BUSINESS
Raj govt likely to reduce VAT on petrol, diesel
Many state governments have reduced the VAT after the initiative taken by the Central government. In a meeting organised in Jodhpur's Jaleli Faujdar village on Tuesday, Gehlot said, "When all the states have reduced the prices of petrol and diesel, then we will also have to reduce them." Earlier, Gehlot remained adamant saying that this slash would affect the income of the state.
Africa may have to depend more on Indian rice as supplies from China remain static
While prior to the outbreak of the Covid 19 pandemic, China had increased exports of rice to Africa and had overtaken India in several African markets, Beijing has not managed to sustain the export quantum due to heavy floods in the country that dented production. Chinese State agency COFCO, in fact, was aggressively looking to acquire new markets in Africa "to liquidate old stocks of 3-4 million tonnes."
2021 wedding season likely to generate an estimated Rs 3 lakh cr
Around 25 lakh weddings are expected to be solemnised between November 14 and December 13. The CAIT cited that in Delhi alone, more than 1.5 lakh weddings are expected to take place in this season, which are likely to generate a business of about Rs 50,000 crore. Since March last year, the Covid-19 pandemic as well as the associated restrictions and few Muhurt dates have scaled down wedding spends.
EU concerned about rights situation in Pak putting in doubt its preferred trade status
EU Parliament Member Luis Garicano explained the concerns over human rights issues in Pakistan following a visit to the country in a series of tweets. Garicano is a Spanish economist and politician who is a Member of the European Parliament (MEP) from Spain since 2019. "The @EUParl is very concerned about the deteriorating human rights situation, which puts into question the continuation of the preferred trade status of the country (GSP+)," Garicano said.
RBI removes restrictions on Diners Club International
In April, the RBI had imposed restrictions on Diners Club International from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance of payment system data storage norms. Diners Club International is a direct banking and payment services company. It offers access to more than 1,300 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions.
M&M's Q2FY22 YoY net profit rises to Rs 1,432 cr
During the same period last year, the company had reported a net profit of Rs 162 crore. Besides, M&M's Q2FY22 revenue zoomed 15 per cent on a year-on-year basis to Rs 13,305 crore. On a consolidated basis, Mahindra Group's net profit after an exceptional item rose 214 per cent to Rs 1,929 crore from Rs 615 crore. Furthermore, consolidated revenue rose to 12 per cent to Rs 21,470 crore during the period under review on a YoY basis.
India poised to achieve services export target of $1 tn: Piyush Goyal
Goyal said that services sector provides employment to nearly 2.6 crore people and contributes to approximately 40 per cent of India's total global exports. He also said that services trade surplus was $89 billion in FY 2020-21 and has been the largest FDI recipient (53 per cent of FDI inflows 2000-2021).
China's real estate problems could hurt global markets, warns US Federal Reserve
In its biannual report on financial stability, the Fed pointed specifically to the crisis at Evergrande, China's most indebted developer. The company has sparked fears of contagion since September upon warning that it could default on its debts of more than $300 billion. Several other real estate developers are also in trouble, the report added.
Zoomcar raises $92mn from SternAegis Ventures, other investors
SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as special advisor. Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and various select markets across Asia and the MENA region.
Crypto market cap hits $3tn mark for 1st time, Bitcoin on fire
Bitcoin and Ether created a new all-time high of $68,641.57 and $4,857.25 on Tuesday. Despite uncertainties and high volatility surrounding it, Bitcoin may touch the $100,000 mark by the end of this year. The Bitcoin market cap alone has crossed $2.5 trillion amid its rising adoption globally, particularly in India.
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