Biz EOD: Another cheque for Reliance; MGNREGS rescued migrant workers; TCS to consider buyback on Wednesday
BusinessToday.In October 7, 2020
Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into Reliance Retail for 1.2 per cent euity share on fully diluted basis. Many migrant workers who returned to their hometowns due to coronavirus outbreak were able to find jobs under MGNREGS. The board of TCS will consider a share buyback proposal on October 7.
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With this investment, Reliance Retail Ventures has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.
The government on Tuesday approved 16 applicants under the Production Linked Incentive Scheme (PLI) scheme for large scale electronics manufacturing.
MGNREGS has come to the rescue of millions of migrant workers who returned to their hometowns during the coronavirus pandemic.
Project completions rate - value of projects completed expressed as a per cent of value of projects under implementation - dropped to 0.2 per cent in the June quarter, recovering marginally to 0.28 per cent in the September quarter.
Analysts see the share buyback as a positive move as it will reassure shareholders' confidence in the company, especially in the present uncertain environment in light of the coronavirus pandemic.