- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, December 13, 2022:
One 97 Communications Limited (OCL), which owns the brand Paytm, has announced that its Board has approved a proposal for buyback of equity shares, Asian News International reported. All directors present voted unanimously in favour of the proposal, including all independent directors, a company release said on Tuesday. The company will undertake a buyback of up to Rs 850 crore or £83.2 million (excluding buyback taxes and other transaction costs) at a maximum price of Rs 810 (£8) per share and has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of six months. Witnessing Paytm’s momentum of financial performance, clear path to cash flow generation and excess cash as a result, the Board has determined that a buyback of the company’s shares would be accretive for its shareholders, the release said.
Jindal Steel and Power (JSP) has been honoured with FICCI CSR Special Commendation Award for its efforts to counter the Covid-19 pandemic, ANI reported. According to JSP, under the leadership of its chairman Naveen Jindal, the company was among the few organisations in India to take up multidimensional initiatives, supporting the community and government to fight the Covid-19 spread in India. Through its CSR arm, JSP Foundation, led by Shallu Jindal, the steelmaker started a series of on-the-ground services to ease the suffering of the poor and vulnerable immediately following the pandemic’s onset in India, the statement said. India tribal affairs minister Arjun Munda presented the prestigious award to company executives in New Delhi.
The Indian central bank Reserve Bank of India (RBI) has lifted the informal restrictions on rupee non-deliverable forward trades it had placed on local banks in October, four bankers told Reuters, a report by Press Trust of India said. All banks are now back to building positions in this segment, said one of the bankers with a private sector lender. The bankers declined to be named as they are not authorized to speak to the media. The RBI, now, does not think that banks exploiting any mis-pricing between the two markets pose a threat to the rupee, another trader at a private sector bank said. The dollar’s decline and the relatively stable outlook has helped RBI, the trader said.
India is on the cusp of an entrepreneurial revolution, and that efforts must be made by all stakeholders, including industry, governments and academia to create an ecosystem in order to achieve Prime Minister’s vision of Atmanirbhar Bharat, said Amarjit Bakshi, CMD, Central Park, ANI/NewsVoir reported. He congratulated DRIIV on its inaugural annual conference “RESOLVE”. “Creating the right environment is the key to propelling entrepreneurship. Standalone efforts are currently underway but only by working in unison to create an innovation ecosystem will fast-pace our efforts in enabling and empowering entrepreneurs who work on research and development to help solve problems of national importance,” Bakshi said. The objective of the conference was to showcase DRIIV’s initiatives in sustainability and breakthrough tech innovations and bring together members of the ecosystem who are instrumental in delivering the objective.
