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INDIA BUSINESS | Tue, 3 Oct 2023, 11:02PM IST Fair trade regulator CCI on Tuesday granted approval for the acquisition of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation. PFC Projects, which is into electricity generation and distribution, and REC, which is a non-banking financial company, are subsidiaries of Power Finance Corporation (PFC). SJVN is mainly into hydroelectric power generation while DVC is a statutory corporation. The latter is engaged in the businesses of power generation, transmission, and water management. The proposed combination relates to acquisition of 100 per cent shareholding of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation (DVC), according to an official release. Lanco Amarkantak Power Ltd is into power generation. The Competition Commission of India (CCI) said it has approved the proposed deal. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair ...

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:56PM IST Investors soon won't be able to follow Warren Buffett's every move in HP's stock if the billionaire's company keeps selling off shares of the printer and computer maker. Berkshire Hathaway's ownership of HP Inc. is about to drop below 10 per cent after it sold nearly 5 million shares, according to a regulatory filing by Buffett's company late Monday. The Securities and Exchange Commission requires investors who own less than 10 per cent of a company to report their company holdings only on a quarterly basis rather than big investors who must disclose their actions closer to the time of a so-called triggering event, which can mean buying or selling shares. Many investors do watch Buffett's moves closely because of his extremely successful track record over the years. Not that long ago, Berkshire owned more than 12 per cent of HP's stock before it started to trim its stake last month. Now it's down to 10.2 per cent after several stock sales of the Palo Alto, California, company. In

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GLOBAL NEWS | Tue, 3 Oct 2023, 10:45PM IST The justices heard a challenge to the way Congress funded the Consumer Financial Protection Bureau but seemed persuaded that it was constitutional.

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INDIA NEWS | Tue, 3 Oct 2023, 10:41PM IST A report based on research by Oxford Economics has claimed that Airbnb contributed over USD 920 million to India's GDP and supported over 85,000 jobs in the country between April 2022 and March 2023. The report compares the findings for FY23 in terms of GDP contribution and jobs supported in India during the period between April 2019 and March 2020. The findings were not released for two fiscal years. According to the report, Airbnb guests spent a total of USD 815 million in India during FY23, more than double of the FY20 levels. In India, Airbnb's presence was the highest in Goa, where Airbnb guests spending amounted to almost USD 190 million. This was followed by Bengaluru and Delhi, Mumbai and Manali, it stated. James Lambert, Director for Economic Consulting in Asia for Oxford Economics, said: "Domestic travellers have been crucial to the tourism sector's resilience over the past three years as Indian guests saw opportunities in domestic travel as a substitute for international

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:41PM IST J&J is separately suing one of those experts, Jacqueline Moline, over a study she co-authored in 2019. That study was not at issue in Tuesday's decision

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:41PM IST Private sector lender ICICI Bank on Tuesday said it has raised Rs 4,000 crore via bonds to fund business growth. The bank has allotted 4,00,000 senior unsecured redeemable long-term bonds in the nature of non-convertible debentures aggregating to Rs 4,000 crore on private placement basis and the date of allotment being October 3, 2023, ICICI Bank said in a regulatory filing. The bonds are redeemable at the end of 10 years (redemption date being October 3, 2033), it said. There are no special rights or privileges attached to the bonds, it said. The bonds carry a coupon of 7.57 per cent per annum payable annually and were issued at par, it said, adding, the bonds would be listed in the relevant segment of the NSE.

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:31PM IST The company currently sells 13 models, including Creta, Exter and Venue, in India. He said that in 2022, only 18 per cent of the company's models had six airbags as standard

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:28PM IST Omnichannel travel services firm Thomas Cook (India) Ltd on Tuesday said CRISIL has upgraded its credit rating both in the short- and long-term. "CRISIL has upgraded rating on the bank facilities of Thomas Cook (India) Ltd (TCIL) to 'CRISIL AA-/Stable/CRISIL A1+," TCIL said a statement. The rating upgrade in the long term to 'AA-/Stable' from 'CRISIL A+/Stable' and in the short term to 'CRISIL A1+' from 'CRISIL A1' reflects Thomas Cook India Group's strong scale-up in revenue across businesses and expectations of sustained momentum driven by brisk revival in demand after the pandemic-induced disruptions, according to the company's statement. The ratings are indicative of TCIL's strong business risk profile with leadership position in travel and foreign exchange segments and healthy presence in hospitality (Sterling Holiday Resorts) and digi-photo imaging segments, as per CRISIL Ratings. The company has also improved its financial risk profile following sharp revival in business ...

