Coal India to invest over Rs 1.22 tn on 500 projects by 2024: Pralhad Joshi


With an aim to achieve 1 billion tonnes (BT) by the year 2023-24 and make the nation Aatmanirbhar in coal, National Miner Ltd (CIL) will invest over Rs 1.22 lakh crores on about 500 projects related to coal evacuation, infrastructure, project development, exploration and clean coal technologies, said Union Minister of Coal and Minster Pralhad Joshi on Tuesday.

Addressing a Stakeholders Meet organised by CIL through video conferencing, he said: “Engagement and involvement of all concerned stakeholders in company’s affairs will reduce and uncover the project risks. Such two-way interactions help pave way for mutually beneficial newer ideas, improvement areas and project-related expectations.”

The Minister said that avenues for business opportunities with are huge.

The company would be investing around Rs 14,200 crores by the year 2023-24, in two phases for its 49 First Mile Connectivity projects. The First Mile Connectivity is the transportation of coal from pitheads to dispatch points. This is being done to bring in improved efficiency in coal transport and to undertake computer-aided loading replacing the existing road transport between the two points, he said.

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HSBC Global Research puts food delivery firm Zomato’s valuation at $5 bn


Global Research has valued food delivery firm at $5 billion, a major increase from its earlier valuation of $3.5 billion.

“We now value at $5.0 billion ($3.5 billion earlier), as Covid-19 has accelerated its path to profitability owing to lower discounts (and higher average order values),” said Global Research in a report analysing Info Edge (IE), which is an existing shareholder in

Among all the potential positive triggers for the IE’s share, the report said, Zomato is the most critical. It said other such as Naukri and Policybazaar are great assets for IE, but Zomato can significantly impact IE’s valuation in the coming years.

HSBC’s report said it valued IE’s stake in Zomato at $1.1 billion. It said in a blue-sky scenario, India food delivery could be valued at $30 billion in the long term, implying IE’s share in Zomato at $3.5 billion. It said this is an increase of $2.4 billion or 45 per cent of IE market cap. In that scenario, Zomato could be valued at $15 billion, according to the report.

“This is the blue-sky scenario and

US Government Aid ‘Essential’ To Weather Downturn: Fed Official


Government spending will be “essential” to help struggling Americans weather the downturn caused by the coronavirus pandemic, Federal Reserve Governor Lael Brainard said Tuesday.

With the White House and Congress still at an impasse over a new emergency relief package, Brainard warned that “the economy continues to face considerable uncertainty associated with the vagaries of the COVID-19 pandemic” and business shutdowns risk becoming permanent.

Amid the uncertainty, “fiscal support will remain essential to sustaining many families and businesses” and in fact that support is “key” to the economic outlook, she said in speech to the Broookings Institution.

The White House and Congress have been deadlocked for weeks over a successor to the $2.2 trillion CARES Act passed as the pandemic struck in March, and key provisions of the law including extra jobless payments and aid to small businesses expired at the end of July.

President Donald Trump’s administration has balked at proposals from Democrats, who in May passed a $3 trillion spending package in the House of Representatives that remains in limbo in the Republican-controlled Senate.

US Treasury Secretary Steven Mnuchin on Monday said Republicans will soon unveil a new spending bill to aid the coronavirus-battered economy. He was set

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