India’s current account surplus rises to $19.8 bn
India’s current account surplus rose to 1.46 Lakh Crores in the Quarter ending June, said RBI in a release today. The current account surplus in the quarter ending March was close to 4,000 crores. In economics, a country’s current account records the value of exports and imports of both goods and services. A current account surplus indicates that the value of a country’s net foreign assets grew over a certain period.
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Delhivery to create over 15,000 seasonal Jobs this festive season
Logistics company Delhivery is aiming to create close to 15,000 seasonal jobs to meet the demand of the festive season, said Delhivery in a press release. Delhivery intends to ship 65 to 75 million packages in the upcoming festive season, almost a 100 percent growth over the last year.
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General Atlantic to invest Rs 3,675 crores in Reliance Retail
American growth equity firm General Atlantic will be investing Rs.3675 Crores in Reliance Retail Ventures Limited (RRVL) for a 0.84% stake in it, said Reliance Industries Limited (RIL) in an official release.The company had earlier invested Rs 6,598 crore into Reliance Jio, the company’s telecom arm.
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China may launch an Antitrust Investigation against Google.
There are unconfirmed reports that China is planning to launch an antitrust investigation against search engine giant Google and their Android operating system. The US already has an ongoing antitrust investigation against Google. Antitrust laws exist in countries in order to promote healthy competition between countries and to avoid any single private company from creating a monopoly in a certain sector.
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Govt Extends GST annual return filing deadline by a month.
The government has extended the deadline for filing annual return and audit report for Goods and Services Tax or GST by a month to October 31st,2020 for the fiscal year 2018-19.
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Jindal Steel and Power Ltd (JSPL) gets rail supplier status from Indian Railways
Jindal Steel and Power has become one of the first companies to get a steel supplier status from Indian Railways. Indian railways usually gets its steel supply from state-owned Steel Authority of India Limited (SAIL).
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Govt Extends Bharat Petroleum (BPCL) Bid Deadline for the fourth time
The centre for the fourth has extended its deadline for submission of expression of interest (EoI) for Bharat Petroleum Corp. Ltd (BPCL) to November 16th. An expression of interest is an informal offer made by a strategic or financial buyer of a company. This is a part of the divestment plan of the centre wherein it wants to attract private investors for state owned companies. PSUs have been barred from participating in the bidding process. The government owns 52.9% stake in BPCL worth almost Rs.50,000 Crores.
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SBI to raise up to Rs 5,000 Crores through debt instruments in FY21
The State Bank of India(SBI) has said in a release that it will raise upto Rs.5000 Crores by issuing Additional Tier 1 (AT-1) bonds this year, as approved by the central board of the bank.
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Dhanlaxmi Bank CEO ousted by shareholders
Dhanlaxmi Bank CEO Sunil Gurbaxani was ousted in the Annual General Meeting of the bank held on Wednesday. Around 90 percent of the shareholders voted against the appointment of Sunil Gurbaxani as CEO of the bank. Sunil Gurbaxani was appointed as the Managing Director and CEO of the bank for a period of three years with effect from February 27, 2020.
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Airtel Launches Cybersecurity Business.
Telecom operator Airtel has launched its cybersecurity business Airtel Secure, to help other enterprises tackle problems relating to cybersecurity, cyberthreat and fraud. It has also set up a Security Intelligence Centre in the National Capital Region (NCR,) with an investment close to Rs.100 Crores. Airtel Secure has also entered into partnership with companies like Cisco, Radware, VMWare, and Forcepoint .
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Honda Reveals H’Ness 300cc, Will Compete With Jawa, Royal Enfield
Honda revealed its new cruiser bike H’Ness today (pronounced ‘Highness’). The bike comes in two variants namely DLX and DLX Pro at a starting price of around Rs 1.90 lakh (ex-showroom).The Honda H’Ness CB 350 gets a 348 cc single cylinder engine which is air-cooled. It makes 20.8bhp at 5,500 rpm and 30Nm of peak torque at 3,000 rpm with a 5-speed gearbox. The bike is built specifically for India and will compete with Mahindra Backed Jawa, Eicher Motors Backed Royal Enfield to name a few.
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