India’s imports from China dip 27.63% during April-August
Commerce and industry minister Piyush Goyal informed that India’s imports from China declined by 27.63% during April-August this fiscal to ₹1.58 lakh crores ($21.58 billion), compared to the same period last year. Value of imports from China stood at ₹36,750 crores ($4.98 billion) in August. This fall can be attributed to Indo-China tensions and also to India’s general economic slowdown.
Read more here
India trials for Russia’s ‘Sputnik-V’ vaccine could start in next few weeks
Dr Reddy’s Laboratories Ltd, which has tied up with Russia’s sovereign wealth fund for development and Indian trials of Sputnik-V vaccine is expected to begin late-stage Indian clinical trials of Russia’s potential coronavirus vaccine in the next few weeks. The company will enroll 1,000-2,000 participants and conduct the trial at multiple government and private hospitals across the country.
Read more here
Tata Sons offers to buy out Shapoorji Pallonji Group’s stake
In an ongoing issue between Tata-Mistry, Tata Sons has offered to buy out Shapoorji Pallonji group’s stake in the holding company to help the group raise money to pay its debt. It has offered to purchase the stake of more than 18% stake in the Tata Sons company. Shapoorji Pallonji Group has agreed to exit the Tata Sons Group.
Read more here
Reliance in talks with assemblers to produce Rs 4,000 Android phone
Reliance Industries Ltd was reported to ask local suppliers to ramp up production capacity in India so they can make as many as 200 million smartphones over the next two years. The company is in talks with domestic assemblers to make a version of its Jio phone that would run on Google’s Android and cost about ₹4,000.
Read more here
BSNL raises Rs 8,500 crore via bonds issue
Government run Bharat Sanchar Nigam Limited, on Monday raised Rs 8,500 crore via its local bond sale that obtained bids double the actual size. Top institutional investors including HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, ICICI Primary Dealers are reported to have bet on those debt securities. The company would use the proceeds to repay debt and fund expansion as it aims to regain market share in a sector that’s consolidated and now has only three private operators.
Read more here
Internet subscribers in India grew 3.4% quarterly by March 2020
As per the quarterly sector performance data of Telecom Regulatory Authority of India (TRAI), India witnessed a sequential quarterly growth of 3.4% in the number of internet subscribers in the country at the end of March 2020. As far as the overall market share is concerned, Reliance Jio topped the chart with a share of 52.3%. was followed by Airtel and Vodafone Idea with a market share of 23.6% and 18.7% respectively.
Read more here
SEBI debars 12 DHFL promoters for frauds causing ₹17,000-cr impact on accounts
The Securities and Exchange Board of India (SEBI) on Tuesday debarred the DHFL promoters from accessing the securities market for allegedly indulging in fraudulent transactions and misleading investors by putting out false financial statements to the public for more than a decade. The financial impact of the “fraudulent transactions” has been to the tune of Rs 14,046 crore. The regulatory body also said that ₹3,348 crore is due towards notional loss to DHFL on account of fraudulently charging lower rate of interest.
Read more here
Railways issues fresh ‘domestic’ tender for procuring 44 Vande Bharat trains
Indian Railways on Monday announced that it has issued a revised tender for procurement of 44 semi-high speed Vande Bharat train sets, mandating 75% local content. The bids are scheduled to be opened on 17 November. A pre-bidding conference for the tender will take place on 29 September.
Read more here
CBI books Kwality for defrauding of Rs 1,400 crore
The Central Bureau of Investigation (CBI) on Monday reported that it has registered a case against Delhi-based private company Kwality and its directors, among others, on allegations of causing a loss of approximately Rs 1,400.62 crore to a number of banks including Bank of India. The case was filed following a complaint by Bank of India.
Read more here
Promoters To Sell Up To Rs 1,433-Crore Stake In GMM Pfaudler
Shares of GMM Pfaudler plunged 10 per cent in Today’’s trade after India’s largest manufacturer of glass-lined equipment announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500, a 33.21 per cent discount to its Monday’s market price of Rs 5,241. The stock fell 10 per cent to hit a low of Rs 4,717.
Read more here
