BUSINESS
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Jun- 2022 -30 June
NRIs in Gulf rush to remit money as rupee plummeting
Jeddah: The NRI community living in Gulf countries are remitting money back home as much as they could, as the Indian rupee continued to plummet. Most foreign exchange companies and banks in the Gulf region have been witnessing an unusual remittance rush as NRI cashing on weakening Indian rupee, which hit an all-time low on Wednesday as one Saudi Riyal fetched 21.054 Indian Rupees. The Indian rupee depreciated 14 paise to fresh lifetime low against the US dollar in opening trade on Wednesday amid persistent foreign capital outflows and elevated crude oil prices. At the interbank foreign exchange, the local unit opened on a weak note at 78.86 against the greenback, then lost ground to quote at 79 — it’s all-time…
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29 June
Adani arm, LG among 15 more to get white goods PLI benefits
The government has selected 15 companies, including Adani Copper Tubes, LG Electronics, Mitsubishi Electric, Jindal Poly Films Crompton Greaves, and Wipro, in the second round for incentives under the Rs 6,238-crore production-linked incentive (PLI) scheme for white goods. Together, the selected companies have pledged investments of Rs 1,368 crore in making air-conditioner (AC) components and LED bulbs, which will lead to incremental production of Rs 25,583 crore over the next five years. The investments will create direct employment opportunities for 4,000 people. Born before 1968? You won’t believe this pension drawdown benefit AdMy Pension Choices The applications of four other investors, including Zeco Aircon and EMM ESS Aircon, with pledged investments of Rs 181 crore are being referred to a…
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29 June
Akash Ambani Named Reliance Jio Chairman; Mukesh Ambani Resigns
Reliance Jio Infocomm on Tuesday said Mukesh Ambani has stepped down as the company’s director, effective from the close of working hours on June 27. The telecom arm of Reliance Industries Ltd (RIL) also said its board has approved the appointment of Akash Ambani, non-executive director of the company, as its chairman, according to a regulatory filing. Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm. “The board of directors has at their meeting held on June 27, 2022, noted the resignation of Mukesh D Ambani as director of the company effective from close of working hours on June 27, 2022; and approved the appointment of…
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27 June
Rupee gains 6 paise against US dollar in early trade
Mumbai: The rupee appreciated 6 paise to 78.27 against the US dollar in opening trade on Monday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment. However, elevated crude prices and persistent foreign fund outflows restricted the rupee’s gain, forex dealers said. At the interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close. In the previous session, the rupee had closed at its all-time low of 78.33 against the US dollar. On the domestic equity market front, the 30-share Sensex was trading 589.05 points or 1.12 per cent higher at 53,317.03, while the broader NSE…
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27 June
Western Railway registers 67% growth in revenue generation compared to previous year, surpasses proportionate target for June 2022
The Western Railway has surpassed the proportionate target set up for June 2022 in terms of revenue from Parcel and Ticket checking. According to Sumit Thakur, Chief Public Relations Officer of Western Railway, during the period from 1st April 2022 to 23rd June 2022, WR achieved revenue to the tune of Rs. 4,485.31 crore registering a growth of almost 67 per cent in comparison to the previous year for the corresponding period. Out of this, the revenue of above Rs. 1,256.66 cr has been garnered from the passenger sector and about Rs. 3,098 cr has been generated from the goods sector. Rs. 71.81 cr has been received from Parcel and Luggage which has registered an increase of 42.54% as against…
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25 June
FDA bans Juul e-cigarettes from US market
The US Food and Drug Administration (FDA) has issued marketing denial orders (MDOs) to JUUL Labs for all of their products currently marketed in the country.The products include the JUUL device and four types of JUULpods: Virginia tobacco flavoured pods at nicotine concentrations of 5.0 per cent and 3.0 per cent and menthol flavoured pods at nicotine concentrations of 5.0 per cent and 3.0 per cent. The company cannot sell or distribute these products in the US market. In addition, those currently on the US market must be removed, or risk enforcement action, the FDA statement said.The “action is further progress on the FDA’s commitment to ensuring that all e-cigarette and electronic nicotine delivery system products currently being marketed to…
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24 June
Gemini Edibles and Fats to set up an edible oil manufacturing unit with Rs 500 cr in Telangana
Riding on Telangana Government’s push to alternate crops like palm and oil seeds, Hyderabad-based Gemini Edibles and Fats India has decided to set up an integrated edible oil manufacturing plant in Telangana with Rs 500 crore in about 50 acre. It will have a 1,000 tonne per day capacity, said Pradeep Chowdhry, Managing Director of Gemini Edibles and Fats (GEF). This will be the first of its kind plant coming up in the landlocked Telangana State. Its other plants are port-based as it imports crude oil for refining. “Telangana planned palm cultivation in about eight lakh hectares. Plantations are underway and they will come to fruition in about seven years. We will have enough opportunity to process edible oils in…
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23 June
Rupee recovers from record low, inches higher by 9 paise against US dollar in early trade
Mumbai: Recovering from its record low, the rupee inched higher by 9 paise to 78.23 against the US dollar in early morning trade on Thursday. At the interbank foreign exchange, the rupee opened at 78.26 against the American dollar, then inched higher to quote at 78.23, registering a rise of 9 paise from the previous close. On Wednesday, the rupee declined by 19 paise to settle at an all-time low of 78.32 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent lower at 104.14. “The Indian Rupee opened stronger against the dollar this Thursday morning, tracking a further pullback in crude oil prices,” said Sriram Iyer,…
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22 June
Dramatic slowdown ahead for Sweden’s economy
Due to rampant inflation, Sweden’s economic growth is expected to dramatically slow down this year and next, according to a report released by the National Institute of Economic Research (NIER). According to the government agency’s latest prognosis on Tuesday, economic growth is projected to slow to 1.9 per cent this year and 1.2 per cent in 2023. This is considerably below the 3.3 per cent and 2.1 per cent gross domestic product growth figures the same agency forecast this March. Back then, the agency still expected an economic boom, albeit moderate, to start towards the end of the year, Xinhua news agency reported. This 180-degree turn is mainly due to the worsening economic situation of Swedish households, the report said.…
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21 June
Indian investors likely lost Rs 1,000 cr to fake crypto exchanges: Report
New Delhi: Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday.Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. “This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate “CoinEgg”, a legitimate UK-based cryptocurrency trading platform,” according to the report. CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc. “We estimate that threat actors have defrauded victims of up to $128 million (about Rs 1,000…
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