Possible Aramco representative on RIL board's $15 bn deal is in talks
Sun, Jun 20, 2021 5:26 PM

Possible Aramco representative on RIL board's $15 bn deal is in talks

Saudi Aramco chairman and Governor of the Kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, is likely to be designated on the board of Reliance Industries Ltd, a pioneer to a $15 bn deal. An early announcement is expected for Al-Rumayyan's induction on the RIL board or the board of the newly carved oil-to-chemical (O2C) unit at the company's annual shareholder meeting on Jun 24.

Open Flip
Vedanta became successful bidder for coal block in Odisha
Sun, Jun 20, 2021 5:13 PM

Vedanta became successful bidder for coal block in Odisha

Vedanta successfully won the coal block bidding in Odisha which was put for re-bid in the second attempt of auction of blocks for commercial mining. The total number of mines successfully auctioned in the first tranche of the auction including Kuraloi (A) north coal mine in Odisha, for commercial mining is 20 out of total 38 coal mines offered, the coal ministry said in a statement.

Open Flip
PMC Bank depositors seek help from Bombay High Court
Sun, Jun 20, 2021 4:17 PM

PMC Bank depositors seek help from Bombay High Court

Resentful depositors of crisis-ridden Mumbai-based Punjab and Maharashtra Co-operative Bank (PMC) deciding to seek urgent resolution from Bombay High Court. The ongoing crisis lacks clarity from the bank or the regulator on an early refund or a clear time frame to refund the depositors. Depositors may also request a merger of PMC Bank with any of the running private sector banks.

Open Flip
Labour ministry plans to extend ABRY deadline till March 2022
Sun, Jun 20, 2021 3:56 PM

Labour ministry plans to extend ABRY deadline till March 2022

The Ministry of Labour and Employment planning to extend the timeline of the Atmanirbhar Bharat Rojgar Yojana (ABRY) till March next year from the existing June 30. This move aims to boost fresh hiring in the country amid the pandemic. Under the ABRY approved by the Union Cabinet in December last year, the government has to remunerate mandatory employees PF contributions of workers.

Open Flip
Indian markets recorded ₹13,667 cr FPI investment in June so far
Sun, Jun 20, 2021 3:45 PM

Indian markets recorded ₹13,667 cr FPI investment in June so far

Foreign portfolio investors (FPIs) induced a net ₹13,667 crore so far in June as Indian markets continued to remain attractive to overseas investors. However, it is to consider that few FPIs withdrew money from Indian equities this week. According to depositories data, FPIs invested ₹15,312 crore in equities between June 1 and June 18, 2021.

Open Flip
SAIL shifts commercial production of HH rails on a later date
Sun, Jun 20, 2021 3:32 PM

SAIL shifts commercial production of HH rails on a later date

State-owned Steel Authority of India Ltd (SAIL) has postponed commercial production plans of head hardened (HH) rails at its Bhilai Steel Plant in Chhattisgarh on a later date, as the foreign experts involved in it has moved from India before the second wave of Covid outbreak. SAIL said that cold commissioning of HH rails has been done and hot trials were taken in March this year.

Open Flip
Ceat eyes on growing exports in the coming years
Sun, Jun 20, 2021 3:26 PM

Ceat eyes on growing exports in the coming years

Ceat Ltd, the country's major tyre manufacturers, eyes on growing exports to southeast Asian markets, Europe and the United States over the next few years in a bid to boost its profitability. The company is also aiming to improve its domestic market share in the passenger and commercial car segments. The increase in rubber prices, lower demand, workforce expenses has impacted the company.

Open Flip
Nearly Rs 15 lakh cr MSME payments lingers annually; dues takes 3-6 months
Sun, Jun 20, 2021 2:21 PM

Nearly Rs 15 lakh cr MSME payments lingers annually; dues takes 3-6 months

A sum of Rs 15 lakh crore is stuck in payment to MSMEs. Generally, the payments typically made in three-six months in contravention of the MSMED Act. The second wave of the pandemic has exposed to vulnerabilities of MSMEs like never before, provoked their issues such as delayed payments, high informality, and low financial resilience.

Open Flip
CII prez advised cautious measures to avoid third wave while lifting curbs
Sun, Jun 20, 2021 2:11 PM

CII prez advised cautious measures to avoid third wave while lifting curbs

Industry chamber CII President T V Narendran has put forward that govt should take cautious steps while normalizing activities with a view to avoiding a possible third wave of the COVID pandemic. He said, the focus of opening up in the immediate run, should be on economic activities including restarting the supply chains as they are essential for reviving the growth and ensuring livelihoods.

Open Flip
MG Motor expects 20% industry growth in FY21
Sun, Jun 20, 2021 1:36 PM

MG Motor expects 20% industry growth in FY21

MG Motor India eyes on recovering sales over the next few months as lockdown restrictions are lifting on business activities due to improvement in COVID situation. The maker and seller of models like Hector and Gloster in the domestic market, expect 20% industry growth in FY21 as compared to last year when everything was closed due to COVID outbreak.

Open Flip
Air India can challenge Cairn lawsuit till mid-July
Sun, Jun 20, 2021 1:16 PM

Air India can challenge Cairn lawsuit till mid-July

Air India can challenge lawsuit filed by Britain's Cairn Energy PLC till mid-July, demanding that a US federal court imposed to pay USD 1.26 billion arbitration award it had won against the Indian government in December last year. With Cairn looking to recover the award from the state-owned airline, Air India, the government has said it will contest any enforcement.

Open Flip
Porsche creating joint venture with German battery maker Customcells
Sun, Jun 20, 2021 1:06 PM

Porsche creating joint venture with German battery maker Customcells

Volkswagen's luxury sports car unit Porsche AG forming a joint venture with Customcells to build high-performance batteries that will significantly reduce charging times, the company said on Sunday. Customcells is a company in southern Germany that is specialized in lithium-ion cells. They both aims to produce car batteries with higher energy density than prototypes used in Porsche.

Open Flip
Yamaha encourages personal mobility over public; COVID led change
Sun, Jun 20, 2021 12:32 PM

Yamaha encourages personal mobility over public; COVID led change

Japanese two-wheeler major Yamaha took advantage of a "drastic shift" in consumer behaviour, preferring personal mobility over public transportation brought about by COVID-19, and press ahead with its plans to spread its retail footprint in India despite the pandemic-induced disruptions. Yamaha Motor India also resumed its operations at its plants that were closed during lockdown curbs.

Open Flip
Draft cabinet note circulated to seek views on 100% FDI
Sun, Jun 20, 2021 12:22 PM

Draft cabinet note circulated to seek views on 100% FDI

The commerce and industry ministry has circulated a draft cabinet note asking inter-ministerial views on a proposal to allow up to 100% foreign investment under automatic route in oil and gas PSUs, having an 'in-principle" approval for disinvestment. If permitted by the union cabinet, this move would facilitate privatisation of India's second-biggest oil refiner BPCL.

Open Flip
Mahindra Logistics targets stronger business growth in FY22
Sun, Jun 20, 2021 12:11 PM

Mahindra Logistics targets stronger business growth in FY22

Mahindra Logistics recorded a considerable impact on its business in the last two months due to lockdowns across the states, but now it is back on a robust recovery path and targets this momentum to further consolidate during the second half of this fiscal, a top company official has said. The company is optimistic about the projections with lifting COVID restrictions across the country.

Open Flip

Join our Smart Investment Community

More than 250,000 users are using FlipItNews to stay updated about the business and finance world! Join FlipItNews now and take smart investment decisions!
Icon