BUSINESS
SPV of state-run companies may be tasked to redevelop land bank with sick PSUs
As per a plan shared by the government officials privy to the development, non-core assets including land and buildings of several weaker PSUs may be handed over to specialised state-run agencies for redevelopment to realise higher value or for sale through a bidding process. Redeveloped land may be offered to investors on lease while ownership of plant and machinery could be transferred completely.
India's FY22 power demand expected to rise 12% YoY: Report
"Power generation also increased in most of the states, mirroring the growth in demand. However, power generation declined in Delhi, Punjab, Madhya Pradesh, Jammu and Kashmir and Gujarat. Fall in generation in Gujarat is largely due to a fall in the Mundra plant generation, which is attributable to a steep rise in imported coal prices, making the plant unviable to operate at the current level," .
India's Q1FY22 total FDI inflow up 90% YoY
Accordingly, India attracted a total FDI inflow of $22.53 billion in the first three months of 2021-22 (April to June), as compared to $11.84 billion reported during first three months of FY 2020-21. Besides, FDI equity inflow grew by 168 per cent in Q1FY22 at $17.57 billion, compared to the year-ago period at $6.56 billion.
IT raids Maha steel producer, detects Rs 175 cr black income
The series of simultaneous raids started on Wednesday in Ahmednagar, Nashik, Pune and Goa and investigations are still on with the recovery of incriminating documents and digital evidences. The seizures effected so far include unaccounted investments in property, cash of Rs 3 crore, jewellery worth Rs 5.20 crore, silver articles of 194 kgs worth around Rs 1.34 crore, said the ITD.
7 Years of Pradhan Mantri Jan Dhan Yojana | 10 points
Finance Minister Nirmala Sitharaman underlined the importance of the scheme in a series of tweets. She said that the 7 years of PMJDY have steered a directional as well as transformational change. This has enabled a system that can deliver financial services to the poorest of the poor.
Discussions on FTAs with several countries progressing fast: Union min
Currently, India is in discussions on FTAs with several countries including the UK, UAE and GCC countries, Australia and European Union. The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles cited that India and US have agreed to aspire for $500 billion trade in near future.
CAIT slams Niti Aayog for interfering in e-commerce rules
CAIT Secretary General Praveen Khandelwal came down vehemently on Niti Aayog and said, "It is highly unfortunate that Niti Aayog in the last seven years since it's inception had done absolutely nothing to support the 8 crore traders of India and now when the government is trying to create a level playing field in the retail sector, Niti Aayog is interfering in between and trying to derail the process."
Increased consumption prompts higher natural gas imports: Ind-Ra
"Ind-Ra believes that 11.8 per cent month-on-month (MoM) growth in liquified natural gas (LNG) import volume to 93 metric standard cubic metre per day (mmscmd) in June 2021 was led by 7.7 per cent MoM growth in domestic gas consumption to 166 mmscmd," the report said. "In June 2021, the city gas distribution segment volumes increased 61.2 per cent YoY and 10.3 per cent MoM to 28.9mmscmd."
Google may invest 'several thousands of crores' into Airtel
Both the companies are already in advanced stage of discussions and negotiations since last year, media reports said. These reports suggest the investment from Google into Airtel can be quite large in amount. It remains to be seen what are the underlying dynamics because the Jio and Google partnership might have come with a restriction for the latter to invest in any of its rival companies, including Airtel or Vodafone Idea.
OMCs keep petrol, diesel retail prices unchanged on Saturday
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel Rs 88.92 a litre. This is fourth consecutive day when fuel prices have escaped any revision. Across the country as well, fuel prices remained unchanged on Saturday, but their retail rates varied depending on the level of local taxes in each state. After falling, global crude oil prices had firmed up over the past week to cross $72 a barrel mark.
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