BUSINESS
Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability
These legal issues involve a cumulative liability of Rs 22,000 crore, and they need quick resolution for the successful closure of RCAP's resolution plan. According to sources, the bidders are likely to make a condition precedent of these issues to any payment to the lenders.
Hyundai, Kia's US sales up 7.9% amid chip shortage
Hyundai Motor, its independent Genesis brand, and Hyundai's smaller affiliate Kia sold a combined 123,233 vehicles in the world's most important automobile market in October, up from 114,128 units a year ago, according to the companies' sales data.
Twitter rival Koo surpasses 50 million downloads
Koo is available in 10 languages including Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, Telugu, Assamese, Bengali and English. According to the platform, there are more than 7,500 high-profile people, millions of students, teachers, entrepreneurs, poets, leaders, writers, artists, actors, etc. actively posting in their native languages.
Business confidence drops to lowest level in Pakistan
The Gallup Pakistan Business Confidence Index showed 65 per cent of business owners believe their businesses are facing bad conditions, Dawn news reported. Industrial machines businesses are doing the best out of all types of businesses, with 75 per cent of them believing that conditions are good.
Airtel surpasses 1 mn customers on it 5G network in less than 30 days
"Our network is being built every day even as all 5G devices are now capable of working on the Airtel 5G Plus network barring a few exceptions which should also be done in the coming weeks. We will continue to advance our network with a vision to connect the entire country," said Randeep Sekhon, CTO, Bharti Airtel.
Rupee has behaved in an orderly manner, says RBI Governor
Shaktikanta Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the US Federal Reserve will not resort to tightening of rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates.
Indian CV sector to log volume growth
The CV sector will register mid-to-high teens over the next couple of years, said Fitch Ratings in a report. The sector recovered 26 per cent in the fiscal 2021-22 after being hit by Covid-19. During the current fiscal, the CV majors are logging good growth driven mostly by goods carriers while sales of buses is also picking up.
Investment in India is about inclusion, democracy & safer planet, says Prime Minister
Prime Minister Narendra Modimade the observation while inaugurating "Invest Karnataka" a three-day Global Investors Meet (GIM), under the theme "Build for the world" here. While participating virtually in the event, Prime Minister Modi emphasised that investment in India is about investment for a better, cleaner and safer planet. "Let us all come forward to change crores of lives," he underlined.
CBDT proposes common ITR form
It has suggested merging of all the existing ITR forms except ITR 7, though ITR 1 and ITR 4 will continue to remain in use. Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said. They could either choose from the proposed common ITR form or the existing ITR 1 or ITR 4 forms. As of now, returns are filed through ITR 1 to 7, depending on the nature of the income and the legal classification of the taxpayer.
Govt cuts windfall tax on domestic crude oil, hikes levy on jet fuel
Tax on domestically produced crude oil was brought down to Rs 9,500 per tonne from Rs 11,000, effective November 2, a notification said. Windfall tax on jet fuel was increased to Rs 5 per litre, from Rs 3.50 per litre. The government also hiked the levy on export of diesel to Rs 13 per litre from Rs 12 per litre. The government on Tuesday exempted oil seeds and edible oil wholesalers as well as big chain retailers from the current stock limit order, with immediate effect.
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