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06/05/2023

AurionPro Solutions share price rallied 6 percent on May 5 after subsidiary Aurionpro Payment Solutions got in-principle approval from the Reserve Bank of India to operate as a payment aggregator.
The stock closed at Rs 454.10 on the National Stock Exchange, continuing the uptrend for the fifth session in a row. The stock has rallied 25 percent during the week after gaining 8 percent in the week gone by.
Payment aggregators are entities that allow e-commerce sites and merchants to accept various payment instruments from customers.
"Subsidiary Aurionpro Payment Solutions (AuroPay) has received an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment and Settlement Act, 2007," the company told exchanges on May 5.
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06/05/2023

BluSmart Mobility, an Indian ride-hailing startup that uses only electric vehicles, has raised $42 million as it intensifies its battle against the two dominant operators, Uber Technologies Inc. and Ola Cabs.
Investors include BP Ventures, the investment arm of energy giant BP Plc that holds 20% equity. BluSmart is currently valued at $250 million, its co-founder Anmol Jaggi told Bloomberg News, and the founders too participated in the current round.
The startup, headquartered in Gurgaon outside New Delhi, was established in December 2019 by Jaggi and four others with the idea of bringing a new, greener ride-hailing option to the massive Indian market. It raised $109 million across its seed and Series A rounds.
But in a matter of months, the Covid pandemic put the brakes on almost all such services. The market is now recovering, and the startup has expanded to cover two of India’s biggest cities, Delhi and Bangalore.
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06/05/2023

Hospitality tech platform OYO on Thursday said it will double the number of properties on offer for the Char Dham Yatra 2023 of Uttarakhand as it witnesses record demand from pilgrims.
At present, the company has 40 hotels in Rishikesh, Haridwar, Srinagar (Uttarakhand), Kedarnath, Joshimath, and Uttarkashi, which will be doubled to 80 hotels.
The Uttarakhand Dham Yatra is a spiritual pilgrimage of four sacred shrines nestled high up in the Himalayas. These shrines include Yamunotri, Gangotri, Kedarnath, and Badrinath, attracting millions of pilgrims every year from across the world.
As per the Uttarakhand government, 1.6 million devotees have already registered for this year's Yatra, and the number is slated to increase in the coming months
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06/05/2023

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has concluded the Myanmar Port sale for a total consideration of USD 30 million.
In May 2022, APSEZ had announced signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port. The SPA had certain Condition Precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer.
APSEZ in a statement said given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on "as is where is" basis.
Thereby the buyer and seller have renegotiated the sale consideration to USD 30 million, it added
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06/05/2023

SpiceJet CEO Ajay Singh on Thursday said there is a need for "more rational airfares" in the country even as he tried to assuage concerns of a hike in airfares as a consequence of competitor Go First filing for voluntary insolvency by terming it a "temporary phenomena".
He termed the Go First development as "extremely unfortunate" and expressed hope that the airline can use this opportunity to resolve their issues.
Asked about concerns on hike in airfares as a consequence of competitor Go First filing for voluntary insolvency, the SpiceJet chief said: "Those are temporary phenomena".
"Of course when there is a mismatch of supply and demand, airfares will go up but this settles quite nicely as you would have seen the last time an airline went down there was a temporary period of mismatch and the capacity came into the system and fares were back to normal," Singh said.
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06/05/2023

Adani Enterprises Ltd, the flagship company of billionaire Gautam Adani's ports-to-energy group, on Thursday reported more than doubling of net profit in the March quarter on the back of growth in airports and road businesses.
Net profit in January-March at Rs 722.48 crore compared with Rs 304.32 crore in the same period last year, according to a stock exchange filing by the company.
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