BUSINESS
Equity indices trade lower; Sensex down by over 300 pts
At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent. The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points. Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent. It opened at 18,229.50 points from its previous close of 18,114.90 points.
Service rendered by govt, not its agency, only exempt from GST
Services by the Central government, state government, Union Territory or local authority are exempt from GST but this rule has a few exception, including services provided to business entities. The AAR Telangana ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST.
After oil, gas price may see surge upsetting CNG, PNG rates
As per an assessment of gas market done by ICICI Securities, prices in gas futures market is estimated to rise by US$4.1/mmbtu to US $7.35/mmbtu in H1FY23 and by another US$3.6/mmbtu (49 per cent) to US $10.95/mmbtu in H2FY23. This would mean that three main players supplying CNG and PNG -- Green Gas (GGL), Mahanagar Gas (MGL) and Indraprastha Gas (IGL) would need to hike CNG prices by 50-56 per cent in April-October, 2022 to fully pass on APM gas price rise to keep their margins at lofty levels.
After some cooling in markets, expect rebound in expiry week
BSEMIDCAP and BSESMALLCAP were under tremendous pressure and lost significantly more, losing 4.24 per cent and 5.21 per cent respectively. The top sectoral gainer was BSEBANKEX which gained 3.01 per cent while the top loser was BSEFMCG which was down 6.08 per cent.
Indian banking Sector insulated against Covid-19, expects improved profitability even as asset quality remains monitorable
The gross non-performing advances (GNPAs) and the net NPAs remained stable at 7.7 per cent and 2.5 per cent respectively for banks as on June 30, 2021, compared to 7.6 per cent and 2.5 per cent as on March 31, 2021, and 8.6 per cent and 3.0 per cent as on March 31, 2020, i.e. at the beginning of the pandemic.
Musk trolls Cook over Apple's $19 cleaning cloth
In celebration of Apple's new store in Istanbul, Cook tweeted on Friday: "Introducing Apple Bagdat Caddesi, our beautiful new store in Istanbul. We're glad to be a part of this vibrant community and we can't wait to welcome customers to this spectacular new space." Musk replied to the tweet stating "Come see the Apple Cloth TM", adding much to the joy of the internet, reports iMore.
Fuel prices hiked again by 35 paise/ltr for 5th consecutive day
Accordingly, the pump price of petrol in Delhi rose by 35 paise to its highest-ever level of Rs 107.59 a litre while diesel prices also rose by the same margin to Rs 96.32 a litre, according to a price notification of state-owned fuel retailers. In the financial capital Mumbai, petrol prices have now risen to Rs 113.47 per litre while diesel to Rs 104.47 a litre, the highest among all metros.
TCS to manage Ram temple trust funds
The move comes after the trust faced allegations of corruption over land deals.Ram temple Trust General Secretary Champat Rai confirmed the takeover. Sources said that the decision was taken at the behest of Rashtriya Swayamsevak Sangh (RSS), which had summoned three key Trust members to Mumbai four months ago for a closed-door meeting over the controversial land deals.
Top cryptocurrencies that can become Bitcoin of the future
However, Bitcoin is not the end of the crypto world and here are some cryptocurrencies that have the potential to join the big league in the near future. Billed as the mother of all cryptocurrencies, Bitcoin which is a decentralised digital currency was created by someone called Satoshi Nakamoto (possibly a pseudonym) in 2009.
'Gold Bond' VII to be issued at Rs 4,765 per gram
According to the Ministry of Finance, the Sovereign Gold Bond Scheme 2021-22 (Series VII) will be opened for subscription during the period October 25-29, and the settlement date has been set at November 2. "For such investors the issue price of 'Gold Bond' will be Rs 4,715 per gram of gold."
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