The Uttar Pradesh (UP) government will invest nearly Rs. 10,500 crore in a greenfield 1,320 megawatt (Mw) thermal power project in Etah district of Western UP.

The Jawaharpur thermal power project, comprising two units of 660 mw each and thus totalling 1,320 mw, will help the UP government in meeting the rising power demand, which has already touched 26,000 Mw during summer. The plant has already been delayed by more than two years now and the state is making all out efforts to expedite its synchronisation.

IndiGo's CEO Pieter Elbers while speaking on the surge in airfares across India said that these fluctuations are likely to continue, according to an Economic Times (ET) report.

Elbers attributed these fluctuations to disruption in capacity caused by Go First's flights being suspended. However, he called it a temporary disruption in the capacity as well as in pricing and said the prices are stabilising now.

Foxconn, known to be the contract manufacturer of iPhones in India, is looking to make electric vehicles (EVs) in the country and is directly in talks with several state governments regarding the same, The Economic Times (ET) reported on Friday.

The company is keen on setting up its plant in Maharashtra, but due to some challenges, it may consider Tamil Nadu as its auto manufacturing hub. Foxconn already manufactures iPhones in Chennai.

Amid a resurgence of violence in Manipur, the residence of Union minister RK Ranjan at Kongba was torched by a mob on Thursday night. Ranjan and his family were not at his home when the incident occurred, according to news agency ANI.

Ranjan, union minister of state for external affairs, told ANI, "I am currently in Kerala for official work. Thankfully, nobody got injured last night at my Imphal home. The miscreants came with petrol bombs, and damage has been done to the ground floor and first floor of my home."

After touching new highs due to the pandemic, prices of electronic components used in the manufacturing of television, mobile phones, computers, along with the shipping costs have cooled down to pre-covid levels, The Economic Times (ET) reported.

Given the drop in component prices, it is likely that the companies will pass on the benefits to the consumers. Industry experts believe that price reduction may lead to a revival in the demand for these products, which has been unexciting for the last year.

The Cyclone Biparjoy made a landfall near Jakhau Port in Gujarat's Kutch district at 1830 hours on Thursday after churning across the Arabian Sea for over the last 10 days, the India Meteorological Department (IMD) said on Thursday.

The landfall was expected to continue till midnight of June 15 after which the cyclone was expected to gradually weaken.

India's Ministry of Corporate Affairs has ordered an investigation to assess Hero MotoCorp's relationship with a third-party vendor in a case related to alleged diversion of funds, two government sources told Reuters on Thursday.

The investigation has been ordered in the "public interest" to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor, said the two sources, who are privy to the internal government directive.

Reliance Industries Ltd. is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business, according to people familiar with the matter.

The sprawling firm, controlled by Asia’s richest man Mukesh Ambani, plans to use India’s dedicated external commercial borrowing route to secure the loan, the people said, asking not to be identified because the discussions are private.

Shares of Axis Bank were trading firm on the National Stock Exchange (NSE) in Thursday’s intra-day trade after over 20 million equity shares of the private sector lender changed hands via block deals in pre-opening deals, the exchange data shows.

The stock hit a high of Rs 989 and a low of Rs 979.15. At 09:19 AM; it was trading 0.4 per cent higher at Rs 981.35, as compared to 0.07 per cent decline in the Nifty 50. The stock had hit a record high of Rs 989.70 on Tuesday, June 13, 2023.

The Enforcement Directorate (ED) has arrested Basant Bansal and Pankaj Bansal, directors of Gurugram-based realty group M3M, in a money laundering matter linked to an anti-corruption bureau case against a Panchkula-based former special court judge, official sources said Thursday.

The two directors were taken into custody by the agency on Wednesday under the provisions of the Prevention of Money Laundering Act (PMLA).

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