Top headlines: Voda Idea too raises tariffs; NoBroker becomes an unicorn

Business Standard brings you the top stories on Tuesday

India to release 5 million barrels of crude oil from strategic reserves

India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday.

India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast. Read more

IKEA's malls business to build first shopping centre in India in Gurugram

IKEA's malls business, one of the world's biggest, said on Tuesday it had bought a plot in Gurugram next to New Delhi for a shopping centre that will be its first to open in India.

Ingka Centres, which has 47 malls, that itself calls "meeting places", anchored by IKEA stores across Europe, Russia and China and plans to enter North America and India, said the estimated investment for the project was around €400 million ($450 million) and that construction would start in early 2022. Read more

Vodafone Idea to hike tariff by 20-25% from Nov 25, follows Airtel

Vodafone Idea said on Tuesday it will hike its telecom tariffs by at least 20 per cent from November 25, following bigger rival Bharti Airtel’s announcement yesterday.

Vodafone Idea (Vi) is increasing prepaid tariffs by 20-25 per cent and top-up plan tariffs by 19-21 per cent. The new tariff plans "will start the process of ARPU (average revenue per user) improvement and will help address the financial stress faced by the industry,” the company said in a press release. Read more

Proptech start-up NoBroker enters unicorn club with $210 mn funding

Property tech start-up NoBroker has raised $210 million in its Series E round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures, the company said on Tuesday. This round of funding brings the total funding raised by NoBroker to $361 million. Read more