Delhi Consumers Face Higher Bills as PPAC Increases by 8% 📈

Good Morning!

Well, it looks like Delhi's decided to crank up the voltage on our wallets this time. Between the 'power play' of the central government and the capital's own administration, Delhiites are about to get a jolting reality check in their next electricity bill! For those over the 200-unit threshold, brace yourselves for a ride up the current! And remember, Punjab may not be the 'shockingly' expensive one anymore - Delhi's all charged up to take the lead!

1. Centre approves ₹56,415 crore as interest-free, long-term capex loans to 16 states so far in FY24

The Indian government has approved INR 56,415 crore ($7.5 billion) of interest-free loans to 16 states for capital expenditure in the financial year 2023-24. The entire 50-year loan to states has to be spent on capital expenditure within 2023-24. This is the second year that the government has extended the 50-year interest-free loans to states. The government has earmarked INR 80,000 crore ($10.7 billion) as interest-free loans for states undertaking capital works in the current fiscal year. The Centre has tied part of the INR 1.3 trillion ($17.4 billion) capital expenditure support to states with their capex targets for the approaching financial year.

2. Delhi's electricity to become costlier; AAP slams Centre

The power purchase adjustment cost (PPAC) has been increased by 8% in Delhi, resulting in higher electricity bills for consumers using over 200 units per month. Delhi's power minister, Atishi, criticized the central government for the hike and stated that people who do not receive a subsidy will end up paying more. The Delhi Chief Minister, Arvind Kejriwal, had previously claimed that electricity in Punjab was more expensive than in Delhi, but this was found to be incorrect.

3. RailTel, mini Ratna telecom company, wins order worth ₹294 crore

RailTel Corporation of India, a "Mini Ratna (Category-I)" PSU, has secured an order worth Rs 294.37 crore. The company is one of the largest neutral telecom infrastructure providers in India, owning a Pan-India optical fiber network that covers all important towns and cities of the country and several rural areas, covering 70% of India's population. RailTel is committed to bringing cutting-edge technology and innovative services to the Indian telecom market, and is working towards creating a knowledge society at various fronts.

4. EPFO launches calculator for higher EPS pension additional contribution

The Employees’ Provident Fund Organisation (EPFO) has launched a calculator for higher pension scheme. The scheme allows members of the EPS-95 who are in service or retired before 2014 to opt for a higher pension by filing a joint option application with the regional PF commissioner. The calculator will help members calculate the actual amount of pension they will receive, including the 1.16% additional contribution from the employer's contribution and the EPFO. The last date to file the higher pension application or joint option form has been extended to 26/06/2023.

5. UAE-based Lulu Group to invest ₹10,000 crore in India over 3 years

The UAE-based Lulu Group plans to invest Rs 10,000 crore ($1.3 billion) in India over the next three years to complete ongoing projects. The group has already invested over Rs 20,000 crore ($2.7 billion) in the country. Lulu Chairman Yusuff Ali MA aims to provide employment to 50,000 people in India, and his various enterprises have already given over 22,000 jobs. The group has committed about Rs 3,500 crore ($470 million) in investments in Telangana in the next five years in various projects, including a Destination Shopping Malls project worth Rs 3,000 crore ($400 million).

6. EPFO likely to extend deadline to apply for higher pension: Report

The Employees Provident Fund Organisation (EPFO) is likely to extend the deadline to apply for a higher pension, which was originally set for June 26, 2023. There is still a lack of clarity on how payment and calculation will be done, how discrepancies between wage records maintained at EPFO level and that maintained at the level of employer will be resolved, and what would happen if one of the employers is no longer in existence or has merged. Previously, the deadline was extended from March 3, 2023, to May 3, 2023, and then to June 26, 2023.

7. Airtel Business rejigs its leadership team; CEO Ajay Chitkara resigns

Ajay Chitkara, CEO of Airtel Business, has decided to leave the company in August 2023. The company has announced changes to its Airtel Business leadership team, which will be operated in three segments: connectivity, cloud, and security. The changes are part of Airtel's strategy to strengthen its position in the enterprise segment. Ajay Chitkara was appointed as Director and CEO of Airtel Business in 2018.

8. IBM to buy Apptio for $4.6 bn for bolstering automation and cloud capabilities

IBM has announced its acquisition of Apptio, a software company that offers financial and operational IT management and optimization tools, for $4.6 billion in cash. Apptio currently serves more than 1,500 clients, including major tech companies like Amazon, Microsoft, and Google. IBM said the acquisition is expected to close in the latter half of this year and will help it advance its application management, optimization, and observability offerings. The purchase is a continuation of IBM's investment in AI and IT automation software.

9. SAT defers hearing on Chandra's appeal challenging Sebi's order till 27 June

The Securities Appellate Tribunal (SAT) has deferred the hearing on Subhash Chandra and Punit Goenka's appeal challenging SEBI's interim order until June 27, 2023. The interim order passed by SEBI had barred them from holding directorial or key managerial positions in any company. Previously, Punit Goenka had moved the SAT challenging the market regulator's interim order against him and Subhash Chandra. However, the SAT denied interim relief to them against SEBI's order.

10. L&T Finance may sell its wholesale book to banks, NBFCs: Report

L&T Finance Holdings is reportedly planning to sell its wholesale loan book to interested banks, non-banking finance companies (NBFC), and funds as it aims to become a 100% retail finance company. The sale of the wholesale loan book is expected to help the company achieve its target of becoming an over 80% retail finance firm. The company has considerably reduced its wholesale exposure and is working towards selling down its wholesale book in an accelerated manner to various interested parties including banks, NBFCs, and funds. The discussions are in the early stages, and the company has not named the entities that have shown interest in buying its wholesale book.

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