India’s WPI inflation at 8-month high of 1.48% in October
The inflation based on India’s Wholesale Price Index (WPI) rose to an eight-month high of 1.48% in October. The WPI inflation was at 1.32% in September and zero percent in October of last year. According to data released by the Ministry of Commerce and Industry, the prices of manufactured products have increased sharply. The prices of food items rose 6.37%, after growing 8.17% in September.
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Finance Ministry invites bids from actuarial firms for valuing LIC ahead of IPO
The Finance Ministry invited bids from actuarial firms for arriving at the embedded value of Life Insurance Corporation (LIC), ahead of its stake sale. The embedded value is the sum of the net asset value and the present value of future profits of a life insurance company. Actuarial firms provide statistical and risk-management services to insurance companies. The government plans to sell a minority stake in LIC and list it on the stock exchanges. It has already appointed Deloitte and SBI Caps as pre-IPO transaction advisors.
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Initial bids for BPCL privatisation closes today
The process of receiving initial bids for the privatisation of state-run Bharat Petroleum Corporation Ltd. (BPCL) will end today. The government has been trying to offload its entire 52.98% stake in BPCL, which is the country’s second-largest oil refining and marketing company. BPCL’s privatisation is essential for the government to meet its record Rs 2.1 lakh crore goal for disinvestment in 2020-21.
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Equitas SFB launches unique savings account for women
Equitas Small Finance Bank, on Monday, announced that it has launched a new product that is aimed at women. The product, termed as ‘Eva’, will provide a 7% interest on the savings account of women. The bank’s program also offers free health check-ups and unlimited teleconsultation with doctors and mental health experts. Equitas SFB has also announced that Indian woman cricketer, Smriti Mandhana, will be its new Brand Ambassador.
Indian economy may be recovering faster than anticipated: Oxford Economics
The global forecasting firm Oxford Economics has stated that the Indian economy is seen to be recovering faster than expected. It also stated that the Reserve Bank of India may soon arrive at an end-of-the-rate easing cycle. The firm has said that inflation is expected to average significantly above 6% in the fourth quarter of the current financial year.
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Wipro enters into partnership with SNP SE
Wipro Limited said it has partnered with Schneider-Neureither & Partner (SNP) SE to help customers accelerate their enterprise transformation journey. Both companies will also build a ”Transformation Competence Center’, that will train and certify Wipro consultants to use SNP’s CrystalBridge data transformation platform. The SNP Group has around 1,500 employees worldwide and is headquartered in Heidelberg, Germany.
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Maruti Suzuki sells over 2 lakh cars through online channel
India’s largest carmaker, Maruti Suzuki India, said that it has sold over 2 lakh cars through its online channel since April 2019. The company had initiated its online sales platform in 2018, and covers nearly 1,000 dealerships across the country. The company has also stated that its dealership websites are seeing a much larger traffic flow amidst the prevailing Covid-19 scenario.
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Ruchi Soya to launch FPO next year: Baba Ramdev
Baba Ramdev has announced that Ruchi Soya, which is owned by Patanjali Ayurved, will launch a follow-on public offer (FPO) next year. He has stated that the FPO has been planned to bring down the promoters’ shareholding in the company. A Follow-on Public Offer is a process by which a company, which is already listed on an exchange, issues new shares to investors or the existing shareholders. Ruchi Soya Industries Ltd. is one of the largest manufacturers of edible oil in India.
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Vodafone Idea may raise tariffs by 15-20% towards the end of 2020: Report
As per a report from ET, Vodafone Idea (Vi) is considering to increase tariffs by 15-20% by the end of the year or early 2021. The telecom company is currently trying to make a financial recovery and reduce losses in its customer base. The report also states that Bharti Airtel may also keep a close watch on Reliance Jio’s moves, and change its rates accordingly.
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GAIL completes Kochi-Mangalore natural gas pipeline
Gail India Limited has completed the natural gas pipeline stretch between Kochi and Mangalore. The 444-km long pipeline was launched in 2009 at an estimated cost of Rs 2,915 crore. The testing of the pipeline will be completed within the next few days. With the commissioning of the pipeline, gas demand in Kerala will touch 80-90 million cubic metres per annum.
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