India’s services activity slows in December; PMI at 3-month low
India’s services activity slowed down to its lowest level in three months in December. Data released by IHS Markit on Wednesday showed that Purchasing Managers’ Index (PMI) for the services sector dropped to 52.3 in December from 53.7 in November. According to the analytics firm, staff hiring came to a halt due to liquidity concerns and subdued demand, while business optimism faded. PMI is a month-on-month calculation, and a figure above 50 indicates expansion while a figure below 50 signals contraction.
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Four workers dead, six hospitalised after toxic gas leak at SAIL’s Rourkela plant
At least four workers died and six others were hospitalised after inhaling a suspected toxic gas leaked from a unit at Rourkela Steel Plant (RSP) in Odisha. RSP is operated by the state-run Steel Authority of India Ltd (SAIL). The mishap took place at the Coal Chemical Department of the RSP on Wednesday morning, when a total of 10 workers were on duty. The four were contractual workers engaged by a private company. SAIL stated that a high-level committee has been formed to inquire into the cause of the incident. All emergency protocols have been immediately activated in the plant.
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Bharti Airtel moves SC over ‘error’ in DoT’s AGR calculation
Bharti Airtel Ltd has moved the Supreme Court over “arithmetical errors” in the Department of Telecommunications’ (DoT) calculation of adjusted gross revenue (AGR)-related dues. According to the DoT’s calculation, Airtel owes a total of Rs 43,980 crore in AGR dues, which includes principal, interest, penalty, and interest on penalty. However, as per its self-assessment, the company owes Rs 13,004 crore to the government. Bharti Airtel stated that AGR payments that were made earlier were not factored in by the DoT while raising demands for different circles and years.
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You can read more about the Telecom AGR saga here.
Tanla Platforms partners with Microsoft to develop CPaaS platform
Tanla Platforms Ltd has partnered with Microsoft Corporation to develop a digital Communications Platform as a Service (CPaaS) platform. The new platform has been conceptualized and patented by Tanla. Microsoft was the development partner who designed and built this platform. The Hyderabad-based company has proposed to launch the platform on January 20, 2021.
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Petrol, diesel prices hiked after month-long pause
After holding steady for 29 days, the price of petrol was increased by 26 paise per litre in Delhi, on Wednesday. A litre of petrol now costs Rs 83.97 in the national capital. With this increase, the petrol price has come very close to breaching its all-time high level of Rs 84 per litre (reached on October 4, 2018). The price of diesel was also increased by 25 paise per litre- to be sold at Rs 74.12 a litre in Delhi. The price of the two petroleum products has increased at varying levels across the country, depending on the prevalent taxation structure.
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Tata Motors brings back Safari as flagship SUV
Tata Motors on Wednesday said it is bringing back its iconic brand ‘Safari’ with its upcoming flagship SUV, which is code-named as the Gravitas. The company stated that Tata Safari introduced India to the SUV lifestyle and glamourised the segment for other players to follow. The new Safari has been designed and developed to appeal to the new-age SUV customers. Tata Motors will commence bookings for the new generation Safari shortly.
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Future Retail, Amazon agree on 3-member SIAC panel
Amazon.com, Inc and Kishore Biyani-led Future Retail have agreed to the names of three panelists required for their arbitration hearing. The panel will be led by Michael Hwang, the former judicial commissioner of the Supreme Court of Singapore. The hearing will be held at the Singapore International Arbitration Centre (SIAC). The panel will pass the final verdict on whether Future Group can go ahead with the nearly Rs 25,000 crore deal with Reliance or not.
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To know more about the retail war between Amazon, Future Group, and Reliance, click here.
IDFC First Bank Q3 update: Retail deposits surge 100%
IDFC First Bank on Wednesday provided an update for the quarter ended December 2020 (Q3). Retail deposits of the bank increased 100% year-on-year (YoY) and 18% quarter-on-quarter (QoQ) in December to Rs 58,435 crore. Customer deposits of the bank increased by 41% YoY to Rs. 77,289 crore. Credit growth of the bank has remained flat.
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DoT to start 4G spectrum auction from March 1
The Department Of Telecommunications (DoT) on Wednesday said that the auction of 4G airwaves worth Rs 3.92 lakh crore at the base price will start on March 1. The auctions come at a time when the data surge has increased multiple folds and the pandemic has led to an increased network load. According to the notice inviting application (NIA), applications can continue till February 5. The final list of the bidders will be declared on February 24.
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Bharat Dynamics secures order worth Rs 633 crore
Bharat Dynamics Ltd (BDL) said it has received a Konkurs-M ATGM (anti-tank guided missile) order, along with launchers and test equipment worth Rs 632.88 crore. The order book of the company now stands at around Rs 8,100 crore. BDL is one of India’s leading manufacturers of ammunitions and missile systems.
