Business Roundup: Here are today's top 5 Business news
Today the business space remained rocked up with news from a variety of sectors. While Hindustan Unilever announced the integration of its Foods and Refreshments business from next month, TCS announced that it will invest its cash reserves of Rs. 47,700cr to enable easy payouts for shareholders. Besides that, India received the first shipment of its cheapest LNG from Russia. Read the details here.
India receives first shipment of its cheapest LNG from Russia
India has received the first shipment of its cheapest Liquefied Natural Gas (LNG) from Russia's public joint stock company Gazprom at nearly $7 per million British thermal unit. The delivered price is around $1-1.5 per mmBtu cheaper than the supply from Qatar, Australia and the US. Under the import deal, India will receive LNG worth $25 billion over a period of 20 years.
TCS investing its Rs. 47,700cr cash reserves for shareholder payouts
Asia's largest software services provider Tata Consultancy Services Ltd. (TCS) is investing Rs. 47,700 crore of its cash reserves in short and long-term government securities to enable itself to make payouts to shareholders each year. This comes amid the investors' negative outlook towards the industry due to IT budget cuts by companies and the US government's crackdown on the work visas for IT professionals.
Cryptocurrency scam worth Rs. 500 crore busted in Mumbai
The Thane crime branch has busted a cryptocurrency racket that duped several investors of a total sum ranging between Rs. 300cr to Rs. 500cr under the guise of real estate firm Flinstone Group. The firm's prime technical support staffer has been arrested while five others including the firm's director are absconding. Investors were lured with returns of 10-20 times on investments in 4-6 months.
HUL to merge foods & refreshments business in South Asia
FMCG major Hindustan Unilever Ltd. has announced that it will integrate its foods and refreshments business in South Asia from July 1, two years after splitting it into two segments. The consumer good maker said that the integration will help it in increasing its organizational agility and better serve its local consumers while maintaining the advantage of global scale.
Prices of gold plunged by Rs. 50 over weak demand
In another news, the prices of gold plunged by Rs. 50 today to Rs. 31,600/10 gram at the commodity market owing to a weak demand from local jewellers and negative global trends. The prices of the precious metal had registered an increase of Rs. 50 on Monday. However, the prices of silver edged up by Rs. 50 to Rs. 40,500 per kg.