BUSINESS
Procter and Gamble's Apr-Jun net profit down 29% but sales up
The company reported a net profit of Rs 48.98 crore in the quarter ended June 2021 as against a net profit of Rs 69.21 crore in the same period of the previous year. Sequentially, the company's profits fell sharper as it had reported net profit of Rs 98.33 crore in the January-March quarter. Though profit during the quarter under review fell, the company actually improved on its sales.
Govt to launch special incentive scheme to support 75 startups
The scheme will be launched by the Biotechnology Industry Research Assistance Council (BIRAC), a public sector enterprise under the Department of Biotechnology, government of India, a release said on Wednesday.
Union Minister of State for Science and Technology, Jitendra Singh, said that instructions to this effect have been conveyed to the members of BIRAC led by its chairperson Renu Swarup.
SEBI orders release of Rana Kapoor's bank, demat accounts
In March, the SEBI had attached his bank accounts, and mutual fund holdings to recover dues of over Rs 1.04 crore, after the Yes Bank founder failed to pay the fine imposed on him. The regulator had imposed a penalty of Rs 1 crore on Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.
Reduced taxes, higher borrowing will haunt us: Revenue Secy
Addressing the 61st SIAM Annual Convention here, Revenue Secretary Tarun Bajaj said that the Centre can not reduce taxes without knowing if the reduction will lead to a corresponding increase in automobile sales. Citing the strained financial condition due to Covid-19 pandemic, he said that the Centre has borrowed Rs 12 lakh crore in 2020-21 and a similar amount will be borrowed this fiscal as well.
Govt approves raising family pension of bank staff
So far, the pension under the scheme was capped at Rs 9,284. Speaking at a media briefing in Mumbai on Wednesday, the Secretary for the Department of Financial Services, Debasish Panda said that post raising of the banks' contribution family pensions of bank employees can go up to Rs 35,000. Contribution made by PSBs for employee pensions under the National Pension Scheme has been hiked to 14 per cent.
Energy efficiency must be basis for determining taxation: Kirloskar
"To realise India's goals of energy security and countering climate change, we must lay equal emphasis on enhancing energy efficiency as we do for fossil fuel substitution. "This will help us address the entire value chain as well as for efforts to reduce, reuse and recycle materials," he said at the 61st SIAM Annual Convention held here. Kirloskar called for adopting a merit-based taxation structure.
Availability of E10 petrol to reach 100% by next year: Official
Speaking at the 61st SIAM Annual Convention, Petroleum & Natural Gas Secretary, Tarun Kapoor, said that more than 80 per cent of petrol currently sold in India is blended with 10 per cent ethanol (E10). Kapoor further said that the demand for petrol has gone up by 4-5 per cent from the pre-Covid levels. However, the consumption of diesel has slid, he pointed out.
Govt approves FRP of Rs 290/qtl for sugarcane farmers
With the Rs 290 per quintal rate, the CCEA, chaired by Prime Minister Narendra Modi, will provide a premium of Rs 2.90 per quintal for each 0.1 per cent increase in recovery over and above 10 per cent, and reduction in FRP by Rs 2.90 per quintal for every 0.1 per cent decrease in recovery, a Cabinet release said. The cost of production of sugarcane for the sugar season 2021-22 is Rs 155 per quintal.
'Nothing will be sold off', Sitharaman counters Rahul on NMP
Addressing the media in Mumbai on Wednesday, Sitharaman hit out at the opposition citing monetisation processes undertaken under by the Congress-led UPA government. Citing the example of the New Delhi Railway Station, she took a bark on the Congress and said: "Who called the RFP (request for proposal) on it? Is it owned by 'Jijaji' now!". "We are not selling off, there will be a strict handing back," she said.
Cabinet approves FDI proposal of 15K cr in Anchorage Infrastructure
The FDI will also be used for investments to be made in transport and logistics sectors along with downstream investment in the airport sector and aviation related businesses and services. The investment also includes transfer of share of Bangalore International airport Limited to Anchorage, and investment of Rs 950 crore in Anchorage Infrastructure Investment Holding Ltd by 2726247 Ontariao Inc.
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