BUSINESS
Auto sales rise despite high fuel cost, chip shortages
Sales growth momentum slowed down from July to August but was faster on the year-on-year basis due to the base effect. Last year, the pandemic-triggered national lockdown from late March 2020 had a massive impact on the sector. However, this year lockdowns were more regional in nature but lesser restrictions. Nevertheless, high fuel cost along with shortages of electronic components hampered sales and elongated waiting periods.
India's Aug manufacturing output growth eases, shows PMI
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) slipped to 52.3 (index reading) in August as against a reading of 55.3 in July. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
RBI imposes Rs 25 lakh fine on Axis Bank for violation of KYC norms
The penalty has been imposed in exercise of powers vested in the RBI under provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. In a statement, the central bank said that the penalty has been imposed for "contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India - Direction, 2016".
Personal loans portfolio doubled in value in past 5 fiscals
Titled 'How India Lends, FY 2021', the report said: "The overall personal loans portfolio witnessed 2.3x growth in originations by value and 3.8x by volume from FY17 to FY21, while the same for Small Ticket Personal Loans is 3x growth in originations by value and 11.5x by volume" Further, credit cards witnessed 2.4x growth in new card originations from FY17 to FY20 followed by a drop in FY21.
SBI raises Rs 4K cr via AT1 bonds
This is the first AT1 Bond issuance in the domestic market post the new SEBI regulations. The regulations have come after regulator created a storm putting restrictions on MF investment in such bonds which are most popular among banks to raise funds. "This also very clearly demonstrates the maturity of the Indian investors in their selection of Issuers for such instruments" the SBI said.
SpiceJet denies ex-staff's financial stress charge, lists his 'indiscipline' during service
"We refer to the email communication being circulated by one Captain Vinod Loganathan alleging flight safety hazard at SpiceJet and giving an unfounded colour of being an unsafe airline due to financial stress caused to certain unnamed employees. The allegations are completely false, baseless and we deny them all strongly," the company said in a statement.
Path to recovery: GST collection for Aug at over Rs 1.12 lakh cr
The GST revenues during August 2021 were a tad lower than the over Rs 1.16 lakh crore collections recorded in the previous month, it had maintained pace after the fall witnessed in June when collections fell to Rs 92,849 crore. So far this year, collections touched record high of Rs 1.41 lakh crore collection in April and Rs 1.04 lakh crore in May.
Non-subsidized LPG cylinder gets costlier by Rs 25
In Delhi, the 14.2-kilogram non-subsidized cylinder will now cost Rs 884.50. Price in Kolkata is the highest among the four metro cities at Rs 911 per cylinder, while that in Chennai and Mumbai stood at Rs 900.5 and Rs 884.50 per cylinder.
Pandemic affect: Wage bill of small Cos falls up to 5% on salary, job cuts in Q1
A large number of companies with a turnover of up to Rs 500 crore have reduced their employee expenses between 1-5 per cent in the April- June quarter of the current financial year. The expenses have fallen on account wage and job cuts as companies, particularly smaller ones, continue to face shrinking businesses with Q1 revenue falling up to 14 per cent.
Peak secures $75 mn in SoftBank-led Series C funding
Peak's total funding has been raised to date to $119 million, said a company statement. Peak's software platform enables companies to embed AI into the core of their decision-making and operations.
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