BUSINESS
Telecom relief package may provide 4-year moratorium on AGR
The moratorium may also be applicable on spectrum payments, sources said. The government has been in talks with several stakeholders, including banks, for a package for the sector amid the concerns of a possible duopoly in the Indian telecom sector if Vodafone Idea shuts. It is also the most impacted telco due to the AGR claims of the government.
Equity MFs' net inflows falls sharply to Rs 8,667 cr in August: AMFI
The sharp decline could be attributable to launch of a number of large equity-oriented schemes (new fund offers) in July as compared to August. But the fall has been much starker for debt-oriented funds and schemes where net inflows in August reduced to a mere Rs 1,074 crore in comparison to Rs 73,694 crore inflows seen in July.
Transparent taxation most beneficial govt initiative amid pandemic: Survey
The government's move to make taxation transparent has been considered as its most impactful initiative (40 per cent), followed by the Production Linked Incentive (PLI) scheme (30 per cent), equalisation levy (20 per cent), and new labour codes (10 per cent), as per the survey findings. The survey was carried with 3,700+ respondents across digital platforms, hinting at the rising global and domestic optimism related to revenues in 2021.
UCO Bank out of Prompt Corrective Action Framework
The decision, however, is subject to certain conditions and continuous monitoring. In a statement on Wednesday, the RBI said that performance of UCO Bank was reviewed by the Board for Financial Supervision and it was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters.
Cabinet approves hike in MSP for all mandated Rabi crops
This has been done to encourage the farmers to shift to larger area under these crops and adopt best technologies and farm practices to correct demand-supply imbalance, a Cabinet release said. The government has increased the MSP of Rabi crops for RMS 2022-23 to ensure remunerative prices for the growers for their produce.
Using local ingredients to be industry's core focus: Coca-Cola India
Besides, developing a hyper localised strategy as well as building a portfolio of consumer-centric brands will be another major theme for the industry. "For India Inc., this perhaps translates into two broad words -- ‘Innovation' and ‘Adaptability', as it has been truly inspiring to see how businesses across industries are revisiting their models and pivoting their offerings to suit the new normal," he added.
Signs of recovery: Credit profiles of large no of Cos get an upgrade
A testimony to improving conditions post the pandemic is the resilient performance of the corporate sector, particularly manufacturers ring, as it is also evident from rising number of credit upgrades by credit rating agencies (CRAs) that has grown by over 2.4 times this year so far.
Cabinet approves Rs 10,683 Cr PLI scheme for textiles
Under the scheme incentives worth Rs 10,683 crore will be provided over five years. According to the government, the move will especially positively impact states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, Odisha among others. The government expects investments of more than Rs 19,000 crore into the sector during the five-year period.
Japan logs $17.3 bn current account surplus in July
The country has seen black ink for 85 successive months, but the level of surplus still remained lower than that in July 2019 before the Covid-19 pandemic broke out, Xinhua news agency reported. Among key components, goods trade showed a surplus of 622.3 billion yen ($5.6 billion), or a rise of four times from the previous year, with exports increasing more in value than imports.
Sensex tad down amid choppy trade; telecom stocks rise
The indices were pulled lower by the fall in shares of index-heavyweights Infosys and Tata Consultancy Services. Around 10.20 a.m., Sensex was trading at 58,230.99, lower by 48.49 points or 0.08 per cent from its previous close of 58,279.48.
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