BUSINESS
CBDT issues tax refunds worth Rs 70K cr so far in FY22
The I-T Department has tried to smoothen its tax processing systems which is supporting quick assessments and timely generation of refunds. In wake of the pandemic, the department is going the extra mile to complete the procedures so that refunds can be generated quickly and help in ensuring liquidity position of taxpayers.
Public sector banks are stable now after PCA: Nirmala Sitharaman
The public sector banks were laden with huge non-performing assets (NPA) which was a serious concern for the future of the banking sector itself. Sitharaman said a problem in the banking sector would impact the entire economic activity. According to her, the government infused additional capital into public sector banks.
Petronet LNG to foray into petrochemical business
PEL is planned to offer LNG Bunkering services, allied services like 'gassing up' and 'cooling down' operations and other value-added services in LNG and Marine sector in phased manner. The necessary regulatory compliances and unit formation at Puthuvypeen Special Economic Zone, Kochi is under progress, he said, adding that the strategic location of Kochi terminal is expected to spur bunkering activity in the region at competitive price.
Outlook for Q2 manufacturing improves; high cost of production causes worry
A FICCI statement also said that the assessment is also reflective in order books as 72 per cent of the respondents in July-September 2021-22 expected a higher number of orders in comparison to April-June 2021-22. However, the survey revealed that a high percentage of respondents are experiencing rising costs of doing business and production.
SEBI notifies requisite certification for people associated with portfolio management
The portfolio managers will ensure that that all such associated persons who are distributors of the Portfolio Management Services as on the date of this notification obtain the certification by passing the Portfolio Management Services (PMS) Distributors Certification Examination within two years from the date of the notification.
Petrol, diesel prices unchanged for a week now
In the national capital, petrol was sold for Rs 101.19 per litre on Sunday. Similarly, price of the fuel in the other key metros of Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively. Diesel prices also were unchanged for the seventh consecutive day across the four metro cities.
Bullish trends: Lighter inflationary pressure to unleash equity bulls
The healthy macros, as denoted by the rise in Index of Industrial Production (IIP) will attract foreign capital to the equity markets on the prospects of faster economic growth. Besides, expected easing of retail as well as wholesale inflation points are likely to boost buying sentiments. However, global worries such as prospects of US Fed withdrawing stimulus, spread of Delta variant, slowing global growth and China's regulatory tightening might cap gains.
Paddy, wheat still preferred crop in maximum households
For the Kharif season, 53.2 per cent rural agriculture households grew paddy, followed by maize (11.3 per cent); bajra (8.3 per cent); cotton (7.2 per cent) and soyabean (six per cent) of the households. The remaining crops such as jowar, ragi, arhar (tur), urad, moong, sugarcane, potato, groundnut and coconut were all each 4.1 per cent or less, said the survey conducted during January 1 to December 31, 2019.
India Sourced: Boeing maintains 'billion-dollar' sourcing from India
Presently, 275 suppliers provide the company with advanced components, sub-assemblies and software support for commercial and defence aircraft as part of Boeing's integrated global supply chain. These parts and assemblies cover critical components such as aerostructures, wire-harness, composites, forgings, avionics, mission systems and ground support equipment.
Share of insolvency process initiated by debtors declining over time
The IBBI data showed that operational creditors triggered 50.93 per cent of the CIRPs, followed by about 42.77 per cent by financial creditors and remaining by the corporate debtors. However, about 80 per cent of CIRPs having an underlying default of less than Rs 1 crore, were initiated on applications by operational creditors, while about 80 per cent of CIRPs, having an underlying default of more than Rs 10 crore, were initiated by financial creditors.
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