BUSINESS
CEOs expect swifter recovery post 2nd Covid wave: CII Poll
A CII CEOs Poll of 119 corporate heads showed that about 59 per cent of the CEOs polled expect the recovery in sales to be better than in the first wave for their companies, while 46 per cent of them expressed a similar trend for their respective industry sectors. The poll results revealed that 55 per cent of employees of the polled firms have been vaccinated with at least the first dose of the vaccine.
Bidding deadline for transaction advisor for IDBI Bank sale extended
Further, the deadline for submission of bids for legal adviser has also been extended by nine days till July 22. The bid submission for transaction advisor and legal advisor ends at 3.30 p.m. and 4 p.m., respectively on July 22, and the bids will be opened 3.50 p.m. and 4.30 p.m. on July 23, respectively, said the Department Of Investment & Public Asset Management (DIPAM).
CGST officials bust network of 23 firms over bogus ITC claims
A finance ministry statement said that the modus operandi involved floating of multiple firms with the intent to avail or utilise and passing on of inadmissible credit. The firms involved in this network are Girdhar Enterprises, Arun Sales, Akshay Traders, Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with intent to pass on fraudulent ITC without paying actual GST to the government.
Foreign e-commerce cos creating false narrative against draft rules: CAIT
In a statement, the traders' body said that the draft e-commerce rules under the Consumer Protection Act have been designed in a way to set the basic fundamentals and parameters of e-commerce business in India which has registered an exponential growth since last year but suffers with various kinds of irregularities, anomalies and unhealthy business practices of some of the major foreign funded e-tailers.
No change in petrol and diesel prices on Sunday
Petrol and diesel prices remained unchanged across the four metro cities on Sunday. The pause comes after petrol prices were raised by 35 paise on Saturday. In the national capital, petrol is selling at Rs 100.91 per litre, unchanged from its previous levels. Further, diesel prices also remained unchanged in tandem with petrol prices. Fuel prices have so far been increased on 38 days and remained unchanged on 34 days since May 1
Covid to dampen Q1FY22 results, subdue sentiments
The scale of this expected trend might only be known via the impact on revenue that different sectors sustained in respect to lockdown's effect on operations and sales. Other factors such as high commodity and fuel prices along with impact of rural Covid spread on the FMCG demand will exert pressure on Q1 revenues. In contrast, pharma companies could benefit due to the second Covid wave, besides, metals, BFSI and IT are expected to drive earnings' growth.
States to borrow close to Rs 2 lakh cr to mobilise funds for Covid relief
In all, states and union territories expect to borrow Rs 1,92,091 crore from the markets during July-September quarter. The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs) has drawn up the borrowing calendar for the quarter where bonds will be issued to mobilise funds on a weekly basis.
Integrating technology with inclusive delivery holds key to recovery: FM
Speaking virtually in the session on policies for economic recovery at the second day of the ongoing G20 Finance Ministers & Central Bank Governors Meeting, Sitharaman also cited digitisation, climate action and sustainable infrastructure as the three catalysts of economic recovery. In this regard, she also shared India's successful experience in integrating technology with inclusive service delivery during the pandemic.
CBIC further streamlines faceless assessment at customs stations
The new mechanism would become functional from July 15 an aid faster clearance of import consignments as the systems would clear such consignments without any physical interface. The CBIC has taken further steps to streamline the faceless assessment mechanism put in place in the customs clearance processes and has decided that up to 90 per cent of non-risky import consignments would be cleared within hours without any physical interface.
Auto pent-up demand impacted from high fuel cost
Accordingly, '2W' demand has been tepid while that of 'PVs' is more resilient, given the relatively better income profiles of car customers. "In the current unlock phase, the pent-up demand is lukewarm as customer sentiment has been partially impacted by higher fuel prices -petrol prices are more than INR 100 in several states, which has resulted in high running costs and price hikes taken by the OEMs to offset rising commodity prices," said HDFC.
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