UPI sets new record, logs transaction of 1.61B in August 2020
Wed, Sep 2, 2020 10:41 AM

UPI sets new record, logs transaction of 1.61B in August 2020

A new record has been clocked by the government-backed Unified Payments Interface (UPI). According to the latest NCPI data, UPI transactions stood at 1.61B in volume terms, totalling more than Rs2.98 lakh cr in August 2020. UPI transactions in July 2020, was at 1.49B in volumes aggregating to over Rs2.90 lakh cr. While the payment platform had recorded 1.34B transactions in June 2020.

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Vodafone Idea stock surges on fund raising plan
Wed, Sep 2, 2020 10:35 AM

Vodafone Idea stock surges on fund raising plan

The company said in an exchange filing on Tuesday post-market hours that the board will meet on September 4 to discuss fundraising proposals. The funds can be raised in one or more tranches by way of a public issue, preferential allotment, private placement including a QIP among other methods.

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Vodafone Idea to get Rs 4,000 cr from Indus Towers exit
Wed, Sep 2, 2020 4:56 AM

Vodafone Idea to get Rs 4,000 cr from Indus Towers exit

Vodafone Idea will sell its 11.15% stake in Indus Towers for a cash consideration of about Rs 4,000 crore as Bharti Infratel's board has decided on the merger with Indus Towers. However, Vodafone Plc will stay invested in the merged entity with a likely shareholding of 28.2%. Providence will hold around 3.2% while Bharti Infratel shareholders will hold 68.6% in the merged entity.

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ONGC profit falls 92% to Rs 496 crore in Q1
Wed, Sep 2, 2020 3:39 AM

ONGC profit falls 92% to Rs 496 crore in Q1

ONGC reported a profit of Rs 496 crore on a standalone basis for the quarter ended June 30, 91.7% less than the profit made in the same period a year ago. The state-run oil and gas producing company attributed the loss to lower crude price realisation in the wake of the coronavirus crisis on global oil and gas industry.

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Vistara introduces three days of leave without pay for pilots
Wed, Sep 2, 2020 2:42 AM

Vistara introduces three days of leave without pay for pilots

Vistara has decided to introduce three days of leave without pay for its pilots in September amid the airline industry continuing to grapple with weak travel demand due to the coronavirus pandemic, according to an airline source. The three-days leave without pay (LWP) measure for pilots is in addition to a cut in monthly base flying allowance.

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AGR DUES : Shorter payment duration will impact industry structure - ICRA
Wed, Sep 2, 2020 1:10 AM

AGR DUES : Shorter payment duration will impact industry structure - ICRA

The relatively shorter timeframe granted to telcos for payment of AGR dues will exert additional pressure on the cash flows, necessitates "sizeable" ARPU hike, and may have longstanding impact on industry structure, ICRA said on Tuesday. The Supreme Court has granted 10 years to telecom firms such as Vodafone Idea and Bharti Airtel for paying the Adjusted Gross Revenue (AGR)-related dues.

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Banks have to be prudential and not reckless in lending: SBI MD
Wed, Sep 2, 2020 12:54 AM

Banks have to be prudential and not reckless in lending: SBI MD

The banking system cannot be "reckless" in lending and repeat the mistakes of the past, a senior official from SBI said on Tuesday. Arijit Basu, a managing director at the country's largest lender, also said banks will respond to the COVID-19 challenge and "reach out" to the customers. The comments come days after RBI Governor Shaktikanta Das had asked banks to be more forthcoming on lending.

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HSBC's brokerage arm pegs Zomato's valuation at $5 billion
Tue, Sep 1, 2020 11:06 PM

HSBC's brokerage arm pegs Zomato's valuation at $5 billion

Bengaluru: HSBC Global Research has valued online food delivery platform Zomato at $5 billion, a significant upside to the valuation during its previous funding round. Taking stock of Zomato's publicly traded shareholder Info Edge, the Gurugram-based company could add $2 billion in market capitalisation to Info Edge over 3-4 years, the brokerage firm said in a report published recently.

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Coal India output grows 7.1% in August
Tue, Sep 1, 2020 10:52 PM

Coal India output grows 7.1% in August

Coal India on Tuesday said it has registered a 7.1 per cent growth in coal output at 37.17 million tonnes in August compared to the year-ago period. In a statement, the company said that coal off-take increased 9.3 per cent last month compared to the same period a year ago. For the first time in the ongoing fiscal, Coal India has recorded growth in both production and off-take. 

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Infosys plans to hire 12,000 American workers in two years
Tue, Sep 1, 2020 10:37 PM

Infosys plans to hire 12,000 American workers in two years

India's second largest IT firm Infosys on Tuesday said it plans to hire 12,000 American workers over the next two years, taking its hiring commitment in the country to 25,000 over five years. In 2017, Infosys had committed to hiring 10,000 American workers over two years, and has created 13,000 jobs in the US to date. 

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Bigbasket sees 84% jump in new customers in July vs pre-COVID
Tue, Sep 1, 2020 9:26 PM

Bigbasket sees 84% jump in new customers in July vs pre-COVID

Online grocery delivery platform Bigbasket on Tuesday said the number of new customers on its platform grew by 84 per cent in July this year as compared to the month of January, an indicator of the strong growth seen by e-commerce platforms during the COVID-19 pandemic. The number of new customers has increased by 84 per cent versus pre-COVID levels and the retention rate by 50 per cent.

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FlipItClassroom - Share Rights Issue - Everything you need to know
Tue, Sep 1, 2020 9:12 PM

FlipItClassroom - Share Rights Issue - Everything you need to know

Listed companies may announce a rights issue of shares to raise capital for accomplishing their expansion goals. In this process, existing shareholders can increase their exposure to stocks at a discounted pricing based on their present holdings. Investors can purchase these additional stocks directly from the company rather than visiting the secondary market.

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Adani ranked world’s largest solar power generation asset owner
Tue, Sep 1, 2020 8:45 PM

Adani ranked world’s largest solar power generation asset owner

Adani Green Energy Ltd (AGEL) on Monday said Mercom Capital has ranked it as the world's largest solar power generation asset owner in terms of operating, under-construction and awarded projects. AGEL's under-construction and awarded capacity stands at 10.1 GW, while its operational capacity is nearly 3 GW.

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Airtel expected to manage, VIL may find it tough: Analysts on AGR verdict
Tue, Sep 1, 2020 8:27 PM

Airtel expected to manage, VIL may find it tough: Analysts on AGR verdict

Vodafone Idea Ltd may struggle to pay its dues in the 10 years that the Supreme Court granted to telecom companies, analysts said on Tuesday. While Vodafone struggles to clear its dues, Bharti Airtel may be able to meet the payment schedule, brokerage Motilal Oswal Financial Services said. The SC in its verdict on Tuesday rejected the demand for a 20-year timeline to clear the AGR dues.

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India’s real GDP may decline by 10.9% in FY21: SBI economist
Tue, Sep 1, 2020 7:39 PM

India’s real GDP may decline by 10.9% in FY21: SBI economist

Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, now expects FY21 real GDP growth to decline by 10.9%, compared to a previous estimate of 6.8%. “After a decline of 23.9%t real GDP growth in Q1, now the question arises on how much growth will decline in subsequent quarters. It is now clearly visible that Q2 decline will also be in double digits,” Ghosh said.

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