Latest economic news in India today November 6, 2021
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Here is today’s economic news, the latest economic news from India today, November 6, 2021.
- Finzy, a peer-to-peer lending company, is said to have raised $ 2 million in its fundraising round. The funds will be used to improve product offerings and technology for borrowers and lenders.
- Paytm reportedly raised 8,235 crore in an anchor round led by many key investors including Blackrock Inc., the Canada Pension Plan Investment Board, Aditya Birla MF GIC Pte. etc. and has been 10 times oversubscribed.
- Rapido, a bicycle taxi app, hired Ranveer Singh and Allu Arjun for its first celebrity campaign “Smart ho, to Rapido” and to familiarize customers with the services.
- According to the sources, Ola launched a less than 15-minute delivery service of groceries, pet care products and personal care products in Bengaluru to foray into the commerce sector.
- Investec Capital, a global financial services conglomerate, would set up its first private credit alternative investment fund called Emerging India Credit Opportunities Fund 1 in India with a goal of raising 1,000 crore.
- Cairn Energy PLC, a British oil and gas explorer who made his biggest onshore oil discovery in India, changed its name to Capricorn Energy PLC from mid-December.
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- The GOI reportedly endorsed the PLI Scheme to provide an enabling environment for the manufacture of high quality products for industries to be globally competitive and a level playing field for domestic players.
- Indonesia, India and the Philippines will join South Africa as beneficiaries of the Climate Investment Funds, a multi-billion dollar pilot program aimed at accelerating the transition to clean energy from coal.
- The National Company Law Tribunal has reportedly approved the acquisition of IL & FS’s 26% stake in ONGC Tripura Power Company by GAIL India Ltd.
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- The World Economic Forum reported that Amazon, Apple, Mahindra Group and Dalmia Cement (Bharat) from India have joined the “First Movers Coalition” as founding members to stimulate demand for zero carbon technologies.
- According to the Confederation of All Indian Traders, festive sales during Diwali topped 1.25 trillion yen, the highest in the past decade. This is a sign of resilient demand despite high inflation.
- SBI recently announced a 67% increase in its net profit from ₹ 4,574 crore in the second quarter of FY21 to ₹ 7627 crore in the second quarter of FY22, thanks to lower loan loss provisions.
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