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:27PM IST German auto-maker Daimler has opened five new dealerships in India as part of its plan to have outlets in 350 locations by the end of the year. The new dealerships, located in Tamil Nadu, Uttar Pradesh, Haryana, Mizoram, and Nagaland, will provide sales, service, and spare parts for the company's BharatBenz range of vehicles. Daimler currently has over 320 locations in its network and plans to reach 350 by the end of 2023.

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:25PM IST This comes after the Delhi Police searched 30 locations connected with the online news portal and its journalists in a case filed under the anti-terror law UAPA following allegations that it received money for pro-China propaganda.

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INDIA NEWS | Tue, 3 Oct 2023, 10:24PM IST British Prime Minister Rishi Sunak has reiterated his commitment to closer India-UK ties across different sectors, including a free trade agreement (FTA) between the two countries. Addressing a reception by the diaspora group Conservative Friends of India (CFIN) on the sidelines of the ongoing Conservative Party conference in Manchester on Monday evening, the British Indian leader began by reflecting upon his successful first visit to India as Prime Minister for the India-led G20 Summit last month. I've just come back from my first trip to India as Prime Minister and that was very successful, said Sunak. Everybody here already knows just how strong the relationship between our two countries is. At the G20, we really saw a glimpse of what the future of that relationship can be, with closer cooperation on absolutely everything from trade to defence, innovation, security, research, and I hope a free trade deal, and we can get it done, he said. The 43-year-old politician, who is leadin

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:18PM IST Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order. For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing. Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961, it said. The notice was issued by the Tax Department on September 29, 2023, it said. Incorporated in 1956 with an initial capital of Rs 5 crore, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as of March 31, 2023.

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INDIA MARKET | Tue, 3 Oct 2023, 10:16PM IST Loans and advances as of September 30 stood at Rs 2.11 lakh crore, up nearly 10% on year and 5.2% sequentially. The gross retail disbursements for the quarter was Rs 11,187 crore, compared to Rs 12,094 crore a year ago, and Rs 11,305 crore a quarter ago.

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INDIA MARKET | Tue, 3 Oct 2023, 10:16PM IST US job openings unexpectedly rise in August; 30-year, 10-year Treasury yields hit highest since 2007

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:12PM IST The Indian Railways achieved freight loading of 758.2 MT between April and September as against the 736.68 MT recorded in the corresponding period last year, which is an improvement of 21.52 MT. "Railways have earned Rs 81,697 crore against Rs 78,991 crore over the last year, which is an improvement of approximately Rs 2,706 crore as compared to the same period of the last year," the railway ministry said in a statement. "During the month of September 2023, originating freight loading of 123.53 MT has been achieved against loading of 115.8 MT in September 2022, which is an improvement of approximately 6.67 per cent over the last year," it added. The increase in freight loading has translated into an increase in the railways' revenue as it achieved freight revenue of Rs 12,956.95 crore in September 2023 as against the Rs 12,332.7 crore freight earnings in September 2022, thereby showing an improvement of about 5.06 per cent. "Indian Railways achieved loading of 59.7 MT in coal, 14.2

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INDIA BUSINESS | Tue, 3 Oct 2023, 10:06PM IST Users of South Africa, Mauritius, Jamaica, Guyana, and Trinidad & Tobago can now access SonyLIV's content catalog comprising over 40,000 hours of content across multiple languages.The users will have access to an impressive lineup of content that ranges from gripping original series such as Scam 2003: The Telgi Story, Rocket Boys, Maharani, and Gullak to 18,000+ hours of high-octane TV shows to select sporting events.

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INDIA MARKET | Tue, 3 Oct 2023, 10:00PM IST Oppn, media bodies term it assault on press; action on basis of evidence: BJP

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:52PM IST Vedanta on Tuesday said that its total aluminium production increased by two per cent to 5,94,000 tonnes in the second quarter of the ongoing fiscal. The company's total aluminium output in the July-September period of the last fiscal was 5,84,000 tonnes, Vedanta said in a filing to BSE. The mined metal output at Zinc India was marginally down to 2,52,000 tonnes, over 2,55,000 tonnes in the year-ago period. At Zinc International, the company's total mined metal output was down by 10 per cent to 66,000 tonnes, over 74,000 tonnes. The company's "overall production at 66 kt, (was) lower by 10 per cent YoY and 3 per cent QoQ largely due to lower tonnes treated", it said. The company further said that its saleable steel production increased 17 per cent Y-o-Y to 3,78,000 tonnes on account of improved operational efficiency and higher production capacity post debottlenecking carried out in FY23. Power sales increased by 12 per cent to 4,048 million units (MU), over 3,615 MU in the year

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:52PM IST Move comes a week after IHC sold its stake in Adani Green and Adani Transmission

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:51PM IST Volkswagen has launched Volksfest 2023, a special program offering benefits and offers to customers during the festive season. The program will run until November 15 and includes feature enhancements on the Taigun SUV and Virtus sedan, as well as the launch of the Virtus Matte Edition.

