India looking to store oil overseas in USA
Oil Minister Dharmendra Pradhan in a conference on ‘Energy Security Towards Atma Nirbhar Bharat’ said that India is now importing oil from 30 different countries. He also said that India is now looking for overseas storage facilities in the USA and other commercially viable countries in order to hedge its supply risk.
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UTI AMC: IPO opens today
UTI Asset Management Company opened up for subscription on September 29,2020 and will close on October 1,2020. The price band for the IPO is set at Rs 552-554 per share. The issue size is 3,89,87,081 equity shares valued at Rs.2160 Crores. The company was subscribed 0.27 times and the retail segment was subscribed 0.51 times.
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Mazagon Dock Shipbuilders IPO opens today
The Mazagon Dock Shipbuilders opened up for subscription on September 29,2020, and will close on October 1, 2020, The price band for the IPO is set at Rs.135 – Rs.145 per share. The IPO is an offer for sale of 30,599,017 equity shares. The size of the IPO is Rs.443 Crores. The company was subscribed 2.09 times and its retail part was subscribed 5.65 times.
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Apple Inc. Manufacturers to invest $900 Million in India
Apple Inc’s top contract manufacturers Foxconn, Wistron and Pegatron plan to invest a total of almost $900 million in India over the next 5 years in wake of a new product-linked incentive plan. India’s new $6.65 billion production-linked incentive (PLI) scheme offers companies incentives on sales of locally manufactured smartphones.
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Hindustan Zinc raises Rs 3,520 Crores via NCDs
Hindustan Zinc on Tuesday said in a release that it has managed to raise Rs.3520 Crores through Non-Convertible Debentures.Each NCD was valued at Rs 10,00,000 each. Hindustan Zinc is a leading zinc-lead miner in India. It is a subsidiary of Vedanta Ltd which owns 64.9 percent stake in the company, Government of India holds the remaining 29.5 percent stake
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Govt starts procurement of rice at MSP
The Centre announced that it was announcing the procurement of paddy/rice for the kharif crop season. Food Corporation of India (FCI) and State Agencies are in a state of readiness for smoothly undertaking procurement operations.The ‘common variety’ of paddy will be sold for Rs.1868 per quintal and Rs 1,888 per quintal for A-Grade quality paddy/rice.
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G20 summit to be held virtually. Saudi to Host.
Saudi Arabia will be hosting the G20 summit this year virtually on November 21st and 22nd this year. The event will be held virtually owing to COVID-19. The theme of the summit will be “realizing opportunities of the 21st century for all” and will focus on “protecting lives and restoring growth” by addressing “vulnerabilities uncovered during the pandemic” said Saudi in an official statement.
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Vedanta gets Nod to Delist from NSE and BSE
Vedanta Resource Limited in a release said that it has received an in-principle nod from the NSE and BSE to delist from their respective exchanges. VRL has offered to buy out about 49.9 percent of public shareholding at a price of ₹87.5 per share.
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Ambani in Hurun India Rich List
Mukesh Ambani is on the top of the Hurun India Rich List for the 9th consecutive year as the richest man in India with almost Rs 6,58,400 crore of personal wealth in his name. Ambani is followed by Hinduja Brothers and the Shiv Nadar Family respectively. Hurun India launches a list of the richest people in India with a net worth greater than Rs.1000 Crores every year.
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CAG praises Bengal for 99% expenditure and 100% receipt reconciliation
Comptroller and Auditor General of India has praised West Bengal for filing 99% expenditure reconciliation and a 100 percent receipt reconciliation for last fiscal 2019-20. Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement and to also find out any discrepancies that might exist
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