Prospective bidders for the contentious 4G network
turnkey contract of Bharat Sanchar Nigam Ltd (BSNL) and MTNL need to have a minimum average annual turnover of Rs 2,300 crore in the past three financial years FY18 to FY20 or calendar years 2017 to 2019. Their company should be registered in India to be eligible to participate in the tender. Read More
Volumes in F&O segment to shrink as peak margin rules kick in today
Volumes in the futures and options (F&O) segment are expected to shrink by a third in the coming months as the new peak margin norms come into effect from Tuesday. The F&O segment contributes about 90 per cent to the overall market volumes, nearly half of which is intra-day and heavily reliant on excess leverage. The maximum intra-day leverage that can be offered by a broker will now be restricted and will keep reducing until September 1, 2021. Read More
FinMin proposes DFI tag for IIFCL to support long term financial needs
The finance ministry has proposed giving the ‘development finance institution’ (DFI) tag to India Infrastructure Finance Company Limited (IIFCL) in a bid to support long-term financial needs of infrastructure projects. “The department of financial services (DFS) has prepared a Cabinet note to give DFI status to IIFCL.
The proposal being discussed will require the approval of Parliament as a Bill will be introduced to effect the change,” a finance ministry official said, requesting anonymity. Read More
Moderna vaccine 100% effective in severe cases; to seek US, EU approval
Moderna Inc plans to request clearance for its coronavirus vaccine
in the United States and Europe on Monday, after a new analysis showed the vaccine was highly effective in preventing Covid-19, with no serious safety problems. The primary analysis, which included 196 cases, found the vaccine was 94.1 per cent effective, in line with preliminary findings released earlier this month. None of the participants in the trial who’d received the vaccine developed severe Covid-19. Read More
Unacedemy gears up to take on Byju's K-12 education, coding space
After raising mega funding from SoftBank and Tiger Global, edtech company Unacademy is gearing up to take on decacorn Byju’s by tapping the K-12 education space and teaching coding to children. Facebook-backed Unacademy is mainly dominant in the area of exam preparation space. “It would be a head-to-head competition with Byju’s,” said an industry source. Flush with fresh funds, the Bengaluru-based company is planning to make acquisitions and pick strategic stakes in firms that would help it to achieve this goal, according to sources. Read More
VC investments in online gaming start-ups hike 114% to $376 mn in 2020
Online gaming gained speed during the lockdown phase and the month-on-month traffic is still increasing, attracting investors. According to Venture Intelligence data, venture capital investments rose by around 114 per cent this year to $376 million (January to date) from $176 million in 2019 (full year). Read More
Delhi HC stops AAI from collecting 38.7% of Mumbai airport's revenue
The Delhi High Court has restrained the Airports Authority of India (AAI) from collecting 38.7 per cent of Mumbai airport’s revenue as annual fee in view of the adverse financial impact of the Covid-19 pandemic. Mumbai airport had invoked the force majeure clause to challenge the transfer of Rs 29 crore from its escrow account to the AAI in July. Read More
Surprise amid pandemic: Firms across sectors beat Q2 earnings expectations
The September quarter (Q2) earnings season has been among the best surprises in the pandemic-hit FY21. Not only did earnings beat expectations, but the beat was also for a larger number of companies and sectors. As a result, most brokerages have revised upwards their earnings estimates, not only for FY21, but also for FY22. Analysts at Motilal Oswal Financial Services, led by its head of research-institutional equities, Gautam Duggad, said: “With an upgrade (>5 per cent) to downgrade ratio (< -5 per cent) of over 4:1, this has by far been the best earnings season. Read More
India's 10-year growth one of the biggest laggards in Asia, EM peers
A lower-than-expected decline in gross domestic product (GDP) during the September quarter might do little to the narrow the widening economic gap between India and its peers in Asia and other emerging markets (EMs). After a decade of poor performance, India economy has become one of the biggest laggards in the Asia and among EMs, with the exception of Pakistan, Sri Lanka, and Indonesia. Read More
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