- Tuesday, March 11, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, August 23, 2022:
Shares of India’s budget carrier SpiceJet Ltd on Tuesday climbed 2.63 per cent to trade at Rs 46.80 (£0.50/$0.59) apiece on the NSE during late trading hours after the company said it’s looking into fund-raising options, Mint reported. SpiceJet chairman and managing director Ajay Singh said the carrier is looking to raise funds to the tune of Rs 2,000 crore (£212 million/$251 million). The shareholders of SpiceJet — a listed company — have approved fundraising of Rs 1,500 crore (£159 million/$188 million) to Rs 2,000 crore, and some of the amounts have already been raised, he said.
Adani Group firms on Tuesday (23) made an offer to acquire a 26 per cent stake in New Delhi Television Ltd (NDTV) following an indirect acquisition of 29.18 per cent shareholding in the media and news broadcaster. Three firms — Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 (£3.11/$3.68) for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 (£0.042/$0.050) from the public shareholders.
The High Court of the southern Indian state of Karnataka on Tuesday allowed the Competition Commission of India (CCI) to continue its proceedings against Intel Technology India Pvt Limited’s India-specific warranty policy. The HC also imposed a cost of Rs 10 lakh (£10,583/$12,525) on the company for “delaying tactics”, PTI reported. The petition challenging the competition watchdog’s investigation into the India-specific warranty policy of Intel was pending since 2019. Earlier this year, a Supreme Court direction to dispose of the matter expeditiously and a timeframe set for it expired. Matrix Info systems, a New Delhi-based company, had filed a case before the CCI against Intel following which the CCI ordered an investigation whether the India-specific warranty policy of Intel was leading to denial of business to other importers of Intel’s Boxed Microprocessors into India. Intel had challenged this investigation before the high court.
The Asian Development Bank (ADB) has signed with the Indian government a $96.3-million (£81.3 million) loan agreement to provide safe drinking water and improve water supply and sanitation services in the northern state of Himachal Pradesh, Asian News International reported. The signatories for the Himachal Pradesh Rural Drinking Water Improvement and Livelihood Project were Rajat Kumar Mishra, additional secretary, department of economic affairs, who signed on behalf of the Indian government, and Takeo Konishi, country director for ADB in India, who signed for ADB.
Representatives from Indian Railway Catering and Tourism Corporation (IRCTC) have been asked to brief a parliamentary committee on citizens’ data security and privacy, Moneycontrol reported. According to a notice issued by India’s Lok Sabha Secretariat, IRCTC officials will brief members of the Standing Committee on Communications and Information Technology on Friday (26), the report added. The call comes days after the Indian railway’s ticketing arm floated a tender to generate Rs 1,000 crore (£106 million/$125 million) from monetising its data assets.
The Indian finance ministry said on Monday the government has notified overseas investment rules and regulations in a bid to further improve the country’s standing in the ease of doing business, ANI reported. In line with the amendment in the Foreign Exchange Management Act 2015, Outward Investments Rules have been framed by the Government of India in consultation with the Reserve Bank. Currently, the overseas investment by a person resident in India is governed by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015.
Mumbai’s Favorite Theme-based Resto Bar Angrezi Dhaba is opening its door on August 26 at the new buzzing locality Kukutpally, Hyderabad. The restaurant chain is known for celebrating the richness of Indian spices and the authenticity of the culinary diversity from across the world. It is known for its authentic dhaba-style cooking while bringing the best Indian and international menu together. Since its inception, this restaurant has garnered a huge fan following, owing to the appetising fusion menu they offer.
