- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business in brief for Tuesday, March 7, 2023:
Prime minister Narendra Modi on Tuesday said RuPay and UPI technologies are India’s identity in the world, ANI reported. “In the era of ‘Industry 4.0’, platforms developed by India are becoming models for the world,” he said while addressing a post-Budget webinar on the subject of ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities’. This was the 10th of the series of 12 webinars being organised by the government. The objective behind hosting the webinars is to seek ideas and suggestions for the effective implementation of the initiatives announced in the federal budget presented last month.
Premier multiplexes are fast expanding their screen portfolio, with screen additions expected to see 30-60 per cent rise over the next two years compared to pre-pandemic levels, Moneycontrol reported. Launches by theatre chains in recent times, such as the merged entity PVR-Inox and Cinepolis have been focussed on superplexes — properties with 10 or more screens in different premium formats, the report added. PVR-Inox launched its first superplex in Lucknow in the northern Indian state of Uttar Pradesh, which started operations in February this year. Next, it will launch superplexes in Pune in Maharashtra and Bengaluru in Karnataka. Last month, Cinepolis too launched a superplex in Delhi. The exhibitor aims to add 200 screens in the next three years.
Homebuyers on Tuesday described National Company Law Tribunal’s (NCLT) order on Jaypee Infratech as a “real Holi gift” and hoped that the successful bidder Suraksha group will deliver the flats as per the schedule proposed in the resolution plan, PTI reported. On Tuesday, the NCLT approved Suraksha group’s bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha group’s offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region.
Adani Group on Tuesday said the group prepaid share-backed financing of Rs 7,374 crore (£751.3 million) ahead of its latest maturity in April 2025, in continuation of its promoters’ commitment to cut the overall leverage backed by Adani-listed company shares, ANI reported. With the repayment of the said Rs 7,374 crore to various international banks and Indian financial institutions, the promoters of the flagship company, Adani Ports, will release 155 million shares, representing 11.8 per cent of the promoters’ holding; Adani Enterprises’ promoters will release 31 million shares, representing four per cent of promoters’ holding; Adani Transmission’s promoters will release 36 million shares, representing 4.5 per cent of promoters’ holding while Adani Green Energy will release 11 million shares which comprised 1.2 per cent of promoters’ holding.
Indian health minister Mansukh Mandaviya on Tuesday launched NaMo Free Dialysis Centre and a Janaushadhi Kendra in Bengaluru in the southern state of Karnataka. He also inaugurated NaMo Day Care Center and flagged off four NaMo mobile healthcare units to mark the 5th Jan Aushadhi Diwas (Generic Medicine Day), PTI reported. “…Mandaviya today launched NaMo Free Dialysis Centre and 100th Janaushadhi Kendra at Bengaluru South in the presence of the chief minister of Karnataka, Basavaraj Bommai, on the occasion of 5th Jan Aushadhi Diwas,” the chemicals and fertilizers ministry said in a statement.
