BUSINESS
Airtel, Jio conclude spectrum trading agreement
Airtel has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer, said a statement from Airtel. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum. In April, Airtel had announced the agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio.
Boeing supports India's focus on becoming global aerospace leader
Salil Gupte says "We are committed to India's 'Aatmanirbhar Bharat' vision in aerospace and defence and are helping build India's local manufacturing, engineering and innovation capabilities through our investments in a 275-strong and growing supplier-partner network and through our technical skilling initiatives that train local talent".
SpiceJet's YoY Q1FY22 net loss widens to Rs 729 cr
The Q1FY22 net loss is higher than Rs 593 crore in the same quarter of the previous year as flight operations were severely impacted due to Covid-19's second wave. However, total revenue rose to Rs 1,266 crore for the quarter as against Rs 705 crore in the same quarter of the previous year. Operating expenses were Rs 1,995 crore as against Rs 1,298 crore for the same period.
CCI okays Zomato's 9.3% stake purchase in Grofers
The acquisition involves an investment of $100 million by Zomato in the online grocer. Taking to Twitter, the anti-trust body said: "Commission approves proposed acquisition by Zomato of approximately 9.3 per cent stake in Grofers India and Hands on Trades." 'Hands on Trades' is the wholesale entity of Grofers.
RBI's Central Board takes stock of current economic situation
In its 590th meeting, chaired by Governor Shaktikanta Das and held via video conferencing, the board also reviewed global and domestic challenges facing the country and various areas of operations of the bank. The Board also reviewed the functioning of the Local Boards. Secretary, Financial Services, Debasish Panda, and Secretary, Economic Affairs, Ajay Seth also attended.
Sensex surges nearly 600 points to end at record closing level
Earlier in the day, Sensex crossed the landmark 55,000 mark for the first time in its history and touched its all-time intra-day high of 55,487.79 points. It closed at 55,437.29, higher by 593.31 points, or 1.08 per cent, from its previous close of 54,843.98. It had opened at 54,911.95 and touched an intra-day low of 54,905.49 points. Nifty also recorded its all-time high of 16,543.60 points during the day.
Adi Godrej to step down as GIL Chairman, Nadir Godrej to take over
Adi Godrej, 79, will also step down from the GIL Board of Directors but will continue to serve as the Chairman of the Godrej Group and also as GIL Chairman Emeritus, while Nadir Godrej, 69, will become the Chairman and Managing Director at the Mumbai-headquartered GIL, as per the company.
DRIs notices, orders in customs tax assessment matters liable to be set aside at any stage
What this would mean is that, even if an Order-In-Original (OIO),which was a culmination of the proceedings initiated with the issuance of a show cause notice (SCN) by an incompetent authority (i.e., Additional Director General, Directorate of Revenue Intelligence, Bengaluru in this case) is liable to be set aside. So, the move is expected to limit the unlimited jurisdiction of intelligence units in matters of tax assessment.
GMR Infra receives Rs 1,692 cr in 1st tranche consideration for KSEZ stake sale
As part of the said transfer of stake of KSEZ and in terms of regulatory requirements, the 74 per cent equity stake of Kakinada Gateway Port Limited ("KGPL") held by KSEZ is also being transferred to Aurobindo Realty. Total revised consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2,719 crore.
No change in fuel prices
Accordingly, in the national capital, petrol continued to be sold at Rs 101.84 per litre, while diesel was unchanged at Rs 89.87 a litre. Global crude prices have now softened to just around $71 a barrel after it swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $77 a barrel, only to fall soon below $70 a barrel and crossing $75 a barrel later in the month.
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