BUSINESS
IT spending in India to grow 8% in 2021 amid pandemic
Worldwide IT spending is projected to total $4.2 trillion in 2021, an increase of 8.6 per cent from 2020. "The second wave of the pandemic and associated lockdowns have brought a significant sluggishness during most of the second quarter of 2021. However, demand is witnessing a rapid recovery across majority of the sectors," said Naveen Mishra, senior research director at Gartner.
U.S. budget deficit soars to USD 2.24 trn in first 9 months of fiscal year 2021
Federal revenue for the nine-month period ending in June rose to 3.05 trillion dollars, while total outlays rose to 5.29 trillion dollars, driven by payments for jobless benefits and COVID-19 relief programs, according to the department. Earlier this month, the Congressional Budget Office estimated that the U.S. budget deficit for fiscal year 2021 would reach 3 trillion dollars,
Pandemic pain: Fuel prices rose over Rs 20/ltr in FY21, by Rs 10 this yr
The rise of diesel has been sharper in FY21 in Mumbai where it rose by Rs 21.75 per litre from Rs 66.21 a litre last year to Rs 87.96 a litre this year March end. In the current fiscal, diesel rates have risen by Rs 8.85 in Delhi from Rs 80.87 on April 1 to Rs 89.72 now. In Mumbai, the fuel has risen by Rs 9.33 per litre to Rs 97.29 a litre now. The fuel is most expensive in Mumbai among all the metros.
Reliance Power shareholders approve preferential offer to RInfra with over 94% votes in favour
Accordingly, Reliance Power shall allot 59.50 Crore equity shares and 73 Crore warrants convertible into equivalent number of equity shares of the Company at a price of Rs.10 each by conversion of debt, aggregating upto Rs 1,325 Crore, to Reliance Infrastructure Limited (Reliance Infrastructure), a listed promoter company.
Zomato IPO anchor portion subscribed
The investors include New World Fund at 3.91 per cent, Tiger Global at 3.87 per cent, Fidelity Funds-India Focus Fund at 2.54 per cent, Baillie Gifford Pacific Fund at 2.99 per cent, Morgan Stanley Asia Opportunity Fund at 2.74 per cent, Canada Pension Plan Investment Board at 2.99 per cent, Government of Singapore at 2.30 per cent, Kotak Flexicap Fund at 2.17 per cent.
Hitachi completes $9.6 billion acquisition of GlobalLogic
Japan's Hitachi on Wednesday said that it has completed the acquisition of US-headquartered digital engineering services company GlobalLogic for $9.6 billion. The acquisition will help the company expand digital operations in a number of businesses, including IT, energy, industry and mobility.
$345 billion loss in trade for Commonwealth nations amid pandemic
However, among developing nations only India in Asia recorded higher overall foreign direct investment (FDI) inflows in 2020 compared with this previous average. The review, 'Energising Commonwealth Trade in a Digital World: Paths to Recovery Post-COVID', provides a timely and comprehensive analysis of the impact of the pandemic on the trade and investment flows of Commonwealth member countries.
NMDC board okays demerger of steel business
"This is to inform you that the Board of Directors of NMDC Ltd, at its meeting held today, July 13, 2021, has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Ltd ('Resulting Company') and their respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013," the NMDC said in a regulatory filing.
8,000 cases involving fake ITC of over Rs 35K cr booked in FY21
CBIC officers are using latest IT tools, digital evidence and also collecting information from other government departments to catch the fraudsters. Along with legislative and procedural changes in the law, the nationwide drive has contributed to better compliance and revenue collection. During the drive, cases of fake ITC availment against some well-known companies were also booked.
Adani group takes over management control of Mumbai Int'l Airport
The development came after approvals were received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra. MIAL is India's second busiest airport both in terms of passenger and cargo traffic. With eight airports under its management and development portfolio, AAHL is now India's largest airport infrastructure company.
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