BUSINESS
Government may seek details of interest on interest charged by banks
This follows the Supreme Court's observation given on Tuesday where it noted that the RBI and the government have not provided any rationale for the overall borrower's debt cap of Rs 2 crore for waiver of interest on interest and directed them to provide such relief to borrowers with the overall exposure of over Rs 2 crore as well.
Brent crude futures improve after 4% slump over Covid concerns
The May contract of Brent crude on the Intercontinental Exchange (ICE) is currently trading at $61.50 per barrel, 1.17 per cent higher than its previous close. The improvement in the crude futures comes after they fell over 4 per cent Tuesday, on the back of concerns over new pandemic restrictions in Europe as well as a stronger dollar.
Adani Green to buy 74.94 MW solar projects of Sterling & Wilson
The projects, commissioned in 2017, are located in the Medak District of Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana Limited. The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, Adani Green said in a statement.
Petel Thiel-backed VC firm invests Rs 74 cr in Indian startup
Velocity facilitates revenue-based financing up to Rs 2 crore with zero equity dilution or personal guarantees. Revenue-based financing is a new flexible alternative to venture capital or bank debt, wherein repayments happen as a fixed percentage of future revenues.
Indian social network Public App raises Rs 300 cr
Launched by short news aggregator Inshorts in 2019, Public earlier raised Rs 260 crore in funding led by Addition, along with SIG and Tanglin Venture Partners six months ago. "With more than 50 million active users in India, we first aim to connect the hyper-local communities of Bharat and later make the product global," said Azhar Iqubal, Founder & CEO, Public App.
Sensex down 500 points amid global sell-off
Heavy selling was witnessed in metal, finance, banking and IT stocks. Around 10.15 a.m., Sensex was trading at 49,536.26, lower by 515.18 points or 1.03 per cent from its previous close of 50,051.44 points. It opened at 49,786.47 and has touched an intraday high of 49,854.58 and a low of 49,529.23 points.
Intel to invest $20B for 2 new chip-making factories in US
New Intel CEO Pat Gelsinger also unveiled a new branch of the company called Intel Foundry Services, to become a major provider of foundry capacity in the US and Europe to serve customers globally. During the "Intel Unleashed: Engineering the Future" webcast, Gelsinger shared his vision for "IDM 2.0," a major evolution of Intel's integrated device manufacturing (IDM) model.
NHSRCL opens technical bids for viaduct between Anand and Sabarmati
NHSRCL spokesperson Sushma Gaur said that the agency has opened technical bids for the design and construction of about 18 km of the viaduct between Anand and Sabarmati, a stretch that has 31 crossing bridges, including six steel truss bridges. The company had invited the technical bids for the project in October 2020. The process of evaluation of the bidders is underway.
New tax-free ceiling on PF for employees in firms without employer contribution
Presenting the Budget 2021-22, Finance Minister Nirmala Sitharaman had earlier proposed to restrict tax exemption for the interest income earned on the employees' contribution to various provident funds to the annual contribution of Rs 2.5 lakh.
Amazon 'threatened' US warehouse workers amid pandemic
The official NLRB documents, seen by Motherboard, revealed that the e-commerce behemoth "illegally interrogated and threatened Jonathan Bailey, a lead organiser of the Queens Amazon walkouts, who has issued a federal complaint against Amazon". The case pertains to an Amazon warehouse in Queens, New York.
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