BUSINESS
UCO Bank shares surge 10% as RBI lifts PCA restrictions
Around 12.40 p.m., its shares on the BSE were trading at Rs 14.17 per share, higher by 10.62 percent from its previous close. Earlier it touched an intraday high of Rs 14.85 per share. On Wednesday, RBI said that it has taken UCO Bank out from the PCA framework and lifted the restrictions.
Market tad lower amid choppy trade, banking stocks fall
Selling pressure was witnessed in banking stocks. Fall in the index-heavyweights HDFC Bank and Infosys weighed on the indices. Around 10.15 a.m., Sensex was trading at 58,185.40, lower by 64.86 points or 0.11 per cent from its previous close of 58,250.26 points.
Petrol, diesel prices unchanged for 4th straight day
In the national capital, petrol was sold for Rs 101.19 per litre. 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.
Telecom relief package may provide 4-year moratorium on AGR
The moratorium may also be applicable on spectrum payments, sources said. The government has been in talks with several stakeholders, including banks, for a package for the sector amid the concerns of a possible duopoly in the Indian telecom sector if Vodafone Idea shuts. It is also the most impacted telco due to the AGR claims of the government.
Equity MFs' net inflows falls sharply to Rs 8,667 cr in August: AMFI
The sharp decline could be attributable to launch of a number of large equity-oriented schemes (new fund offers) in July as compared to August. But the fall has been much starker for debt-oriented funds and schemes where net inflows in August reduced to a mere Rs 1,074 crore in comparison to Rs 73,694 crore inflows seen in July.
Transparent taxation most beneficial govt initiative amid pandemic: Survey
The government's move to make taxation transparent has been considered as its most impactful initiative (40 per cent), followed by the Production Linked Incentive (PLI) scheme (30 per cent), equalisation levy (20 per cent), and new labour codes (10 per cent), as per the survey findings. The survey was carried with 3,700+ respondents across digital platforms, hinting at the rising global and domestic optimism related to revenues in 2021.
UCO Bank out of Prompt Corrective Action Framework
The decision, however, is subject to certain conditions and continuous monitoring. In a statement on Wednesday, the RBI said that performance of UCO Bank was reviewed by the Board for Financial Supervision and it was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters.
Cabinet approves hike in MSP for all mandated Rabi crops
This has been done to encourage the farmers to shift to larger area under these crops and adopt best technologies and farm practices to correct demand-supply imbalance, a Cabinet release said. The government has increased the MSP of Rabi crops for RMS 2022-23 to ensure remunerative prices for the growers for their produce.
Using local ingredients to be industry's core focus: Coca-Cola India
Besides, developing a hyper localised strategy as well as building a portfolio of consumer-centric brands will be another major theme for the industry. "For India Inc., this perhaps translates into two broad words -- ‘Innovation' and ‘Adaptability', as it has been truly inspiring to see how businesses across industries are revisiting their models and pivoting their offerings to suit the new normal," he added.
Signs of recovery: Credit profiles of large no of Cos get an upgrade
A testimony to improving conditions post the pandemic is the resilient performance of the corporate sector, particularly manufacturers ring, as it is also evident from rising number of credit upgrades by credit rating agencies (CRAs) that has grown by over 2.4 times this year so far.
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