BUSINESS
Union govt aims to complete Air India, BPCL sell-off in FY22
Tuhin Kant Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM) on Wednesday said that the government aims to complete the privatization of public carrier Air India, state-owned refiner Bharat Petroleum Corporation Limited (BPCL) and other identified companies during the current fiscal year.
Positive domestic cues buoy equity indices; banking stocks rise
Initially, markets had a gap up opening and gradually moved up through the morning to touch record high levels. Globally, Asian shares were mixed on Thursday as worries about Chinese regulatory changes and the spread of the Delta variant of the coronavirus weighed on sentiment.Sector wise, indices such as Media, IT, PSE and PSU Bank moved higher, whereas pharma stocks fell.
NCLT orders liquidation of Siva Industries
NCLT said that Sivasankaran application under section 12 (A) does not stand. NCLT has also dismissed the SBI application. Siva Industries and Holdings Limited (Siva Industries) will go into liquidation after the NCLT rejected the application. This is as per provisions of the Insolvency and Bankruptcy Code where 90 per cent of the lenders had not given approval.
Pent-up demand, base effect push July domestic passenger vehicles sales' higher
Accordingly, sales of passenger vehicles increased to 2,64,442 last month compared to 1,82,779 units sold during the same period of 2020. The data furnished by Society of Indian Automobile Manufacturers (SIAM) showed that PV sales were higher than the 2019 level of 1,90,115 units. Even on sequential basis, July sales were higher than 2,31,633 units sold during June.
Your gift and cash back vouchers will now attract 18% GST
In a recent ruling the Authority for Advance Ruling, Karnataka brought supplies of e-vouchers made by marketing firms liable for 18 per cent GST terming these instruments as part of overall supply of goods and service having an underlying value that is taxable. The order will now make marketing companies buying and supplying e-vouchers taxable at the specified rate on the value of purchase of such vouchers.
I-T Dept to refund excess interest, late fee for FY21 return filing
In a tweet, the department said that the income tax return filing software was rectified on August 1, 2021 to remove the error due to incorrect computation of interest u/s 234A and late fee u/s 234F. "Taxpayers have been advised to use the latest version of the ITR preparation software or file online," it said. The department tweeted in response to a news report.
Equity indices rise, investors eye retail inflation, IIP data
Healthy buying was witnessed in IT stocks. Around 10.10 a.m., Sensex was trading at 54,690.70, higher by 164.77 points or 0.30 per cent from the previous close of 54,525.93 points. It opened at 54,641.22 and has touched an intra-day high of 54,724.20 and a low of 54,536.65 points. The Nifty50 on the National Stock Exchange was trading at 16,332.00, higher by 49.75 points or 0.31 per cent from its previous close.
No change in petrol, diesel prices on Thursday
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Thursday. Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.
Record 308.65 million tonnes foodgrain production expected this year
As per the Fourth Advance Estimates for 2020-21, the production during 2020-21 is higher by 29.77 million tonnes than the previous five years' (2015-16 to 2019-20) average production of foodgrains, a release from the Department of Agriculture and Farmers' Welfare said. Union Minister for Agriculture and Farmers' Welfare, Narendra Singh Tomar, said that record foodgrains are being produced in the country.
Profit of CPSEs decline 21% in FY20
As per the report, a total of 171 CPSEs reported a profit during FY20, compared to 179 companies in FY19. "Net orofit of profit-making CPSEs stood at Rs 1,38,112 crore in Financial Year 2019-20 (171 CPSEs) against Rs 1,74,286 crore in Financial Year 2018-19 (179 CPSEs), showing a decrease of 20.8 per cent," said the report published by the Department of Public Enterprises.
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