BUSINESS
India's forex reserves decline by over $1.4 bn
The Reserve Bank of India's (RBI) forex reserves declined to $639.642 billion from $641.113 billion reported for the week ended September 10. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $892 million to $577.986 billion.
Sensex gained 2.4x from 2020 lows to 60K-mark, further rise expected
The 30-scrip sensitive index touched an intra-day low of 25,638.9 points on March 24, 2020, the first day of the Covid-induced lockdown. On Friday, it reached an intra-day high of 60,333 points. On a closing basis, it gained 125 per cent from 26,674 points on March 24, 2020 to 60,048.47 points on Friday. It took the market just 42 days to accumulate the last 5,000 points.
China bans cryptocurrencies, mining projects
Up to three-quarters of the world's supply of bitcoin has reportedly been produced in China, but the process consumes vast amounts of electricity, and energy produced by coal-burning plants is a massive contributor to air pollution, Global Times reported. Over the past several months, several large virtual currency mining centres in China.
Net Direct Tax collections see 74.4% growth over pre-pandemic levels
Though not comparable as last year tax collections were impacted by Covid 19 virus outbreak, yet the current years tax collections is even higher by 27 per cent over the pre-pandemic period of FY 20 when the net collection was Rs 4,48,976 crore. The net direct tax collection of Rs 5,70,568 crore this year include corporation tax (CIT) at Rs 3,02,975 crore (net of refund) and personal income tax.
CCI penalises beer companies for cartelisation, UBL slapped Rs 750 cr penalty
The competition regulator has imposed a penalty of Rs 750 crore on UBL and Rs 120 crore on CIPL based on the evidence presented on their act of cartelisation. Allegations of cartelisation were levelled against these companies in various states and Union Territories, including through the platform of All India Brewers' Association (AIBA).
Indiabulls Housing Finance repays over Rs 7K cr of NCDs to investors in Sept
The repayments comprised Rs 6,575.84 crore of public issue of NCDs done by IBH and Indiabulls Commercial Credit (ICCL), a 100 per cent subsidiary of IBH, in September 2016 and September 2018, and Rs 500 crore NCDs issued by IBH in September 2011. The public NCDs were repaid ahead of their scheduled repayment dates.
Spices Board to e-auction 75,000 kg of cardamom
The e-auction will bring together the spice community, enabling spice growers to connect with spice traders in the country.
Travel and tourism industry seeks SEIS incentive at 7% only
In a representation to the Commerce Ministry, the Indian Association of Tour Operators (IATO) has said that while the decision to release SEIS scrips for FY20 for tour operators is a welcome move, it is disappointing that the benefit has been reduced from 7 to 5 per cent.
India's structural bull story intact with new residential property cycle commencing
In his commentary titled Greed and Fear, Wood says pre-sales across the top seven cities rose 23 per cent MoM and 41 per cent YoY in July based on data from PropEquity. Also property registrations, indicating completed transactions, for the months of July-September were up 45 per cent in Mumbai and 56 per cent in Delhi compared with the levels prevailing in 2019.
Diesel price increased, petrol rate remains steady
Accordingly, diesel prices increased by 20 paise per litre in the national capital to Rs 88.82 per litre on Friday while petrol price remained unchanged for the 19 consecutive days. OMCs have preferred to maintain their watch prices on the global oil situation before making any revision in prices.
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