Reliance New Energy acquires REC solar holdings for USD 771 million
Reliance New Energy Solar on October 10, 2021, announced that it has acquired REC Solar Holdings for USD 771 million. The acquisition is key to RIL's new-energy vision to become a global-scale PhotoVoltaic (PV) manufacturing player, with access to HeteroJunction Technology (HJT). This also takes the conglomerate one step closer to its goal of generating or enabling the generation of 100GW of solar energy, in line with India’s goal to produce 450GW of renewable energy by 2030.
Source - The Hindu
President of China declares an end to coal use
China is the world's largest consumer of coal, accounting for 54% of the world's coal-created electricity. At the U.N. General Assembly meeting, Xi Jinping, the President of China, announced that China is working to end its coal-fire projects both in China and abroad.
Source - Sustainabilitymag
India sees lowest single-day rise of COVID-19 cases in 7 months
India reported 18,166 new COVID-19 cases in the past 24 hours, the lowest single-day rise in almost seven months. The country also reported 214 deaths due to coronavirus. The active COVID-19 caseload at present is 2,30,971, the lowest in 208 days. The country's recovery rate was reported at 97.99%.
Source - NDTV
Power ministry releases statement on coal stock situation
The Centre listed 4 primary reasons for the depletion of coal stocks amid warning of power crisis: (i) An unprecedented surge in demand for electricity due to economic revival (ii) Heavy rains in coal mine areas in September 2021 affecting the production and dispatch of fossil fuel (iii) Hike in the rate of imported coal causing dependency on domestic coal (iv) Non-building of adequate coal-stock before the onset of Monsoon.
Source - PIB
E-commerce platforms clock USD 2.7 billion in 4 days of festive sales
According to data from management consultancy, RedSeer Consulting, Flipkart, Amazon and other platforms have recorded USD 2.7 Billion in sales in the first 4 days of the annual festive sale. In 2020, the 4 days of the festive week valued 63% of the overall sales, compared to roughly 57% of the projected sales this year. Smartphones remained the top order contributing to almost 50% of general e-commerce GMV.
Source - Mint
Petrol crosses INR 110 in Mumbai as fuel prices hike for the 6th day
Fuel prices continue to peak as Petrol & Diesel prices hike for the 6th consecutive day. According to a price notification by state-owned fuel retailers, Diesel price was hiked by 35 paise a litre and Petrol price by 30 paise per litre. The price of petrol in Delhi rose to its highest-ever level of INR 104.14 a litre, and to INR 110.12 per litre in Mumbai.
Source - Hindustan Times
Latvia declares 3-month emergency due to COVID-19
After coronavirus infections hit record increases, and hospitalizations rose, the Latvian government declared a 3-month state of emergency. The emergency is scheduled to start on October 11, 2021, making vaccinations mandatory for public sector workers and imposing restrictions on retail and bars to encourage work from home.
Source - Bloomberg
Dream11 has suspended operations in Karnataka after FIR
The Bengaluru Police has filed an FIR against Dream11 founders Harsh Jain and Bhavit Sheth after a complaint that the Mumbai-based firm violated the Karnataka gaming ban that came into effect on October 5, 2021. The ban prevents gambling, betting or wagering. In response to the FIR, Dream 11 has suspended its operations in Karnataka.
Source - Economic Times
Maharashtra bandh tomorrow over Lakhimpur Kheri violence
The Maharashtra ruling alliance has called for a statewide bandh on October 11, 2021, to protest against the killing of 4 farmers in Uttar Pradesh's Lakhimpur Kheri. The Maharashtra Vikas Aghadi (MVA) - the ruling coalition of the NCP, Congress and Shiv Sena, on Saturday said that bandh has been called to show that the state is with the farmers of the country.
Source - Hindustan Times
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