BUSINESS
Net Direct Tax collections up 60.8% YoY
According to the Ministry of Finance, net collections stood at Rs 945,276.6 crore compared to Rs 587,702.9 crore over the corresponding period of the preceding financial year, representing an increase of 60.8 per cent. Besides, the gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 (as on December 16) stood at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year.
Growth momentum loses steam in Nov 2021: ICRA
As many as 12 of the 15 lead indicators recorded a deterioration in their YoY performance in that month, relative to October 2021. Moreover, the number of indicators surpassing their pre-Covid levels eased to seven in November 2021 from nine in October 2021. The ratings agency also said that amidst the heightened uncertainty generated by Omicron, convincing signs of a durable and sustainable recovery are yet to emerge.
Stock brokers invested in technology during Covid pandemic: ANMI
According to ANMI's StockTech survey that was released on Friday, 41 per cent of stock brokers increased their technological expenses by more than 20 per cent in the past two years. Moreover, 39 per cent of stock brokers bumped up the budget to meet technological requirements on a year-on-year basis compared to 26.2 per cent brokers in 2018.
Bharti Airtel prepays 'entire deferred liabilities' of Rs 15,519 cr to DoT
In the 2014 auction, the telecom service provider had acquired 128.4 MHz spectrum at Rs 19,051 crore. "These liabilities were due in annual instalments from FY27 to FY32 and carried an interest rate of 10 per cent (the highest rate amongst the deferred liabilities and borrowings) and an average residual life of seven plus years," it said in a statement.
Equities settle sharply low; bank, financial services stocks down
The indices traded lower all through the session on Friday. The Sensex and Nifty settled at 57,011 points and 16,985 points, down 1.54 per cent and 1.53 per cent from their previous close, respectively. Among the stocks, Indusind Bank, Tata Motors, ONGC, Kotak Mahindra Bank and Hindustan Unilever were some of the top losers, NSE data showed, declining 4.6 per cent, 4.4 per cent, 3.9 per cent, 3.5 per cent, 3.4 per cent, respectively.
India's foreign exchange reserves dip down by $77 mn
The Reserve Bank of India's forex reserves decreased to $635.828 billion from $635.905 billion during the week ended December 3. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $321 million to $572.860 billion.
Singapore Airlines set to resume Airbus A380 service to India from Jan
The services will start from January 10, 2022 between Mumbai and Singapore. The A380 will replace the Airbus A350-900 on the 'SQ 424/423 VTL' services on this route. Besides, the airline will operate the A380 in place of the Boeing 787-10 on the 'SQ 406/403 VTL' services between Delhi and Singapore starting February 14, 2022.
Overall, the airline currently operates 48 weekly services from eight Indian cities to Singapore.
CCI fines Amazon Rs 202 cr, suspends approval for deal with Future Coupons
Amazon failed to notify FRL SHA and the commercial arrangements, as part of the combination between the parties, and supressed the actual purpose and particulars of the combination, as discussed above, in contravention of the obligation contained in sub-section (2) of Section 6 of the Companies Act read with Regulation 5 and sub-regulations (4) and (5) of Regulation 9 of the Combination Regulations, the CCI said.
Bank of England raises interest rate first time in over three years to tackle soaring inflation
With United Kingdom's inflation rates soaring to new highs due to economic recession caused by pandemic, the Bank of England has raised the interest rate for the first time in more than three years. The bank on Thursday said that its Monetary Policy Committee (MPC) had voted by a majority of eight to one to increase rate interest rates. Later, on the basis of the votes, the interest rates were raised by 0.15 percentage points to 0.25 per cent.
Rising input costs to hit cement companies' margins by 200-230 bps in FY22: ICRA
The major inputs required in the production of cement are coal, petcoke and diesel. Elevated freight cost also added to the production cost. Notably, the projected decline in operational margins is despite a rise in production of the commodity and offtake by the infrastructure industry and rural housing sector.
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