BUSINESS
Oil Cos strengthen profits as consumers suffer from high fuel prices
At the current prevailing high fuel price levels in the country, the marketing margin taken by the oil marketing companies (OMCs) on the retail sales of petrol and diesel has touched a high of around Rs 3 per liter.
Reliance Naval lenders staring at around 95% haircut
At a Committee of Creditors (COC) meeting held Wednesday, all the three bids were valued by the two independent valuers and presented to the COC. The independent valuers have found all the bids legally complaint with the NCLT norms. Three companies i.e. Hazel Mercantile of Veritas Group, JSPL of Naveen Jindal Group, and a consortium of GMS -Dubai and Besiktas Shipyard - Turkey have submitted bids for Reliance Naval.
Kumar Mangalam Birla meets Telecom Minister amid talks of relief for telcos
The meet comes at a time when the government is in talks to come up with some relief measures for the stressed telecom sector as a whole. According to people in the know, during the meeting on Wednesday, Birla and Vaishnav discussed about the health of the sector and the urgent need for government intervention. On August 4, the board of Vodafone Idea accepted the request of Birla to step down as the Non-Executive Director and Non-Executive Chairman of the Board.
Govt may not need special borrowing window for GST compensation to states
The Centre has estimated GST compensation shortfall to states at Rs 1.59 lakh crore for FY22. Out of this, Rs 75,000 crore has already been released as first instalment through regular central borrowings. With GST revenue holding up over Rs 1 lakh crore mark, the collections would now need to be Rs 1.18 lakh crore in the balance months of FY22. This is likely with expectation that overall GST collection may be higher than estimated Rs 14.1 lakh crore.
Ashok Leyland sells 9,360 units in August
In a statement issued here, Ashok Leyland said it has sold 9,360 units (domestic 8,400 units, exports 960 units) in August 2021 as against 6,325 units (domestic 5,824 units, exports 501 units) logged in the same month in 2020.
Sensex up 100 points ahead of weekly F&O expiry
Healthy buying was witnessed in FMCG and capital goods stocks, while IT and auto stocks were under pressure. Around 10.35 a.m., Sensex was trading at 57,443.30, higher by 105.09 pints or 0.18 per cent from its previous close of 57,338.21. It opened at 57,423.65 and has so far touched an intra-day high of 57,512.08 and a low of 57,287.79 points.
US manufacturing sector expands despite Delta surge, hiring difficulty
The Purchasing Managers' Index (PMI) stood at 59.9 per cent, up 0.4 percentage point from the July reading, Xinhua news agency quoted the ISM as saying on Wednesday. Any reading above 50 per cent indicates the manufacturing sector is generally expanding. The manufacturing sector saw slower growth in July from the prior month, as companies and suppliers continued to struggle to meet increasing levels of demand.
No revision in petrol, diesel prices on Thursday
The price of petrol and diesel remains unchanged at Rs 101.34 and Rs 88.77 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price is stable at Rs 107.39 per litre on Thursday while diesel rates also remain unchanged at Rs 96.33 a litre. Across the country as well the petrol and diesel prices remained static on Thursday but their retail rates varied depending on the level of local taxes in a particular state.
J.B. Mohapatra appointed new CBDT Chairman
In May, Mohapatra, a 1985 batch officer, was given the additional charge as CBDT Chairman after the end of the extended tenure of P.C. Mody in the post. "The Appointments Committee of the Cabinet has approved the appointment of J.B. Mohapatra, IRS, member, Central Board of Direct Taxes as Chairman, Central Board of Direct Taxes," said an official notification.
Zerodha gets SEBI nod to foray into mutual fund business
Zerodha Founder and CEO, Nithin Kamath said in a tweet on Wednesday: "So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part. The company had applied for an AMC (Mutual fund) license in February last year.
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