BUSINESS
Low base, rising demand accelerates June YoY industrial production
Wavering impact of Covid 2.0 and easing of travel restrictions triggered demand and subsequently the production rate. The Index of Industrial Production (IIP) for June showed a rise of 13.6 per cent from a decline of 16.6 per cent reported for the like month a year ago. However, the production rate was lower than the exponential growth of over 28.60 per cent seen for May. In June, the IIP index reading stood at 122.6 as against May's 116.
Power Finance Corporation profit up 34% in Q1 FY22
The company's net profit in the Q1 period of FY22 stood at Rs 2,275 crore as compared to profit of 1,700 crore in the same period of previous year. During the quarter, the financier's Net Interest Income rose 15 per cent to Rs 3,525 crore as against Rs 3,073 crore in Q1'21. PFC declared Interim Dividend of Rs 2.25 per share.
Gates and Bezos-backed firm to pay $15 mn to hunt metals for EVs
KoBold will spend $15 million through 2024 to help Bluejay locate natural resources as part of its Disko-Nuussuaq project in Central West Greenland. "The Disko region has seen the rare convergence of events in earth's history that could have resulted in forming a world-class battery metal deposit," said Kurt House, CEO of KoBold.
'Rigorous' work underway to achieve privatisation targets: Nirmala Sitharaman
The government has set a target to complete the privatisation of Air India and BPCL, among other state-run companies and banks, in FY22. Calling upon the industry to invest more in the country, the minister further said that it is time that the Indian industry comes out and shows its risk-taking abilities and takes decisions to expand.
Union govt aims to complete Air India, BPCL sell-off in FY22
Tuhin Kant Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM) on Wednesday said that the government aims to complete the privatization of public carrier Air India, state-owned refiner Bharat Petroleum Corporation Limited (BPCL) and other identified companies during the current fiscal year.
Positive domestic cues buoy equity indices; banking stocks rise
Initially, markets had a gap up opening and gradually moved up through the morning to touch record high levels. Globally, Asian shares were mixed on Thursday as worries about Chinese regulatory changes and the spread of the Delta variant of the coronavirus weighed on sentiment.Sector wise, indices such as Media, IT, PSE and PSU Bank moved higher, whereas pharma stocks fell.
NCLT orders liquidation of Siva Industries
NCLT said that Sivasankaran application under section 12 (A) does not stand. NCLT has also dismissed the SBI application. Siva Industries and Holdings Limited (Siva Industries) will go into liquidation after the NCLT rejected the application. This is as per provisions of the Insolvency and Bankruptcy Code where 90 per cent of the lenders had not given approval.
Pent-up demand, base effect push July domestic passenger vehicles sales' higher
Accordingly, sales of passenger vehicles increased to 2,64,442 last month compared to 1,82,779 units sold during the same period of 2020. The data furnished by Society of Indian Automobile Manufacturers (SIAM) showed that PV sales were higher than the 2019 level of 1,90,115 units. Even on sequential basis, July sales were higher than 2,31,633 units sold during June.
Your gift and cash back vouchers will now attract 18% GST
In a recent ruling the Authority for Advance Ruling, Karnataka brought supplies of e-vouchers made by marketing firms liable for 18 per cent GST terming these instruments as part of overall supply of goods and service having an underlying value that is taxable. The order will now make marketing companies buying and supplying e-vouchers taxable at the specified rate on the value of purchase of such vouchers.
I-T Dept to refund excess interest, late fee for FY21 return filing
In a tweet, the department said that the income tax return filing software was rectified on August 1, 2021 to remove the error due to incorrect computation of interest u/s 234A and late fee u/s 234F. "Taxpayers have been advised to use the latest version of the ITR preparation software or file online," it said. The department tweeted in response to a news report.
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