BUSINESS
Govt may not need special borrowing window for GST compensation to states
The Centre has estimated GST compensation shortfall to states at Rs 1.59 lakh crore for FY22. Out of this, Rs 75,000 crore has already been released as first instalment through regular central borrowings. With GST revenue holding up over Rs 1 lakh crore mark, the collections would now need to be Rs 1.18 lakh crore in the balance months of FY22. This is likely with expectation that overall GST collection may be higher than estimated Rs 14.1 lakh crore.
Ashok Leyland sells 9,360 units in August
In a statement issued here, Ashok Leyland said it has sold 9,360 units (domestic 8,400 units, exports 960 units) in August 2021 as against 6,325 units (domestic 5,824 units, exports 501 units) logged in the same month in 2020.
Sensex up 100 points ahead of weekly F&O expiry
Healthy buying was witnessed in FMCG and capital goods stocks, while IT and auto stocks were under pressure. Around 10.35 a.m., Sensex was trading at 57,443.30, higher by 105.09 pints or 0.18 per cent from its previous close of 57,338.21. It opened at 57,423.65 and has so far touched an intra-day high of 57,512.08 and a low of 57,287.79 points.
US manufacturing sector expands despite Delta surge, hiring difficulty
The Purchasing Managers' Index (PMI) stood at 59.9 per cent, up 0.4 percentage point from the July reading, Xinhua news agency quoted the ISM as saying on Wednesday. Any reading above 50 per cent indicates the manufacturing sector is generally expanding. The manufacturing sector saw slower growth in July from the prior month, as companies and suppliers continued to struggle to meet increasing levels of demand.
No revision in petrol, diesel prices on Thursday
The price of petrol and diesel remains unchanged at Rs 101.34 and Rs 88.77 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price is stable at Rs 107.39 per litre on Thursday while diesel rates also remain unchanged at Rs 96.33 a litre. Across the country as well the petrol and diesel prices remained static on Thursday but their retail rates varied depending on the level of local taxes in a particular state.
J.B. Mohapatra appointed new CBDT Chairman
In May, Mohapatra, a 1985 batch officer, was given the additional charge as CBDT Chairman after the end of the extended tenure of P.C. Mody in the post. "The Appointments Committee of the Cabinet has approved the appointment of J.B. Mohapatra, IRS, member, Central Board of Direct Taxes as Chairman, Central Board of Direct Taxes," said an official notification.
Zerodha gets SEBI nod to foray into mutual fund business
Zerodha Founder and CEO, Nithin Kamath said in a tweet on Wednesday: "So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part. The company had applied for an AMC (Mutual fund) license in February last year.
Auto sales rise despite high fuel cost, chip shortages
Sales growth momentum slowed down from July to August but was faster on the year-on-year basis due to the base effect. Last year, the pandemic-triggered national lockdown from late March 2020 had a massive impact on the sector. However, this year lockdowns were more regional in nature but lesser restrictions. Nevertheless, high fuel cost along with shortages of electronic components hampered sales and elongated waiting periods.
India's Aug manufacturing output growth eases, shows PMI
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) slipped to 52.3 (index reading) in August as against a reading of 55.3 in July. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
RBI imposes Rs 25 lakh fine on Axis Bank for violation of KYC norms
The penalty has been imposed in exercise of powers vested in the RBI under provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. In a statement, the central bank said that the penalty has been imposed for "contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India - Direction, 2016".
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