BUSINESS
Vedanta puts its copper smelter plant in Tuticorin on sale
The company along with Axis Capital has called for Expression of Interest (EoI) for its smelter complex (primary and secondary), sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, effluent treatment plant, 160 MW captive power plant, reverse osmosis units, oxygen generation unit and residential complex with amenities.
Fairbridge Capital increases stakes in Thomas Cook
The Company had earlier converted Rs 302 crore OCCRPS into 6.4 crore equity shares on March 17, 2022. Consequently, the entire OCCRPS of Rs 435.7 crore has been converted into 9.2 crore equity shares at Rs 47.30 per share, thereby increasing the Promoters' shareholding to 72.34 per cent. According to Madhavan Menon, Managing Director, Thomas Cook the conversion of the balance convertible preference shares into equity.
India improves global ranking for mobile, fixed broadband speeds
India also improved its global ranking for overall fixed median download speeds, from 76th in April to 75th in May, according to network intelligence and connectivity leader Ookla. However, India's performance in median download speeds on fixed broadband witnessed a slight dip, from 48.09 Mbps in April to 47.86 in May.
IDBI Bank to sell property owned by Great Indian Tamasha Company
The Great Indian Tamasha Company was the corporate guarantor of the Great Indian Nautanki Company. IDBI Bank is calling for bids under the SARFAESI Act due to default of loans. The guarantors and directors listed are Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments and Wizcraft International Entertainment.
Bitcoin surges past $20K, Ethereum crosses $1,100 per coin
The rally came after Bitcoin, the largest cryptocurrency by market capitalisation, dropped below $18,000 per digital coin on Sunday -- a massive over 70 per cent drop from its record high of $68,000 in November last year -- as mayhem in the crypto market continued.
'Eminently Employable': Anand Mahindra extends support to Agniveers, says Mahindra Group welcomes opportunity to recruit them
I“Saddened by the violence around the #Agneepath program. When the scheme was mooted last year I stated-& I repeat-the discipline & skills Agniveers gain will make them eminently employable. The Mahindra Group welcomes the opportunity to recruit such trained, capable young people (SIC),” he said in a tweet. When asked about the post Mahindra Group would offer to Agniveers, Anand Mahindra said that there is great potential for the employment of Agniveers in the corporate sector.
Domestic coal production up by 28%
Due to this, coal imports for blending by the domestic coal based (DCB) power plants have dropped to 8.11 MT in the year 2021-22, which has been the lowest coal import in the last eight years. The imported coal based (ICB) power plants had imported coal more than 45 MT per year from 2016-17 to 2019-20.
The great FPI sell-off
The last time that the FIIs bought on a net basis for the year was in 2019 and 2020 when they invested Rs 40,000 crore and Rs 64,000 crore, respectively. At this time, domestic institutions also bought 42,000 crore in 2019 but sold 36,000 crore in 2020. In 2021, FIIs sold Rs 93,000 crore while domestic funds bought 95,000 crore.
Indian insurers create 'fertiliser pool' to cover imports from Russia
"With European reinsurers not willing to provide reinsurance support to imports from Russia and Belarus and while India imports a sizable volume of its fertilisers from these two countries, the non-life insurance industry has decided to create a Rs 500 crore pool," the senior industry official preferring anonymity told IANS. The reinsurers in Europe and the US are not providing reinsurance cover to goods going out of Russia and Belarus owing to the Russian military action in Ukraine.
Markets to recover some lost ground
BSESENSEX lost 2,943.02 points or 5.42 per cent to close at 51,360.42 points while NIFTY lost 908.30 points or 5.61 per cent to close at 15,293.50 points. The broader markets saw BSE100, BSE200 and BSE500 lose 5.51 per cent, 5.5 per cent and 5.66 per cent respectively. BSEMIDCAP was down 5.31 per cent while BSESMALLCAP lost 6.67 per cent.
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