BUSINESS
Vehicle scrappage policy to boost metal recycling business: Report
Accordingly, in a report, Grant Thornton Bharat said that the policy is likely to affect major changes in the Indian automotive industry. "Be it generating employment, reducing pollution, or accelerating demands for electric vehicles, the policy proves to be a win-win situation for the auto industry and various other stakeholders," the report said.
Revenue Deficit Grant of Rs 9,871 cr released to 17 states
With the release of this installment, a total amount of Rs 49,355 crore has been released to eligible states as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year. The Post Devolution Revenue Deficit Grant is provided to the States under Article 275 of the Constitution.
After 5G telecom gear, Tata Group readies to enter semiconductor manufacturing
Tata group will try to get a foothold in the $1 trillion high-tech electronics manufacturing industry, the company's chairman said while speaking at an industry event on Monday. The group has recently entered the 5G telecom equipment manufacturing by acquiring a majority stake in Tejas Networks and became a competitor to global gear market leaders like Ericsson, Nokia, Huawei and Samsung.
Sensex, Nifty climb new highs; banking, IT stocks rise
The BSE Sensex has touched its record intra-day high of 54,772.07 points, while the Nifty50 on the National Stock Exchange has hit its all-time high of 16,359.25 points. Around 11.45 a.m., Sensex was trading at 54,746.06, higher by 343.21 points or 0.63 per cent from its previous close of 54,402.85. It touched an intra-day low of 54,450.34 points. The Nifty50 was trading at 16,348.40, higher by 90.15 points or 0.55 per cent from its previous close.
Reliance New Energy Solar to invest in US-based energy storage firm Ambri Inc
The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri. Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries.
Sensex up 200 points, banking stocks rise
Healthy buying was witnessed in banking and finance stocks. Around 10.05 a.m., Sensex was trading at 54,626.70, higher by 223.85 points or 0.41 per cent from its previous close of 54,402.85. It opened at 54,461.31 and has so far touched an intra-day high of 54,683.45 and a low of 54,450.34. The Nifty50 on the National Stock Exchange was trading at 16,311.40, higher by 53.15 points or 0.33 per cent from its previous close.
Tesla aims to sell 20 mn EVs per year by 2030
In its '2020 Impact Report', the Elon Musk-run EV maker said that its customers helped accelerate the world's transition to sustainable energy by avoiding 5.0 million metric tons of CO2e emissions last year. "Our vehicles emit much less CO2 than ICE (internal combustion engine) vehicles, considering both vehicle manufacturing & electricity emissions," the company informed. Tesla said that usually, vehicles in the US get scrapped after approximately 200k miles but Tesla batteries are designed to outlast the vehicle
Fuel prices remain unchanged for 24th consecutive day
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month. The oil prices have softened again to under $70 a barrel on the concerns of growing Covid cases, lockdowns in China, slowing industrial recovery globally and rising US oil inventory.
NSE IFSC to introduce trading in US stocks
The offering will be in the form of unsponsored depository receipts. IFSCA has facilitated the same under the regulatory sandbox, said a company statement. The entire trading, clearing, settlement, and holding of US stocks will be under the regulatory structure of the IFSC Authority. This initiative is a first of its kind at the IFSC where Indian retail investors will be able to transact on the NSE IFSC .
Diesel not under GST but taxable at 18% as part of composite service
In a significant order, the Karnataka bench of Authority for Advance Ruling (AAR) has ruled that the cost of the diesel incurred for running diesel generator (DG) sets in the course of providing DG rental service is nothing but additional consideration for the supply of DG sets on rent as per section 15 of the CGST/KGST Act and hence attracts 18 pet cent GST (CGST @9 per cent and KGST @ 9 per cent).
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