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Government contemplates bailout for telecommunications companies, August sees highest initial public offering in 17 years and more

Kumar Mangalam Birla met with Telecommunications Minister Ashwini Vaishnaw to discuss the health of the telecommunications sector and to request government intervention. Up to 29 companies submitted IPO papers to the SEBI market surveillance authority in August 2021. The notorious McDonald’s ice cream machines have become pseudo-icons of their own in the United States. For all of these stories and everything in between, here’s some top news of the day.

COMPANIES

Kumar Mangalam Birla meets Telecom Ministers to discuss the need for urgent government intervention in the sector

Kumar Mangalam Birla, chairman of the Aditya Birla Group, met with Telecommunications Minister Ashwini Vaishnaw to discuss the health of the telecommunications sector and to request government intervention. Sources say the government is considering calls for relief, not company-specific, but industry-specific. More details can be found here.

Jet Airways Kalrock-Jalan liquidation plan: PNB claims gross irregularities in behavior

Punjab National Bank on Thursday alleged gross irregularities in the settlement professional (RP) behavior while filing a suspension of the Kalrock Jalan plan in the Jet Airways Bankruptcy and Bankruptcy Code (IBC). For further information, click here.

Is the Infosys repurchase coming to an end?

Infosys has repurchased over 5.41 crore of shares as of September 21. While the average price is unknown, the board range started at a level of Rs 1,550 and went up to Rs 1,700 last week. Is it coming to an end now?

MARKETS

August saw a 17-year high in IPO registrations at 29

In August 2021, up to 29 companies submitted IPO papers to the SEBI market surveillance authority. This is the highest number of companies that have filed for public issuance in the past 17 years. You can find more here.

IPO Subscription Day 2 – Vijaya Diagnostics and Ami Organics

The Vijaya Diagnostics IPO was 47 percent subscribed on Thursday. Meanwhile, Ami Organics’ IPO has been subscribed almost four times.

FMCG index hits record high: important triggers for movement

The FMCG index closed on Thursday at a record high of 40,292, which analysts call a race to catch up. Catching up because the index is up over 30 percent over the past year, while the Nifty50 index is up nearly 50 percent. So the FMCG giants who used to sleep seem to have woken up. Find out more.

YOU ME

EPF contributions over Rs 2.5 lakh? You will have two PF accounts in FY 2021-22

If your contribution to the EPF exceeds Rs 2.5 lakh in any fiscal year, you will need to keep two separate accounts from that fiscal year, i.e. fiscal year 2021-22. The rules have been updated by the Central Board of Direct Taxes (CBDT). Find out more.

Why are McDonald’s ice machines always broken?

The notorious McDonald’s ice cream machines have become pseudo-icons in the United States themselves. The United States Federal Trade Commission (FTC) is now contacting McDonald’s franchisees with information about the broken ice machines. Continue reading

INTERNATIONAL

OPEC + is sticking to gradual increases in oil production and increasing demand forecast

OPEC and its allies agreed on Wednesday to stick to their existing policy of incrementally increasing oil production despite revising their demand outlook for 2022 and continuing pressure from the US to increase production faster. Continue reading

WHO opens hub in Berlin to prevent future pandemics

The hub is designed to promote more effective data collection, information sharing and analysis, leading to better and more coherent decision-making following the patchy global response to the COVID-19 pandemic. Continue reading

Chinese regulators have raised concerns with driving service providers

At the meeting held on Wednesday, authorities highlighted the hiring of unqualified drivers and the use of promotions that disrupt the fair market order, the ministry said in a statement. Continue reading

INDIA

DGCI nods to experiments with Biological E’s COVID-19 vaccine on children aged 5-18

The study will be carried out at 10 locations across the country. The DCGI’s permission was granted on the basis of the recommendations of the Subject Expert Committee (SEC) on COVID-19. Continue reading

India and UK sign new climate finance initiative

The Indian and UK governments have agreed on a new liaison to fund inclusive, resilient and sustainable infrastructure in India, using public and private capital to help meet the country’s low-carbon goals. Continue reading

Afghanistan’s soil should not be used for terrorist activities, ”India conveyed at its first meeting with the Taliban

Two days after India’s first formal meeting with the Taliban after the conquest of Afghanistan, the State Department said on Thursday India’s immediate focus is to ensure that Afghan soil is not used for anti-terrorist activities. Continue reading

(Edited by: Yashi Gupta, Aditi Gautam)

First published: 02.09.2021, 7:31 p.m.

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