BUSINESS
Essar Power enters into agreement with ATL to sell transmission asset
Essar Power Transmission Company Limited (EPTCL) has 465-km transmission lines across three Indian states. The asset transacted is an operational 400 kV inter-state transmission line linking Mahan to Sipat pooling substation. The project operates under the CERC regulated return framework. During the last three years, Essar Power has reduced its debt from a peak level of approximately Rs 30,000 crore to Rs 6,000 crore.
Centre approves EPF interest for FY22, four decade low at 8.1%
At 8.1 per cent, the rate for the last fiscal would be at a near four-decade low. In March, the Central Board of Employees' Provident Fund Organisation (EPFO) proposed to pay 8.1 per cent rate of interest on provident fund deposits for the current financial year, which has now got the Centre's nod. In FY21, interest rate of employees Provident fund was 8.5 per cent.
ITC's three LEED zero carbon-certified hotels create global milestone
ITC Windsor, Bengaluru, became the 1st hotel in the world while ITC Grand Chola is one of the largest hotels in the world to have received the prestigious LEED Zero Carbon Certification. ITC Gardenia has become the third hotel in the world to receive the certification. LEED Zero Carbon recognizes buildings operating with net-zero carbon emission and LEED Platinum is the highest rating awarded by US Green Building Council (USGBC).
Queensland offers horizon of opportunities to Indian business community
Australia has one of the most conducive environments in the world to do business and has a very strong and robust economy. Queensland, Australia, is emerging as the preferred destination for migrants due to its excellent handling of the Covid-19 pandemic and opportunities in the education, minerals, renewable, and agriculture sectors.
Aether Industries makes exchange debut with premium of 10%
Started in 2013, the Surat-headquartered Aether Industries focuses on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies and its products find application in the pharmaceutical, agrochemical, material science, coating, high performance photography, additive, and oil and gas segments of the chemical industry.
JM Financial maintains 'buy' call for realty major DLF, sees 34% upside in 12 months
Accordingly, the target price has been pegged at Rs 450 per share, implying a 34 per cent upside by March 2023, as against its current price of Rs 333. According to a note by JM Financial, DLF continues to offer a lot of visibility backed by broad-based momentum in the residential business, significant expansion plans in DLF Cyber City Developers, monetisation of land banks, and a possible REIT listing.
IL&FS gets NCLAT approval for making over Rs 16,000 cr interim payout to creditors
The interim distribution shall be confined only to the entities as reflected in "Annexure-6" except those excluded and for the amount of Rs 16,361 crores -- Rs 11,296 crore of cash and Rs 5,065 crore of InvIT units, the order said. "With regard to interim distribution, we further direct the new board in addition to compliance of the interim resolution process...only after approval by the new board," the NCLAT order read.
NRAI dismisses reports on govt calling restaurant service charge illegal
The Department of Consumer Affairs held a meeting, chaired by Consumer Affairs Secretary Rohit Kumar Singh, here on Thursday with restaurant associations and consumer organisations on the issue of service charge in hotels and restaurants. "Media reports regarding decisions allegedly taken at the Department of Consumer Affairs meeting yesterday with respect to legality of service charge are untrue," said the hotel industry body.
Indices settle almost steady in volatile trading session
Sensex closed 0.09 per cent lower at 55,769 points, whereas nifty closed 0.26 per cent lower at 16,584 points. Intraday low for sensex was at 55,719 points, whereas high at 56,433 points, data showed. On Friday, Reliance Industries was the top gainer among the Nifty50 companies, rising nearly 2 per cent, whereas Grasim Industries the top loser at 6.5 per cent.
India adds 14 unicorns in 2022 first half, builds 70K startups in 8 years
According to Union Science and Technology Minister Dr Jitendra Singh, the country has risen from 300 to 70,000 startups in the last 8 years, which is a massive 20,000 per cent increase. "We should aim at a sustainable startup ecosystem because startups are going to determine the future economy of India. It is a matter of pride that globally out of every 10 unicorns, one is Indian," the minister said during an event organised by the PHD Chamber of Commerce and Industry late on Thursday.
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