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:47PM IST The man, who has not been identified, was standing on top of a car and throwing Rs 20 notes into the air as people gathered around to collect it

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:46PM IST India's Petroleum Minister, Hardeep Singh Puri, has urged OPEC to consider the impact of surging oil prices on importing countries to prevent economic recession and slowdown. Puri highlighted India's reliance on OPEC for 60% of its crude oil imports worth $101 billion and emphasized the need for affordable energy for social upliftment.

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INDIA MARKET | Tue, 3 Oct 2023, 9:46PM IST Nifty on Tuesday ended about 110 points lower to form a small red candle on the daily chart, which reflected the lack of strength in the market to sustain the highs

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:40PM IST Uganda Airlines will begin operating a direct flight service between Entebbe city in Uganda and Mumbai, India, starting from October 7. The thrice-a-week service will be operated using an Airbus A330-800 neo aircraft with a three-class configuration. This will be the first non-stop flight service connecting India and Uganda in over 50 years. The airline hopes that the new route will strengthen business and commercial relations between the two countries and provide convenient connections to other parts of Africa.

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:39PM IST The city's rental rate increased 7.5% year-on-year, reaching Rs 21.50 per square foot per month, compared with Rs 20 per square foot per month the previous year, Knight Frank's Asia-Pacific Logistics Highlight H1 2023 report showed. Additionally, the city maintained a healthy vacancy rate of 15.8%, which was significantly lower than 28.2% earlier.

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1h

GLOBAL NEWS | Tue, 3 Oct 2023, 9:34PM IST The concern, raised in a letter, signals that cable and satellite providers may push back against streaming services full of shows theyre already paying for.

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INDIA MARKET | Tue, 3 Oct 2023, 9:34PM IST Further, Mazagon Dock, Suzlon Energy, Lloyds Metals and SJVN could migrate from smallcap universe to midcap universe, as per an analysis done by Nuvama Alternative & Quantitative Research

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GLOBAL NEWS | Tue, 3 Oct 2023, 9:31PM IST The report from the Labor Department is the latest reading on how the economy is withstanding the escalation of interest rates.

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GLOBAL NEWS | Tue, 3 Oct 2023, 9:29PM IST The health care system provides care for 13 million people in eight states. Union officials say the job action threatened for Wednesday could be the largest strike by health care workers in recent U.S. history.

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:26PM IST Next in the line to connect New Delhi and Chennai airports

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:24PM IST "The new time table has included 64 services of Vande Bharat trains and 70 other train services to offer passengers a comfortable and efficient travel experience," the ministry added.

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INDIA BUSINESS | Tue, 3 Oct 2023, 9:08PM IST Delhi experienced an exceptionally warm September, leading to record-breaking power demand in the city. The peak power demand exceeded September 2022 levels on 80% of the corresponding days, reaching a high of 6,993 MW on September 5, 2023. The hot weather has consistently kept power demand high compared to the same period last year.

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INDIA BUSINESS | Tue, 3 Oct 2023, 8:59PM IST For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing.

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INDIA MARKET | Tue, 3 Oct 2023, 8:57PM IST Stock split, particularly in high value stocks, helps in improving liquidity in the counter while also rewarding stakeholders. The Maggi noodles maker has been one of the best performing Nifty 50 stocks in 2023. It has given nearly 14% returns year-to-date, and touched a 52-week high of Rs 23,395.35 in July

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INDIA BUSINESS | Tue, 3 Oct 2023, 8:56PM IST Arvind Kapil to head mortgages; To have two branching heads

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GLOBAL NEWS | Tue, 3 Oct 2023, 8:55PM IST One U.S. company is helping Ukraine behind the scenes combat not only attacks from traditional weapons but invisible ones, too.

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INDIA BUSINESS | Tue, 3 Oct 2023, 8:51PM IST Chanda Kochhar, the former CEO of ICICI Bank, has filed a petition with the Supreme Court challenging her "illegal" termination. She is seeking retirement benefits and entitlements, including Employee Stock Options, which she claims were wrongfully revoked by the bank. Kochhar also wants the court to prevent the bank from interfering with her exercise of vested and unvested stock options. She alleges that the bank has no legal basis for its actions and that she has been subjected to persecution and harassment. The matter will be heard by the court in two weeks.

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GLOBAL NEWS | Tue, 3 Oct 2023, 8:49PM IST The trip comes at a time of heightened tensions between Beijing and Washington, as the Biden administration restricts investments in key Chinese sectors while trying to improve relations.

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