Business : Planet Labs will merge with dMY Technology Group Inc IV (DMYQ.N) and list on the New York Stock Exchange.
The company, which generates revenue mainly through a subscription-based model, said its services are used by over 600 customers in 65 countries. It generated over $100 million in revenue in the financial year ended Jan. 31.
So, Earth data and analytics company Planet Labs Inc, which is backed by Alphabet Inc's (GOOGL.O) Google, will go public through a merger with a blank-check company in a deal valued at $2.8 billion, the companies said.
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The Enforcement Directorate (ED) has provisionally attached three land parcels worth ₹106.08 crore of Unitech Group, situated in Gurugram, under PMLA. ED said that the parcels were purchased by two dummy entities of promoters Sanjay Chandra and Ajay Chandra from Unitech's firms. "Total proceeds of crime in this case is ₹5,063.05 crore as determined till now," ED said.
ANAROCK Property Consultants said the inventory levels of residential housing units in the Mumbai Metropolitan Region are at a six-year low at the end of June 2021. Unsold stock as of June 30 stood at 1.97 lakh units versus 2.10 lakh units in the year-ago period, and the bulk of this decline is due to an increase in sales.
Jindal Steel and Power Limited (JSPL) will invest over ₹1 lakh crore in the next 10 years to generate employment in Odisha, Chairman Naveen Jindal said. He was responding to a meeting chaired by Odisha's Chief Minister Naveen Patnaik where five industrial projects worth ₹1.46 lakh crore were approved. These include the expansion of JSPL's integrated steel plant in Angul.
Principal Economic Advisor Sanjeev Sanyal has said that inflation continues to be a concern and the government is watching it with a hawk's eye. "It's a possibility that global inflation will be an issue...oil prices are high...inflation has now picked up in many countries, including...US," he added. It's extremely difficult to predict what trajectory the economy will take, Sanyal said.
Indians continued to take bank loans to buy houses and vehicles but loans to fund education declined during COVID-19, RBI data between March 2020 and May 2021 showed. “Students who opt for foreign universities seek loans. But this came to a standstill last year. There has been some pick up this year as universities are reopening," a banker reportedly said.
Fitch Ratings on Wednesday cut India's growth forecast to 10% for 2021-22, from its previous estimate of 12.8%. "Renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it added. Fitch further said rapid vaccination could support a sustainable revival in business and consumer confidence.
About 11.4 crore jobs were lost worldwide during the COVID-19 pandemic, the Organisation for Economic Co-operation and Development (OECD) has said in a report. It further said that about 2.2 crore jobs disappeared by the end of 2020 in industrial nations. There are still over 80 lakh people unemployed than before the COVID-19 pandemic, OECD added.
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