BUSINESS
Vedanta Aluminium launches High-Speed Billets for extrusion industry
The company's global experts on billet extrusion also shared a slew of initiatives as part of its Customer Technical Service cell for unparalleled customer experience. Vedanta is India's largest manufacturer and exporter of high-quality aluminium billets, which find end-usage in Building & amp; Construction, Solar/Renewable Energy, Automotive, Electrical and many other key industries through the extrusion process.
India extends 'free' import policy for different palm oils
These palm oils include "refined bleached deodorised palm oil", "refined bleached deodorised palmolein", and another variant (palm oil and its fractions, whether or not refined, but not chemically modified). As per a Ministry of Commerce and Industry notification, the import is free for a period up to December 31, 2022.
Lok Sabha passes second supplementary demand for grants amid din
Replying to the debate on the supplementary demand for grants, Finance Minister Nirmala Sitharaman said that the government has recovered Rs 13,109 crore by selling the assets of fugitive defaulters such as Nirav Modi, Mehul Choksi, and Vijay Mallya. She also said that Rs 792 crore recovered after disposal of Mallya's property has been deposited with the banks.
CARS24 raises $400 mn, doubles valuation to $3.3 bn
This round is CARS24's third in just over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September this year. The round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital), along with participation from other existing investors.
Inflationary inflected: Centre suspends futures trade in 7 agricultural commodities
As per a Ministry of Finance notification, these agricultural commodities include wheat, paddy (non-basmati) chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong. Industry insiders opined that the move is in consonance with the Centre's goal to drive down inflation while maintaining a growth oriented liquidity stand.
Imran Khan under fire after Pakistani rupee plunges more than 70%
What has surprised policymakers is the fact the Pakistani rupee continued to weaken despite the recent loan from Saudi Arabia. "In recent days, it has become clear that bits of good news such as the arrival of three billion US Dollars in a Saudi loan to bolster the State Bank's reserves or conclusion of a staff agreement between Pakistan and IMF officials for resuming the loan have practically failed to stem the continued pressure on the rupee.," the News International said.
LIC IPO on course, to be out within FY22: DIPAM
According to Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), the IPO plan is on course. "Some media speculation doubting the feasibility of LIC IPO this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal," the Secretary tweeted.
Razorpay's valuation skyrockets from over $1 bn to $7.5 bn as it raises $375 mn funding
Indian neo banking platform Razorpay has raised $375 million (Rs 2,850 crore) funding in its Series F round. The fintech giant's valuation sprinted sevenfold after the latest round of funding as the firm's valuation rose to $7.5 billion. The firm had two major rounds of funding this year including the $375 million funding and the $160 million funding raised earlier this year.
B2B ecommerce platform Bizongo raises $110 mn led by Tiger Capital
With the latest round, Bizongo's valuation has soared to $600 million, making it the market leader in the segment."Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers. It enables them to digitise their entire vendor ecosystem and build integrated and connected supply chain processes," said Sachin Agrawal, Co-founder at Bizongo.
IDP Education expands its reach to 44 offices in India with 4 new offices in Dehradun, Bhubaneswar, Bhopal, Rajkot
With this move, IDP is now present in 44 offices across India, taking the organization a step closer to its vision of providing study abroad assistance to more students, including those residing in tier 2 and tier 3 cities. IDP is known to provide end-to-end overseas education assistance customized to a students' education and career goals
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