Tata Plans to enter Big in Digital World with all the product offerings
Tata Digital, part of all-rounder conglomerate TATA group, will soon start selling everything online via soon-to-be-launched ‘super app’ which includes right from groceries to electronics and also Financial Products like Insurance, Mutual funds and Loans.
The salt-to-steel conglomerate’s digital entity is touted as an ambitious omnichannel commerce platform that will go head-to-head with Amazon, Flipkart and Reliance’s Jio-Mart.
Tata Digital is scouting for strategic tie-ups with licensed banks and insurance companies to offer financial intermediation. These may include services such as credit card applications, insurance distribution, microloans and even merchant management, fintech industry sources privy of the discussions told the business daily. A ‘super app’ is like a digital megastore where a user can buy anything from groceries to fashion apparel and medicines. The model was first perfected by China’s Ant Group and has since been emulated by Amazon, Walmart-owned Flipkart and Paytm in India.
Proposal for 100% FDI in Oil PSUs might accelerate privatisation in BPCL
The commerce and industry ministry has floated a draft cabinet note seeking inter-ministerial views on a proposal to allow up to 100 percent foreign investment under automatic route in oil and gas PSUs, which have an ‘in-principle approval for disinvestment
The move, if approved by the union cabinet, would facilitate privatisation of India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL).
The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company.
At present, only 49 percent of FDI is permitted through automatic route in petroleum refining by the public sector undertakings (PSU), without any disinvestment or dilution of domestic equity in the existing PSUs.
EPFO net new enrolments rise 13.73% to 12.76 lakh April
Defying the trend of job losses during the lockdown, more formal jobs were created under the Employees Provident Fund Organisation in April, which had seen local lockdowns in several states. EPFO added 1.27 million net new subscribers in the month, a growth of 13.7% compared to March at 1.12 million, which shows the payroll data of EPFO on Sunday. Net new subscribers under the scheme had declined by 0.28 million in April last year during the nationwide lockdown.
SEBI halts PNB Housing Finance’s Rs 4,000 crore deal with Carlyle group
It may be noted that the housing finance firm was planning to issue shares on a preferential basis to the Carlyle Group and its associates for an investment of Rs 4,000 crore — Rs 3,200 crore through equity shares and Rs 800 crore via issuance of warrants.
As per the proposed deal, the Carlyle-led consortium would acquire a controlling stake of over 50 percent in PNB HFC, a subsidiary of state-owned Punjab National bank. However, the high-profile deal seems to have hit a roadblock after Sebi’s order.
However, PNB HFC informed in a regulatory filing that it has filed an appeal before the Securities Appellate Tribunal (SAT) against the Sebi order.
In an earlier regulatory filing with the BSE, PNB HFC defended the deal, saying that the company had acted in compliance with the laws, including price regulations prescribed by the Sebi and the AoA. It further added that the preferential allotment route is in the best interests of the company, its shareholders, and all other stakeholders.
PNB HFC has also made it clear that the pricing is not required to be based on a valuation report from a registered value as demanded by Sebi. It argued that the final price is higher than the floor price suggested by registered valuers.
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- On day one of office, Joe Biden signs 15 executive orders mainly reversing Donald Trump’s Key policies. Such as joining the Paris agreement on climate change, halting America’s withdrawal from the World Health Organisation. His first order was launching a 100-day mask challenge for Americans’ to control COVID-19 in the USA.
- The most important bill for Indians was the Immigration bill and changes made for H1B visa holders. It proposes to eliminate the per-country cap for employment-based green cards, a move that would benefit thousands of Indian IT professionals whose current wait period for legal permanent residency runs into several decades.
- The bill clears employment-based visa backlogs, recapture unused visas, reduces lengthy wait times, and eliminates per-country visa caps.
- Indian IT professionals, most of whom are highly skilled and come to the US mainly on the H-1B work visas, are the worst sufferers of the current immigration system which imposes a seven percent per country quota on allotment of the coveted Green Card or permanent legal residency.
- Biocon reports a 17% drop in net profit YOY to Rs 186 cr. The share price of the stock is down by 9%. The primary reason stated for lower profit was the pandemic situation in FY 2020.
- Dr. Christiane Hamacher has stepped down as the Managing Director of Biocon Biologics Ltd, a subsidiary of Biocon Ltd. She has been replaced with Biocon veteran Dr. Arun Chandavarkar. Abu-Dhabi based company will invest up to 555cr with a 1.8% stake in Biocon.
- Two major international Funds have shown interest in the govt’s entire majority stake in BPCL. The government will come up with price bids post evaluation of the firm on Technical ground. BPCL controls 35million tonnes a year of refining capacity and about 1/5th of fuel retail markets.
- RBI Imposes Rs 2 cr penalty on Standard Chartered Bank. The reason was to delay in reporting the frauds to RBI. A notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for such non-compliance with the directions. After considering the bank’s revert, RBI decided to sustain and impose a monetary penalty.
- Bitcoin slumps 10% to a 10-day low, retreating further from record highs, fearing more regulation can possibly be levied under US President Joe Biden’s administration. Biden shows the concern of cryptocurrencies can be misused to finance illegal activities.
- Post Joe Biden selection as U.S President, there is a positivity in Indian stock market. The Indian pharma sector will expect to benefit from Biden as he proposes for affordable health insurance by protecting and strengthening The Affordable Care Act, which ensures a reduction in healthcare cost and access to health insurance for Americans.
- Gold and Silver rallied for the same reason, post-election US Softened dollar led by the possibility of smaller stimulus packages under Joe presidency
- Rupee appreciated as US dollar hit a 10-week low as investors think a calmer White House could boost world commerce and that monetary policy will remain easy
- Paytm aims to disburse Rs 1000cr small loans by March, up from Rs 500cr from last financial year. They offer collateral-free loans up to Rs5lakhs with no prepayment charges on these loans.
- Surge in GST numbers, the monthly GST returns in October saw a 36% jump compared with corresponding period a year ago as the collection grew by over 10% in the month and breached 1lakh crore mark for 1st time in the current fiscal. It has also been possible due to improvement in GST infrastructure compared to previous year.
- Govt Plans to sell up to 15% stake in IRCON international through offer-for-sale shares. Total current govt holding is 89.18. At the current market price(CMP) govt could raise about Rs 540 crore.