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update 06 Jul 10:22 PM open_in_new  EconomicTimes

Cargo airline Pradhaan Air Express expects to begin operations this year


India's brand new all-cargo airline will begin commercial operations later this year with the world's first A320 converted freighter, the company said. The freighter will offer charter facility to Indian shippers and freight forwarders on domestic and international routes, Pradhaan Air Express said.

update 06 Jul 10:02 PM open_in_new  EconomicTimes

Sharp increase in commute leads to severe shortage of taxis and drivers


Apart from cab aggregators such as Uber and Ola, who are looking at regaining lost market share, and ecommerce firms that continue to hire drivers in large numbers, there is demand for drivers in the used-car sales market as well, fuelled by startups like Spinny, Cars24 and Droom which provide vehicle pickup and drop-off services.

update 06 Jul 09:59 PM open_in_new  EconomicTimes

Online retail spending in India to grow nearly sixfold to $300 bn by 2030: BCG Report


"The pandemic pushed new-to-online shoppers and existing shoppers to increase their online purchasing, as physical shopping channels closed or became difficult to access," BCG India managing director and senior partner Nimisha Jain said in a statement.

update 06 Jul 09:48 PM open_in_new  EconomicTimes

Airtel Africa enhances buy back tender offer to $450 million


The company's move to enhance the tender offer follows tendering of debt notes worth over $488 million by the bond holders. The company has come up with the tender offer to optimize its balance sheet and reduce debt.

update 06 Jul 09:38 PM open_in_new  EconomicTimes

Around 30 flight incidents occur per day in India, majority have no safety implications: DGCA chief


DGCA chief Arun Kumar said: "On an average, about 30 incidents do take place, which includes go around, missed approaches, diversion, medical emergencies, weather issues, bird hits, runway incursion, runway excursion et al."

update 06 Jul 09:20 PM open_in_new  EconomicTimes

High volatility likely in near term due to massive spike in commodity prices: Ashok Leyland Chairman


"Moving forward, our assessment is that the volatility in environment in the near term will be high. The Russia-Ukraine war has triggered massive spikes in crude oil, food, and commodity prices," Hinduja said. Globally, inflation has become a major concern, he said, adding, "Supply chain disruptions, including chip shortages, are expected to continue."

update 06 Jul 09:12 PM open_in_new  EconomicTimes

Fintech companies, NBFCs funded by Chinese money generated Rs 950-cr slush funds in India: ED


The Enforcement Directorate (ED), therefore, recently attached Rs 86.65 crore worth funds lying in a total of 155 bank and payment gateway accounts of NBFCs like Kudos Finance and Investments Private Limited, Acemoney (India) Limited, Rhino Finance Private Limited and Pioneer Financial and Management Services Private Limited and their linked fintech companies.

update 06 Jul 09:12 PM open_in_new  EconomicTimes

Fintech cos, NBFCs funded by Chinese money generated Rs 950-cr slush funds in India: ED


The Enforcement Directorate (ED), therefore, recently attached Rs 86.65 crore worth funds lying in a total of 155 bank and payment gateway accounts of NBFCs like Kudos Finance and Investments Private Limited, Acemoney (India) Limited, Rhino Finance Private Limited and Pioneer Financial and Management Services Private Limited and their linked fintech companies.

update 06 Jul 08:42 PM open_in_new  EconomicTimes

Tata Chemicals committed to reduce carbon emission by 30% by 2030: Chandrasekaran


The company is focused on to grow the key products and scale up substantially and deleverage all the debt in all the international operations and accelerate the commitment towards sustainability by adopting green chemistry, Chandrasekaran added. Further, he said, India is in a very strong position and is slated to be the fastest growing economy in the coming year.

update 06 Jul 08:34 PM open_in_new  EconomicTimes

Kind of incidents being talked about are trivial, 30 such incidents happen in airlines every day: SpiceJet MD Ajay Singh


"SpiceJet running a safe airline for 15 years. The kind of incidents being talked about are trivial and happen on a daily basis in airlines. On average, 30 such incidents happen in airlines every day. SpiceJet's one or two incidents are being highlighted in the media. It is not okay. It does not mean that any airline is unsafe. When thousands of flights are operating, these trivial incidents happen," he said.

update 06 Jul 08:32 PM open_in_new  EconomicTimes

Future Retail independent director conduct raises question on corporate governance in India: Amazon


In August 2020, Future Group had announced a Rs 24,713-crore deal to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail (RRVL). However, the deal could not go ahead as secured creditors of the Future Group had voted against it after continuous scrutiny by judicial forums, including the Supreme Court, the Delhi High Court and the NCLT.

update 06 Jul 08:08 PM open_in_new  EconomicTimes

Government nominee Pankaj Jain ceases to be director on LIC board


The new director nominated by the government is Suchindra Mishra, LIC said in a regulatory filing.

update 06 Jul 08:06 PM open_in_new  EconomicTimes

NTPC REL joins hands with GACL to set up India's first commercial-scale green ammonia project


NTPC Limited has been at the forefront of renewable energy capacity development and has been credited for bringing the lowest ever solar tariff in the country. NTPC REL, a 100 per cent subsidiary of NTPC was incorporated in October 2020 to take care of the RE business of NTPC.

update 06 Jul 07:49 PM open_in_new  EconomicTimes

PGCIL board okays proposals to raise Rs 11,000 crore


As per the filing, the board approved a proposal to raise funds up to Rs 6,000 crore from the domestic market through the issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during the financial year 2023-24 in up to twenty tranches/offers.

update 06 Jul 07:32 PM open_in_new  EconomicTimes

PNB puts up for sale NPA account of Burnpur Cement to recover over Rs 50 crore


PNB said it will bring copies of all documents at one place for the verification of the prospective buyer to expedite the process of due diligence. Bank at its sole discretion may withdraw the account offered for sale, without assigning any reasons, it said.

update 06 Jul 07:30 PM open_in_new  EconomicTimes

Govt asks companies to cut edible oils price by up to Rs 10/L, maintain uniform MRP of same brand oil


Edible oil makers had cut prices by up to Rs 10-15 per litre last month and prior to that had also reduced the MRP taking cues from the global market.

update 06 Jul 07:25 PM open_in_new  EconomicTimes

Rising fuel cost short-to-medium term constraint: CESC Chairman Sanjiv Goenka


"Unfortunately, while this forms a part of each power supply contract, we still see reluctance of state governments and regulators to give their assent in a timely manner. "This, in turn, negatively affects the financial results of power producers. I hope we will see considerably less of this reluctance in the years to come," he said in CESC's annual report for 2021-22.