BUSINESS
Nifty at record high, crosses 15,500 for the first time
It touched a record high of 15,508.50. Around 10.56 p.m., Nifty was trading at 15,507.10, higher by 71.45 points or 0.46 per cent from its previous close. The BSE Sensex was trading at 51,727.69, higher by 304.81 points or 0.59 per cent from its previous close.
India's last mile delivery to become $6B profitable market by 2024
"In the e-commerce sector, logistics is divided between captive and third-party logistics (3PL). The overall e-commerce shipments has grown from 817 million shipments in 2018 to 1,364 million shipments last year, and is expected to grow over 5,000 million by 2025," said Kanishka Mohan, a Director with RedSeer.
IFC plans to lend $50M for Rabobank India
The IFC and Rabobank India are also in discussions on the former's advisory services aiming to assist the latter in strengthening its internal knowledge of selected agriculture value chain players in some geographies in India as well as the design of lending products needed to finance CSA solutions.
SaveIN aims market expansion after pre-seed funding
The company, which has not disclosed the funding amount, got investments from a number of Indian and international angel investors and industry leaders across banking, consulting, blockchain, and fintech. The company is looking to use recently-raised funds to expand its market reach
Industry hails expansion of ECLGS amid Covid crisis
"Relaxations announced under ECLGS 1.0 both in terms of extension of period of repayment as well as offer of an additional 10 per cent loan will serve the MSMEs well. Removal of the Rs 500 crore cap for eligibility under ECLGS 3.0 and inclusion of the civil aviation sector are also welcome," he said.
State-run banks to lend up to Rs 5 lakh for Covid treatment
The decision, which comes in the wake of the severe second wave of Covid-19, was announced jointly at a press conference by the State Bank of India and the Indian Banks' Association (IBA). PSBs will provide "unsecured personal loans to individuals from Rs 25,000 to Rs 5 lakhs for salaried, non-salaried and pensioners for meeting Covid treatment", said a joint statement.
SBI raises cash withdrawal limits at non-home branches
"To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form," the public sector lender said in a tweet. The revised ceiling for cash withdrawal for self through withdrawal form accompanies by savings bank passbook has been raised to Rs 25,000 per day.
Civil aviation now under ECLGS, norms eased to support smaller businesses
Announcing ECLGS 4.0 on Sunday, the Finance Ministry also said that the current ceiling of Rs 500 crore of loan outstanding for eligibility under ECLGS 3.0 will be removed, subject to maximum additional ECLGS assistance to each borrower being limited to 40 per cent or Rs 200 crore, whichever is lower.
LIC's holding at all time low on profit booking
In INR value terms though, it reached an all-time high of Rs 7.24 lakh crore in quarter ending March 31, 2021, an increase of 6.30 per cent over previous quarter. Sensex and Nifty rose by 3.70 and 5.10 per cent respectively during this period. LIC also continues to command a lion's share of investments in equities by insurance companies (76 per cent share).
Robotics firm Addverb eyes Rs 4,000 cr revenue in India in 2 yrs
Addverb Technologies in March this year inaugurated its Rs 75 crore manufacturing facility in Noida, Uttar Pradesh, that will employ 450 people and enable rapid innovation, adaption, optimisation and agile delivery of made-to-order robotics. The facility called 'Bot Valley' has a capacity to manufacture more than 50,000 robots of varied types in a year, and is equipped with best-in-class electronics and mechanical machines.
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