BUSINESS
FM sets Sept 15 deadline for Infosys CEO to resolve IT portal glitches
Sitharaman held a meeting with Parekh here in the afternoon to convey the deep disappointment and concerns of the government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department, even after two-and-a-half months since its launch, which was also delayed. The Ministry of Finance emphasised that there is a need for putting in more resources and efforts on the part of Infosys.
Under-utilised brownfield assets to be monetised under NMP: Sitharaman
Besides, no land parcels will be taken up under the NMP, she said after unvieling the asset monetisation pipeline of Central ministries and public sector entities. According to Sitharaman, the NMP focuses on brownfield assets in which investments have already been made but these assests are under-utilised. These under-utilised brownfield assets are in sectors such as roads, railways, airports, mines, and power.
CCI imposes Rs 200 cr penalty on Maruti Suzuki over discount diktat
The anti-trust body said in its order that Maruti Suzuki not only entered into an agreement with its dealers across India for the imposition of discount control policy amounting to retail price maintenance (RPM), but also monitored the same by appointing Mystery Shopping Agencies (MSA) and enforced the same through the imposition of penalties, which resulted in "appreciable adverse effect on competition" within India.
Indices issue advisories against unregulated derivatives trading
Accordingly, the two key exchanges - BSE and NSE - said they have noticed unregulated platforms offering trading in certain products called 'Contracts for Difference' (CFD) or 'Binary Options'. "Hence, investors are advised to refrain from dealing or investing in unregulated products such as CFDs or 'Binary Options' offered by such unregulated internet-based trading platforms."
HDFC Bank aims to regain credit card market share in 3-4 Qtrs
Accordingly, the new additions will enable the bank to regain market share in the credit card issuing business in the next 9 to 12 months. The bank's new target comes after the Reserve Bank relaxed the restrictions on HDFC Bank and allowed the lender to issue new credit cards. However, the restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by RBI.
Continued unlocking accelerates economic recovery in July: ICRA
According to Aditi Nayar, Chief Economist, ICRA: "With the further easing of the state-wise restrictions, especially across the southern states, the roots of the economic recovery deepened in July 2021. Despite a normalising base, eight of the 15 high frequency indicators recorded an encouraging improvement in their year-on-year (YoY) growth in July 2021."
Equity indices rise in line with global markets; IT stocks rise
Healthy buying was witnessed in IT stocks. Around 10.15 a.m., Sensex was trading at 55,560.88, higher by 231.56 points or 0.42 per cent from its previous close of 55,329.32. It opened at 55,695.84 and has so far touched an intraday high of 55,781.17 points or 55,516.22 points. The Nifty50 on the National Stock Exchange was trading at 16,503.10, higher by 52.60 points or 0.32 per cent from its previous close.
Digital coin adoption to explode in small-town India: WazirX CEO
Touted as the most important asset class of the 21st century, more than 1.5 crore Indians are currently holding over Rs 1,500 crore worth crypto assets. Bitcoin has crossed the $50,000 mark (more than Rs 37 lakh for a single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $921 billion. With 76 lakh users, WazirX has witnessed a massive 2,648 per cent growth in user signups from tier 2 and 3 cities in the country, observing higher participation from women from smaller towns compared to their urban counterparts.
Petrol, diesel prices remain unchanged on Monday, a day after cuts
Accordingly, petrol continues to be priced at Rs 101.64 a litre and diesel Rs 89.07 a litre in Delhi, the same level as Sunday. Across the country as well fuel prices remained unchanged but its retail rate varied depending on the level of local taxes in states. Petrol prices in Mumbai and Kolkata remained at Rs 107.66 and Rs 101.93 per litre respectively while in Chennai, petrol was priced at Rs 99.32.
IT e-filing portal now live after emergency maintenance: Infosys
Infosys, the developer of the portal, informed about the development through a tweet. The tweet came after the Finance Ministry summoned the CEO of the software major over the continuing glitches in the portal. "The emergency maintenance of the @IncomeTaxIndia portal has concluded and the portal is live. We regret any inconvenience caused to taxpayers," the company said in a tweet late on Sunday evening.
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