerram Raju Dr B Yerram Raju 27 July 2021
In the recent Cabinet reshuffle, new Union minister Narayan Rane for the micro, small and medium enterprises (MSMEs) took charge. Coming from the MSME-intensive state like Maharashtra, the sector has a lot to look up to from him. The first challenge today is enhancing the institutional share...

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Moneylife Digital Team 27 July 2021
The auto industry witnessed healthy growth in June this year on a sequential basis (of past month) and is expected to continue recovery in sales volumes in July 2021, driven by the lock-down restrictions being lifted in some more parts of the country and a steady decline in daily new COVID...

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The Karnataka High Court on Friday dismissed a plea by Amazon and Flipkart against a probe initiated by the Competition Commission of India (CCI) for the alleged violation of competition law.   A division bench comprising justices Satish Chandra Sharma and Natraj Rangaswamy passed the...

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In a big setback for telecom companies, the Supreme Court on Friday dismissed their plea seeking correction of alleged errors in Adjusted Gross Revenue (AGR) calculation.   A bench headed by Justice L. Nageswara Rao said all applications dismissed. On Monday, the apex court already...

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Reliance Industries (RIL) said on Thursday that the appointment of Aramco Chairman Yasir Al Rumayyan as an independent director of the company has taken effect from July 19.   On June 24, RIL board had approved the appointment of Yasir O. Al-Rumayyan, as an additional director of the...

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Moneylife Digital Team 22 July 2021
Stressed steel plants, acquired under the Insolvency and Bankruptcy Code (IBC) resolution process are seeing faster returns. Despite the pandemic-linked blips, domestic demand outlook remains strong, which has helped acquirers ramp up utilisation levels, says a research note.   In a...

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The government is examining yet another proposal to see whether other PSU oil promoters of Petronet LNG (PLL) and Indraprastha Gas Ltd. (IGL) could participate in the mandatory open offer to shareholders of these entities triggered post privatisation of Bharat Petroleum Corporation Ltd...

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State-run Gujarat Urja Vikas Nigam Limited (GUVNL) has withdrawn subsidy to small-scale distributed solar projects, affecting about 4000 projects with an aggregate capacity of around 2500 MW signed power.   The purchase price of power produced was fixed at Rs 2.83 per unit which was...

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The government's UDAN (Ude Desh Ka Aam Naagrik) scheme, aimed at enhancing regional air connectivity through fiscal support and infrastructure development, seems to have hit an air pocket.   As of 31 May 2021, only 47% of the total routes and 39% of the airports (unserved and...

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The issues with calculation of Adjusted Gross Revenue (AGR) dues are far from over. The Supreme Court on Monday said it would pass order on applications filed by telcos -- Vodafone Idea, Bharti Airtel, and Tata Tele Services Ltd - alleging arithmetical errors in calculation of AGR dues...

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Moneylife Digital Team 17 July 2021
Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to acquire a controlling stake in local search engine and e-commerce marketplace, Just Dial Ltd for about Rs5,720 crore.    In a statement, the company says, "Reliance Retail...

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Moneylife Digital Team 16 July 2021
Deeper and wider penetration of the second wave of COVID pandemic into the hinterland, temporary closures of dealerships and higher channel inventory will moderate recovery of two wheelers this fiscal to 10-12% volume growth against earlier estimate of 18-20%, says ratings agency CRISIL....

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The base effect, along with low interest rates and pent-up demand, pushed India's domestic passenger vehicle (PV) sales higher in June on a year-on-year (y-o-y) basis.   Sales of passenger vehicles increased to 231,633 units last month compared to 105,617 units sold during the same...

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Setting an ambitious target of 10 per cent for all battery electric vehicles (BEV) registrations by 2025, the Maharashtra government on Tuesday unveiled its new Electric Vehicle Policy (EVP) with a slew of incentives and attractions for the customers.   The EVP was released by...

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The National Restaurant Association of India (NRAI) on Monday filed additional information with evidence with the Competition Commission of India (CCI), highlighting that Zomato and Swiggy are charging a commission in the range of 25 to 35 per cent of the order value in...

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Moneylife Digital Team 08 July 2021
Total vehicle retail sales for June 2021 rose by 22.62% on a low base. However, when compared with June 2019, a regular pre-COVID month, retail sales are still down by 28%, says the Federation of Automobile Dealers Associations (FADA).   Vinkesh Gulati, president of FADA, says, "While...

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PNB Housing Finance and its parent Punjab National Bank are on different pages when it comes to the housing finance company's proposed preferential issue worth Rs 4,000 crore to entities led by The Carlyle Group Inc.   The Punjab National Bank, in a letter on July 4, said that its...

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Moneylife Digital Team 07 July 2021
The National Company Law Appellate Tribunal (NCLAT) has passed an order on 30th June stating that it is empowered to refuse insolvency applications if there are signs of collusion and mala fide intent. The matter relates to an insolvency application which was filed by Hytone Merchants Pvt Ltd...

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