BUSINESS
Vedanta cuts $800 debt in FY22, gets pledge on shares released
In a regulatory filing deadline in the Singapore Exchange, the company on Monday said that it has reduced its net debt (including Inter-Company Loan and loan at Volcan) by $300 million in H1 and expects to further reduce its debt by $500 million in H2 FY22. With entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released, the company informed the exchange.
Sensex loses 350 points, RIL shares down 2%
Slump in the shares of index-heavyweight Reliance Industries (RIL) also pulled the indices lower. Around 10.15 a.m., RIL shares on the BSE were trading at Rs 2,373, lower by Rs 52.45 or 2.16 per cent from their previous close. Sensex was trading at 57,951.71, lower by 353.36 points or 0.61 per cent from its previous close or 58,305.07 points.
Petrol, diesel prices remain unchanged for over a week
The oil marketing companies (OMCs) on Monday kept pump prices of auto fuels petrol and diesel unchanged, the eighth consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes. Accordingly, the prices of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, according to the Indian Oil Corporation, the country's largest fuel retailer.
Israel-UAE trade reach $523.2 mn in H1: Report
This is a jump of about 177 per cent compared to a trade figure of $188.9 million recorded throughout all 2020, Xinhua news agency quoted the report released on Sunday as saying. Excluding diamonds, trade between the two countries totalled $229 million in January-June, up 143 per cent from $94.2 million in all 2020.
Wipro Chairman announces return to office from Monday
"After 18 long months, our leaders are coming back to the office starting tomorrow (Monday) twice a week. All fully vaccinated, all ready to go - safely and socially distanced! We will watch this closely," he said in a tweet. Premji also put out a short video of 59 seconds showing how well campus is ready to welcome its employees and their safety is ensured at multiple checkpoints through temperature checks and QR scans.
Hiring outlook for manufacturing sector remains subdued
Around 68 per cent of the respondents to the FICCI Manufacturing Survey for Q2 (July-September) said that they are not likely to hire additional workforce in the next three months. "This presents a near stable situation in the hiring scenario as compared to the previous quarter Q-1 of 2021-22, where 69 per cent of the respondents maintained similar sentiments," said a FICCI statement.
Ford's 'Quit India' decision surprises, shocks workers
Even as workers are eagerly waiting for a meeting with Ford India Private Ltd's management on Monday, the union official said that the shutting down of the plants is expected to be raised in the Tamil Nadu Assembly. On September 9, Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021 and vehicle and engine manufacturing in Chennai by the second quarter of 2022.
No TDS on transfer of assets from Air India to SPV
The Central Board of Direct Taxes (CDBT) has come up with a set of notifications, announcing the decision. One notification from the said that Air India Assets Holding Ltd shall not be considered as 'buyer' for the purpose of sub-section (1) of section 194Q of the said Act in case of transfer of goods by Air India Ltd to it.
Zomato to shut its grocery delivery service
The company is of the view that its investment in Grofers will generate better outcomes than its in-house grocery effort. Zomato has informed its grocery partners through a mail that it plans to stop its pilot service with effect from September 17. "We have decided to shut down our grocery pilot and as of now, have no plans to run any other form of grocery delivery on our platform," a Zomato spokesperson said.
UP's ODOP products to be showcased in Dubai Expo
The ODOP products of Uttar Pradesh, which have gained national and international recognition, have proved to be an important tool in generating self-employment and boosting the economy of the MSME sector in the state. ODOP has emerged as an effective way of self-employment. The Yogi Adityanath government promoted the traditional crafts confined to one district to help the local economy.
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