BUSINESS
NTPC plans Rs 2.5L cr investment in green power
Sources in government said that the power generator will be investing close to Rs 2 lakh crore to Rs 2.5 lakh crore over the next decade on expanding renewable capacity also aimed at boosting equity support, a big chunk of which would also come from the market through public offer. NTPC recently doubled its renewable power capacity addition target from 30,000 to 60,000 MW 2032.
Indian gaming platform WinZo raises $65 mn
According to the company, Griffin is making its first-ever investment in India in WinZO. "With this raise, we plan to grow much faster and become an even more lovable product for our consumers. WinZO is poised and strategically well-positioned to be one of the first 'Made in India' products that will rule the world in coming years," said Paavan Nanda, co-founder, WinZO.
IT, FMCG stocks pull indices lower
Around 10.40 a.m., Sensex was at 52,203.55, lower by 115.05 points or 0.22 per cent from its previous close of 52,318.60. It opened at 52,434.55 and has so far touched an intra-day high of 52,436.83 and a low of 52,192.86 points. The Nifty50 on the National Stock Exchange was at 15,642.70, lower by 37.30 points or 0.24 per cent from its previous close.
Hike in petrol prices, diesel unchanged
But this time around, the oil companies have only increased the pump price of petrol while keeping diesel rates unchanged to limit the cascading effect of high transport fuel on prices of various other commodities. Accordingly, the retail price of petrol increased by 35 paise per litre in the national capital on Friday to Rs 99.16 while diesel prices maintained the previous days price line of Rs 89.18 a litre.
India agrees to global tax framework on taxing multinationals
India and the other countries issued a joint statement on Thursday affirming support for the proposed framework which has at its core a global minimum corporate tax of 15 per cent and makes way for countries to tax multinational enterprises (MNEs), especially tech giants like Google, Facebook and Amazon, on their earnings there.
Amazon marches towards monopoly by singing tune of antitrust
"It is as if Bezos charted the company's growth by first drawing a map of antitrust laws, and then devising routes to smoothly bypass them. With its missionary zeal for consumers, Amazon has marched toward monopoly by singing the tune of contemporary antitrust." Khan says that although Amazon has clocked staggering growth, it generates meagre profits, choosing to price below-cost and expand widely instead.
130 countries support global minimum tax for world's largest corporations
OECD said that 130 countries have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. These 130 countries and jurisdictions, representing more than 90 per cent of global GDP, joined the statement establishing a new framework for international tax reform.
Special GST Council meet soon to discuss compensation: Sitharaman
Sitharaman, who is on a two-day visit to Karnataka, said that she had already assured all the stakeholders about convening a special session in which every issue related to GST compensation would be discussed in detail. To a question about Karnataka's GST compensation, she said that every state's compensation will be worked out.
IDP to acquire British Council's India IELTS business
The IDP and British Council, the two partners of IELTS, the world's most popular high-stakes English language test, announced on Thursday that British Council will sell its IELTS business in India to IDP. This means that all IELTS tests in India will be delivered by IDP, a leader in global education services. As an Australian listed company, it has operations in more than 50 countries and its websites attract 100 million visits a year.
Telecom industry under tremendous stress: Sunil Mittal
The Airtel Chairman also reiterated the concern that the industry should not turn into a ‘duopoly'. Interacting with the media on Thursday, Mittal said: "Saying the telecom industry is under stress in an understatement. The industry is under a tremendous amount of stress." Mittal noted that the government should help the industry achieve the 'Digital India' dream.
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