BUSINESS
RBI extends restrictions on PMC Bank till Dec 31
The decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank (SFB), thereby clearing the decks for the takeover of th crisis-hit PMC Bank by Centrum and BharatPe as equal partners.
India's forex reserves declines by over $4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $603.933 billion from $608.081 billion reported for the week ended June 11. India's forex reserves comprise foreign currency assets (FCAs), gold reserv es, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
UK probes Amazon, Google for fake reviews of goods
The move follows the CMA's initiation of an inquiry last May that raised concerns over the companies' handling of fake or misleading reviews on their respective sites, Engadget reported. At the time, the regulator did not specify which websites it was investigating. Instead, it said that it was looking into issues including suspicious behaviour, such as a single user posting multiple reviews for an unlikely range of products or services.
Govt announces tax relief on expenditure towards Covid treatment, extends deadlines
The government also provided relief to the family members of a taxpayer falling prey to Covid by providing income-tax exemption on the ex-gratia payment received by them from the employer or from any other person. This exemption shall be allowed without any limit for the amount received from the employer, while the exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other person, a Finance Ministry statement said.
Ex-Infosys CEO to lead task force for bureaucratic reforms
Govind Iyer, Consultant, Egon Zehnder, and Pankaj Bansal, Co-founder and Group CEO, PeopleStrong, are the two other members of the task force. Adil Zainulbhai, Chairman designate of Capacity Building Commission, Department of Personnel and Training (DoPT), would be a special invitee to the discussions of the task force.
First acquisition of listed firm by Indian unicorn: Pharmeasy picks up 66.1% in Thyrocare
API Holdings has signed definitive documents to acquire 66.1 per cent stake in Thyrocare Technologies Ltd (Thyrocare) from Dr A. Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100 per cent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 per cent stake.
Stock Talk: Top film Production & distribution stocks on Sensex today
India has a longstanding reputation for its acclaimed film industry, with the term Bollywood synonymous with vividly coloured films featuring complex dance routines, singing and spectacular large cast scenes
Schneider to infuse Rs 350-400 cr in Luminous Power Technologies
Luminous Power has performed exceedingly well during the pandemic, which has pushed the parent entity to give a fresh look at this subsidiary and strengthen its operations further, the company said. Schneider Electric proposes to use the fresh investment to pursue aggressive growth plans of Luminous, which entail doubling the battery and inverter production capacity, generating new employment opportunities, and ramping up its solar business.
Rise in auto fuels consumption to absorb cuts in cess: ICRA
"ICRA projects the year-on-year (YoY) growth in the consumption of petrol or motor spirit (MS) and high-speed diesel (HSD) in FY2022 at 14 per cent and 10 per cent, respectively, on the low base of FY2021," the report said. If this additional revenue of Rs 0.4 trillion is foregone, the report said, it can support a reduction in cesses by Rs 4.5 per litre each on MS and HSD.
India's IT exports may witness double-digit growth in FY22: Report
Noting that there has been strong spending across companies in the IT sector, the report said that the strength in spending will show in the strong growth of IT services companies. The compressed timelines have forced the companies to simultaneously transform multiple parts of their enterprise and reskill people instead of a sequential approach.
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