BUSINESS
RBI raises retail inflation estimate for FY22 to 5.7%
In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said that temporary supply shocks are driving inflation in the country. He, however, assured that although inflationary pressures raise concerns, they are transitory in nature. During the second quarter of FY22, inflation is seen at 5.9 per cent, and in Q3 it is likely to stand at 5.3 per cent.
Meeting Jeffrey Epstein was a huge mistake: Bill Gates
In an interview with CNN, Gates said that "several" meetings with Epstein gave him credibility, which was a mistake. According to him, the friendship with Epstein was an attempt to get "billions for philanthropy". In 2019, Gates told The Wall Street Journal that he had met Epstein, but "didn't have any business relationship or friendship with him".
Growth Chasing: RBI retains rates, accommodative stance
Besides, the growth-oriented accommodative stance was retained to give a push to economic activity despite high retail inflation levels. Accordingly, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent.
Adani Transmission logs 22% rise in Q1 net profit
During the same period of the last fiscal, the company had reported a consolidated net profit of Rs 355.40 crore. In a statement, the company said that the results are a validation of strong fundamentals of Adani Transmission Ltd and reiterates reliability, responsiveness and sustainability of Adani Electricity Mumbai Ltd thus creating value for ATL.
PM Modi, former Australian counterpart Abbott discuss trade
Abbott is visiting India August 2-6 in his capacity as the Australian Prime Minister's Special Trade Envoy for India. In a statement, the Prime Minister's Office (PMO) said: "The two leaders discussed ways to further strengthen bilateral trade, investment and economic cooperation to realise the full potential of the India-Australia Comprehensive Strategic Partnership.
Govt introduces bill to nullify contentious retrospective taxation
The Bill proposes to amend the Income Tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 - when the finance bill was passed by Parliament in 2012. Further, as per the bill, the amount paid in these cases would be refunded without any interest thereon.
Finance Ministry releases Rs 685.80 cr grant for Urban Local Bodies
Out of this, an amount of Rs 494 crore has been released to Uttar Pradesh, Rs 110.20 crore to Gujarat, Rs 74.80 crore to Jharkhand and Rs.6.80 crore to Mizoram. Grants for ULBs have been released, as per the recommendations of the 15th Finance Commission, for improving basic civic services including fulfilling location specific felt needs. These grants are intended for smaller cities.
GAIL net profit jumps 498% to Rs 1,530 cr in Q1 FY 22
The company's net profit jumped 498 per cent in Q1 FY22 to Rs 1,530 crore from Covid affected profit of mere Rs 256 crore in the same period of previous year. In the April-June quarter, GAIL recorded turnover of Rs 17,352, a growth of 44 per cent over Rs 12,060 crore turnover reported in Q1 FY21.The increase in the profits is mainly attributable to better physical performance in natural gas marketing and transmission.
Govt to resume E-way bill blocking for non-compliant taxpayers
E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by the Goods and Service Tax Network (GSTN).
Midcaps outperform largecaps in last 12 months
A Motilal Oswal Financial Services report said that in the last 12 months, midcaps have risen by 80 per cent against a 42 per cent rise for the Nifty. In the last five years, midcaps have outperformed by 6 per cent, it said. "In P/E (price to earnings) terms, the Nifty Midcap 100 is trading at a 3 per cent premium to the Nifty," the 'Bulls & Bears (August 2021) India Valuations Handbook' said.
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