BUSINESS
GST dues of states not cleared as claimed by FM: Chidambaram
"More numbers on GST dues. For Rajasthan, the GST dues upto 31-3-2021 were Rs 4,635 crore. This number was mentioned in CM's letter to FM. In 2021-22, add another Rs 2,507 crore upto May. Total dues, so far, are Rs 7,142 crore "For Chhattisgarh, GST dues upto 1-6-2021 are Rs 3,069 crore. Yet, the FM claimed that she had cleared GST dues to all states!" the former union minister said in a statement on Wednesday.
Equity indices in red, metal stocks fall
Heavy selling was witnessed in metal and power stocks. Around 10.10 a.m., Sensex was trading at 52,645.30, lower by 127.75 points or 0.24 per cent from its previous close of 52,773.05. It opened at 52,782.21 and has so far touched an intra-day high of 52,816.31 and a low of 52,607.61 points. The Nifty50 on the National Stock Exchange was trading at 15,820.25, lower by 49.00 points or 0.31 per cent from its previous close.
Homegrown job platform Apna raises $70M at $570M valuation
Existing investors, Sequoia Capital India, Lightspeed India, Greenoaks Capital and Rocketship VC have also participated in the round. Apna said that it will use the proceeds to strengthen its presence in existing cities and expand pan-India over the next six months to help restart India's economy.
Centre to develop seaplane services in India
An MoU was signed between the Ministry of Ports, Shipping and Waterways, and the Ministry of Civil Aviation, for this purpose. As per the MoU, a coordination committee with officials from Ministries of Civil Aviation, Ports, Shipping and Waterways, and Tourism is to be set up for timely completion of operationalisation of seaplane services at various locations.
Finance Ministry, Infosys officials to take up new I-T Portal glitches
Infosys is the agency that has put up the software backbone going into the new e-filing portal. The June 22 meeting will also be attended by other stakeholders including members from the ICAI, auditors, consultants and taxpayers. The new portal has been fraught with several technical glitches and issues leading to taxpayer inconvenience.
Fixed line Internet service providers come together to form industry body
Noting that in the last 15 months broadband data consumption has seen a massive spike owing to the pandemic, the newly formed industry body said in a statement that the fixed line broadband players have enabled entire industries to seamlessly migrate to a work from home setup, keeping the wheels of the economy running.
Rising Trend: India's May exports up over $32 bn
The exports last month recorded a 8.11 per cent growth over the May 2019 levels. The country's merchandise exports in April 2021 had risen to $30.63 billion. As per the data, the value of non-petroleum and non-gems and jewellery exports in May 2021 was $23.97 billion, as compared to $16.36 billion in May 2020, registering a positive growth of 46.50 per cent.
Indian firms earn 72% of revenue from domestic market: Morgan Stanley
Titled 'Global Exposure Guide 2021', the report showed that 18.7 per cent of the revenue comes from developed economies and 9.3 per cent from the emerging market economies. It noted that Taiwanese, Saudi Arabian, Hong Kong, Singaporean, South African, and Mexican companies derive more than half of their revenue from foreign markets.
Power Finance Corporation logs highest-ever net profit in FY 21
In FY20, the PFC had reported a net profit of Rs 5,655 crore on a standalone basis. The company's consolidated net profit also increased by 66 per cent in FY21 to Rs 15,716 crore against Rs 9,477 crore reported in FY20. During 2020-21, the power sector lender increased its net interest income to Rs 12,951 crore in compassion to Rs 10,097 crore reported in FY 20.
Siemens to deliver digitalised switchgears to 3 steel manufacturers in India
The installation includes 11 bays of state-of-the-art 132 kilovolts (kV) Gas Insulated Switchgears (GIS) which have a modular design and will enable increased efficiency, reduced operational costs and ensure safe operations even under extreme environmental conditions. The GIS will be designed as Sensgear devices, first of its kind.
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