BUSINESS
Centre advises parents to be cautious about ed-tech companies
As the pandemic disrupted the traditional brick-and-mortar education, the ed-tech startups rushed to help schools transition from offline to online. However, there have been various claims made by the students and parents about the companies' duping people with "free services", and even lack of refunds and deficiency of services; and parents being pushed into a debt burden.
Govt declares soya meal essential commodity, puts stock limit till June 2022
Under the Soya Meal Stock Control Order, 2021, issued with immediate effect from December 23, the stock limit has been set in consultation with the Central Department of Animal Husbandry and Dairying, wherein plant/miller/processors are allowed a maximum stock of 90 days production. They would also have to declare storage locations. "For trading companies/traders/private chaupals, only government registered enterprises, a maximum stock of 160 MT with a defined and declared storage location is allowed," said a release from the Ministry of Consumer Affairs, Food and Public Distribution.
India's foreign exchange dip lower by $160 million
The Reserve Bank of India's forex reserves decreased to $635.667 billion from $635.828 billion during the week ended December 10. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
GMR aviation arm enters Indonesia, to operate Kualanamu International Airport
The company entered into these agreements on Thursday with Angkasa Pura II (AP II), the state-owned enterprise and the bidding authority for the airport. On the same day, the company received the letter of award for the project, GMR Group said in a statement on Friday.
India engineering goods exports to China doubles in Nov: EEPC India
In November 2020, exports of such goods were worth $205.3 million, the council said. The US, however, remained the top buyer of Indian engineering goods at $1,196 million during the month, registering a growth of 36 per cent.
India's foreign exchange dip lower by $160 mn
The Reserve Bank of India's forex reserves decreased to $635.667 billion from $635.828 billion during the week ended December 10. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $645 million to $572.216 billion.
Mumbai's Darwin Platform Infra Ltd wins bid for Pune's Lavasa city
The Committee of Creditors (CoC) of Lavasa Corporation voted and accepted a Rs 1,814 crore final Total Resolution Plan to revive the city. Darwin Platform Group of Companies Group Chairman Ajay H. Singh said that his company has an ambitious and long-term plan for Lavasa smart city. Last month, the DPIL had submitted a revised bid on its Resolution Plan and this month the CoC initiated the process to finalise the deals submitted by various applicants.
Equities close in red amid Omicron scare; realty stocks fall
However, positive global cues arrested a further fall in the key indices. The Sensex and Nifty settled at 57,124 points and 17,003 points, down 0.3 per cent and 0.4 per cent from their previous close, respectively. Among the stocks, NTPC, Eicher Motors, ONGC, and Mahindra & Mahindra were the top losers, declining 2.9 per cent, 2.5 per cent, 1.8 per cent, 1.7 per cent, 1.7 per cent, respectively.
India's series of interventions arrest domestic spike in palm oil prices
Widely used in edible oil blending, cosmetics, processed food products, and even in biofuel, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles. Crude palm oil prices on the BMD rose 27 per cent during the year-to-date period in 2021 to around 4,949 ringgits (Rs 88,443), while on Multi Commodity Exchange of India, it rose just over 10 per cent to Rs 1,115 rupees per 10 kg.
Omicron concerns subdue equity markets; power stocks fall
Rising domestic Omicron cases subdued India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Friday's late-after trade session. Initially, both the indices opened with an upgap, but fell thereby. Globally, Asian stocks were mixed after failing to harness a tailwind from the US.
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