BUSINESS
Hospitality sector sore as Centre stalling Rs 60K cr package
In a representation to Sitharaman, the FHRAI has sought her intervention to set in motion the Rs 60,000 crore sanctioned under the 'Loan Guarantee Scheme' for Covid-hit sectors, as announced by her on June 28, said FHRAI Vice President Gurbaxish Singh Kohli. Kohli said the hospitality sector is among the worst-hit by the Covid-19 pandemic and lockdowns, and the severest restrictions and protocols have led to massive losses piling up in the past 16 months.
Franklin Templeton returns Rs 21,080 cr to investors of 6 shut schemes
In a letter to investors, Franklin Templeton Asset Management (India) Pvt Ltd President Sanjay Sapre said that the cash available for distribution stands at Rs 1,111 crore as on July 31, 2021. "The six schemes have disbursed a total of Rs 21,080 crore to investors till date. This equals 84 per cent of the AUM as on April 23, 2020, and ranges from 62 per cent to 99 per cent across the six schemes," he said.
More women from small-town India signup for digital coins: Report
Tier 2 and 3 cities have driven almost 55 per cent of total user signups on WazirX in 2021, overtaking tier 1 cities which demonstrated a signup growth of 2,375 per cent. The cryptocurrency exchange currently has more than 7.3 million users and has clocked over $21.8 billion in trading volume in 2021 till date.
PwC India to create 10K additional jobs in next 5 years
The fresh investment and expansion of Indian operations is part of PwC's 'The New Equation', a new approach in how the firm sees new opportunities serving the clients as they work to build trust and deliver sustained business outcomes to their stakeholders. The new business strategy will see the company create new jobs in the areas of digital, Cloud, cyber, analytics and emerging technologies.
BSE clarifies on new price-movement surveillance measures
The exchange in a circular has said that it has partially modified and superseded the notification it released on Monday. It said that the framework is applicable to BSE Exclusive securities in groups 'X, XT, Z, ZP, ZY, Y' and on companies which have market capitalisation of less than Rs 1,000 crore. The clarification also said that the securities should have a price of Rs 10 and more, as on the date of review, among others.
Asset-right strategy to drive ITC Next game-plan for hotels: Sanjiv Puri
In the medium term, the asset-right strategy is expected to double the number of properties in ITC's Hotels Business. As stated earlier, ITC will continue to examine alternate structures in this segment in line with industry recovery dynamics and opportunities for value creation. Puri said ITC has, over the years, built a footprint of iconic hospitality properties, which are globally acknowledged for service excellence and superior cuisine offerings.
That Rs 20L-Cr pandemic package expires, bequeathing @ 15% as 'loans'!
Hoping to unravel the exact benefits of the historic financial package after its validity ended in March 2021, a Pune businessman Prafful Sarda filed a query under RTI, but after over four months, got a shocking reply from the Centre. The Centre has said that in view of the unprecedented Covid-19 pandemic, "additional borrowing limit of up to 2 per cent GSDP was allowed to the state" under the 'Atmanirbhar Package' for the year 2020-2021.
ReNew Power to invest Rs 2,800 cr to acquire two assets
As part of the twin acquisition, ReNew will acquire L&T Uttaranchal Hydropower Ltd, which owns the Singoli Bhatwari Hydroelectric Project (SBHEP), from L&T Power Development Ltd, a wholly-owned subsidiary of the engineering and construction firm L&T. It will also acquire 260 MW/330 MWp of operating solar projects in Telangana, a definitive agreement has been signed.
Equity indices shed initial gains; healthcare, auto stocks plunge
Heavy selling was witnessed in healthcare and auto stocks. Around 10.10 a.m., Sensex was trading at 54,326.44, lower by 228.22 points or 0.42 per cent from its previous close of 54,554.66. It opened at 54,730.65 and has touched an intra-day high of 54,758.74 and a low of 54,303.97 points. The Nifty50 on the National Stock Exchange was trading at 16,211.85, lower by 68.25 points or 0.42 per cent from its previous close.
Fuel prices remain static amid softening of global crude
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Wednesday. Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.
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