BUSINESS
CCI fines Amazon Rs 202 cr, suspends approval for deal with Future Coupons
Amazon failed to notify FRL SHA and the commercial arrangements, as part of the combination between the parties, and supressed the actual purpose and particulars of the combination, as discussed above, in contravention of the obligation contained in sub-section (2) of Section 6 of the Companies Act read with Regulation 5 and sub-regulations (4) and (5) of Regulation 9 of the Combination Regulations, the CCI said.
Bank of England raises interest rate first time in over three years to tackle soaring inflation
With United Kingdom's inflation rates soaring to new highs due to economic recession caused by pandemic, the Bank of England has raised the interest rate for the first time in more than three years. The bank on Thursday said that its Monetary Policy Committee (MPC) had voted by a majority of eight to one to increase rate interest rates. Later, on the basis of the votes, the interest rates were raised by 0.15 percentage points to 0.25 per cent.
Rising input costs to hit cement companies' margins by 200-230 bps in FY22: ICRA
The major inputs required in the production of cement are coal, petcoke and diesel. Elevated freight cost also added to the production cost. Notably, the projected decline in operational margins is despite a rise in production of the commodity and offtake by the infrastructure industry and rural housing sector.
HAL inks Rs 2,400 crore contract with Bharat Electronics for LCA Tejas systems
It is a five-year contract spanning from 2023 to 2028 and it is also the biggest ever order received by Bharat Electronics for Avionic Systems. The order includes the supply of critical avionics Line Replaceable Units (LRUs), flight control computers and night flying LRUs, said the Aerospace company HAL.
Equities decline in early trade on Friday
It is important to note here that Indian equity indices declined five out of past six sessions amid heavy sell-offs. At 9.30 a.m., the S&P BSE Sensex traded at 57,650 points, down 0.4 per cent. It opened at 58,243 points from the previous close of 57,901 points.
PLI schemes to add $504 bn of production, 1 cr jobs in 5 yrs: Govt
"The schemes have been specifically designed to attract investments in sectors of core competency and cutting edge technology, ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian manufacturers globally competitive so that they can integrate with global value chains," it said.
Amazon warehouse policies have put workers at risk: Report
The Occupational Safety and Health Administration (OSHA) in the US has opened an investigation into the collapse of an Amazon warehouse. The roof had collapsed after a powerful tornado hit the facility on December 10. "Despite hours of notice that severe weather was imminent, workers were not sent home before a tornado struck the warehouse and killed six people," reports The Verge.
CAIT urges Centre to ban 'Chinese' firm Shopee for FDI violations
The traders body urged the Centre to take immediate cognisance of the matter. According to the 2020 rule, an entity of any country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only through the government route. CAIT accuses the Chinese e-commerce company Shopee of violating the rule.
RIL biggest wealth creator in India, Adani Transmission fastest: Study
India's financial sector has emerged as the top value creator between 2016 and 2021 and it will continue to dominate wealth creation for quite some in the near future as well, Motilal Oswal Financial Services has said in its 26th Annual Wealth Creation Study 2021.
IPO-bound Ola raises $500 mn, to accelerate future mobility
According to the company, the proposed loan issuance received a staggering response from investors with interest and commitment of approximately $1.5 billion. "The overwhelming response to our term loan B is a reflection of the strength of our business and our continued focus on improving unit economics alongside rapid growth," said Bhavish Aggarwal, Founder and CEO, Ola.
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