BUSINESS
Vedanta Aluminium to collaborate with construction industry for fly-ash, bauxite-residue utilisation
At a national-level webinar held with global experts and participants from the cement industry, the company also sought interest from cement manufacturers for setting up integrated cement plants or cement clinker grinding/blending/processing units adjacent to its plants in Odisha and Chhattisgarh.
Zomato earnings release remains opaque, lacks substance and describes only selective aspects of the business: Jefferies
The past two quarters signal how unpredictable this business (& probably Internet sector) is likely to be, but we remain confident on the structural India growth story, it said. After a strong 2Q, an underwhelming GOV (+1.7 per cent QoQ) in 3Q will raise questions on India opportunity, Jefferies said. Adjusted revenues were flat QoQ to Rs14.2bn in 3Q, which was 9 per cent below estimates, albeit on a strong 2Q base. While net revenues (ex-delivery charges) grew 9 per cent QoQ, customer delivery charges fell 22 per cent QoQ which was a drag.
Half of India's FDI since 2000 in last 7 years: Govt
India registered its highest ever annual FDI inflow of $81.97 billion (provisional figures) in 2020-21 despite the Covid-related disruptions, Minister of State for Commerce and Industry Anupriya Patel told the Rajya Sabha in a written reply. This indicates increasing inclination of global companies to set up their business in India, she added. India jumped to 63rd place in World Bank's Ease of Doing Business ranking as per World Bank's Doing Business Report (DBR) 2020 from a rank of 142 in 2014.
Centre selects 20 Cos under auto PLI scheme
Last year, the Centre had approved the PLI scheme for enhancing the country's manufacturing capabilities for 'Advanced Automotive Technology' (AAT) products with a budgetary outlay of Rs 25,938 crore. The AATs based vehicles include types that are capable of running on hydrogen and electricity. Accordingly, the scheme proposes financial incentives to boost domestic manufacturing of AAT products and attract investments in the automotive manufacturing value chain.
Conmen made $1.3 bn via romance scams in 5 years, crypto biggest lure
According to the US Federal Trade Commission (FTC), the numbers have skyrocketed in recent years, and 2021 was no exception as reported losses hit a record $547 million for the year. "That's more than six times the reported losses in 2017 and a nearly 80 per cent increase compared to 2020. The median individual reported loss in 2021 was $2,400," the FTC said in a statement on Thursday.
India's forex reserves rises over $2 bn
The Reserve Bank of India's forex reserves increased to $631.953 billion from $629.755 billion reported for January 28. The country's forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Lower manufacturing eases India's Dec 2021 industrial production sequentially, YoY
The Index of Industrial Production (IIP) for December 2021 rose by only 0.4 per cent from a rise of 1.34 per cent reported for November 2021. Similarly, the production rate was lower on a year-on-year basis. In December 2020, the IIP had risen by 2.2 per cent.
Crypto firm Binance to take $200 million stake in Forbes
Forbes, known for its ranking of billionaires, said the deal would help make it a leader supplying information about digital assets, like Bitcoin. But news of the investment sparked questions among media watchers about potential conflicts of interest, the report said. Binance sued Forbes in 2020 for defamation, later dropping the case.
India's Dec 2021 industrial production eases sequentially, YoY
The Index of Industrial Production (IIP) for December 2021 rose by only 0.4 per cent from a rise of 1.34 per cent reported for November 2021. Similarly, the production rate was lower on a year-on-year basis. In December 2020, the IIP had risen by 2.2 per cent.
Tata Sons Board renews Chandrasekaran's term as Executive Chairman
The decision took place during a board meeting held on Friday. Accordingly, the Board reviewed the last five years' performance of the group and considered the reappointment of Chandrasekaran. In a statement, Tata Sons said that Ratan N. Tata, who was a special invitee to this meeting, expressed his satisfaction on the progress and performance of the Tata Group under the leadership of Chandrasekaran.
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