Taliban Halts India-Afghanistan Trade
Federation of Indian Export Organisation (FIEO) has said that the Taliban has disrupted its import-export with India. Afghanistan’s trade with India takes place through a transit route in Pakistan. Since the Taliban has stopped the movement of cargo across Pakistan, it means that trade with India also stands disrupted. According to FIEO, India can see a rise in the prices of dry fruits since it imports close to 85% of them from Afghanistan.
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India Ratings cuts FY22 GDP forecast to 9.4% from 9.6%
India Ratings has cut its FY22 GDP growth estimate for India to 9.4 percent from 9.6 percent. “While COVID 1.0 was mainly in urban areas, COVID 2.0 spread to rural areas as well. Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by 31 December 2021. With the ebbing of COVID 2.0, several high-frequency indicators are showing a faster rebound than expected. Kharif sowing is indicating a significant pick-up with the revival of southwest monsoon.” said the report by India Ratings.
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Aarti Industries approves demerger with Aarti Pharma Labs.
Listed-company Aarti Industries has approved a demerger of Aarti Industries from Aarti Pharmalabs, said a stock exchange filing. The company has announced that each shareholder is likely to get 1 share of Aarti Pharmalabs for every four shares of Aarti Industries they own.
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RBI issues new guidelines for bank lockers
The Reserve Bank of India has announced a fresh set of guidelines for bank lockers, safe custody, and article facilities. The rule laid down by the central bank shall come into effect from January 1, 2022. You can check out the official notification by the RBI over here.
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Emcure Pharmaceuticals files for IPO
Emcure Pharmaceuticals, a Pune-based pharmaceutical company has filed its Draft Red Herring Prospectus(DHRP) with SEBI for its IPO. The company is expected to raise Rs 4500 crore through its IPO, issuing fresh equity shares worth Rs 1100 crores and an Offer For Sale(OFS) of 18,168,356 equity shares. According to a CRISIL report, Emcure is the 12th largest pharmaceutical company in India and is the leader in gynecology, blood-related, and HIV antivirals therapeutic areas, based on sales in India in the FY2021.
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UAE Bars Indigo Flights for Flying Passenger Without RT-PCR
United Arab Emirates has banned all Indigo flights arriving from India till August 24, 2021. since the company has floated the mandatory RT-PCR test required at the departure airport. According to UAE norms, passengers arriving from India are required to take an RTPCR 6 hours prior to departure.
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Tata Steel announces Rs 270 crore annual bonus For Employees
Tata Steel will pay a total of Rs 270.28 crore in annual bonuses to its eligible employees for the Accounting Year 2020-21. Tata Steel has signed a Memorandum of Settlement yesterday with the Tata Workers’ Union for the payment of its annual bonuses.
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Vodafone-Idea Says It Has Fully Paid License Fees Dues For The Quarter Amidst Stir
Vodafone-Idea has confirmed that it has fully paid license fees dues for the quarter. A TOI report on Wednesday stated that the struggling telecom carrier had failed to clear its pending license fees worth Rs 150 crore for the April-June quarter.
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