BUSINESS
PM Modi, former Australian counterpart Abbott discuss trade
Abbott is visiting India August 2-6 in his capacity as the Australian Prime Minister's Special Trade Envoy for India. In a statement, the Prime Minister's Office (PMO) said: "The two leaders discussed ways to further strengthen bilateral trade, investment and economic cooperation to realise the full potential of the India-Australia Comprehensive Strategic Partnership.
Govt introduces bill to nullify contentious retrospective taxation
The Bill proposes to amend the Income Tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 - when the finance bill was passed by Parliament in 2012. Further, as per the bill, the amount paid in these cases would be refunded without any interest thereon.
Finance Ministry releases Rs 685.80 cr grant for Urban Local Bodies
Out of this, an amount of Rs 494 crore has been released to Uttar Pradesh, Rs 110.20 crore to Gujarat, Rs 74.80 crore to Jharkhand and Rs.6.80 crore to Mizoram. Grants for ULBs have been released, as per the recommendations of the 15th Finance Commission, for improving basic civic services including fulfilling location specific felt needs. These grants are intended for smaller cities.
GAIL net profit jumps 498% to Rs 1,530 cr in Q1 FY 22
The company's net profit jumped 498 per cent in Q1 FY22 to Rs 1,530 crore from Covid affected profit of mere Rs 256 crore in the same period of previous year. In the April-June quarter, GAIL recorded turnover of Rs 17,352, a growth of 44 per cent over Rs 12,060 crore turnover reported in Q1 FY21.The increase in the profits is mainly attributable to better physical performance in natural gas marketing and transmission.
Govt to resume E-way bill blocking for non-compliant taxpayers
E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by the Goods and Service Tax Network (GSTN).
Midcaps outperform largecaps in last 12 months
A Motilal Oswal Financial Services report said that in the last 12 months, midcaps have risen by 80 per cent against a 42 per cent rise for the Nifty. In the last five years, midcaps have outperformed by 6 per cent, it said. "In P/E (price to earnings) terms, the Nifty Midcap 100 is trading at a 3 per cent premium to the Nifty," the 'Bulls & Bears (August 2021) India Valuations Handbook' said.
Air passenger traffic recovery continued in July: ICRA
According to the ratings agency, the growth on YoY basis was 132 per cent. Besides, the airlines' capacity deployment for July 2021 was around 90 per cent higher than July 2020. On a sequential basis, the agency said that the number of departures in July 2021 were higher by 49 per cent, as Covid-19 infections demonstrated a downward trajectory.
FDI into Nepal thins as India pulls back investments
Though China topped the list of countries which invested the most in Nepal, overall FDI kitty has thinned. That apart, now with apprehensions that China could lower its investments in the coming months as Beijing tightened the norms of lending for its banks and local governments, Nepal's dependence on India is set to rise.
'We are compliant to Indian laws', says Flipkart on ED notice
Responding to a query on the notice, the company said in a statement: "Flipkart is in compliance with Indian laws and regulations, including FDI regulations.""We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice," it said. A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and nine others."
Buying support, global cues buoy indices; telecom stocks rise
Globally, Asian shares held onto this week's gains, however, uncertainty about Chinese policy made investors nervous. Consequently, the two key indices - S&P BSE Sensex and NSE Nifty50 - touched new intra-day record highs before ceding some of their gains. The Sensex touched a new high of 54,604.2 points and the Nifty50 hit a record 16,327.1 points. Amongst sectors, Telecom index gained the most while Realty was the main loser.
Don't Miss
Advertisement