BUSINESS
Sitharaman assures policy certainty, urges industry to take more risks
During her interaction with industry leaders organised by the Confederation of Indian Industries (CII) at Mumbai on Tuesday, she noted that the regulators also had a key role in ensuring the same and the government is working with them as well on this important issue.
GDP growth in Q1 FY22 seen at 18.5%: SBI Ecowrap
The GDP estimate for the first quarter of FY22 is lower than the 21.4 per cent growth estimated by the Reserve Bank of India. The gross value added (GVA) is estimated at 15 per cent, as per the SBI report. "Based on SBI Nowcasting model, the forecasted GDP growth for Q1 FY22 would be around 18.5 per cent (with upward bias)," it said. A substantial recovery is visible in corporate GVA in Q1 FY22.
Fireworks industry prays Diwali does not bring doom if not boom
Sivakasi in Virudhunagar district in Tamil Nadu accounts for nearly 90 per cent of the country's firecracker production, and has 1,070 firecracker units located in and around the city. Even though the bulk of the industry's production is consumed during Diwali, seasonal demand during Holi, Raakhi, Patang festivals which used to be there has gone down this time around.
Liaison offices of MNCs without revenue or clients not liable to GST
The Rajasthan bench of AAR has ruled that if the liaison office in India does not render any consultancy or other services directly or indirectly, with or without any consideration and such office does not have significant commitment powers, except those which are required for normal functioning of the office, on behalf of Head Office, then the reimbursement of expenses and salary paid by the head office to it Liaison Office in India.
Optiemus joins Wistron to boost 'make in India', to invest Rs 1,350 cr
Optiemus said that it targets a revenue of nearly Rs 38,000 crore in multiple product segments while ramping up its manpower significantly to reach a figure of around 11,000 in the next three-five years. The strategic alliance will offer a unique proposition in Indian Electronics Manufacturing Services (EMS) market backed by joint product development, engineering capabilities, software and firmware development.
Harvard Business Publishing features merger of Indian Bank, Allahabad Bank
The first-of-its-kind seamless merger of equal sized Indian banks with prominence in the southern and eastern region of the country has been well recognized and published by Harvard Business Publishing as a case study. Curated by Indian School of Business (ISB), this case study titled 'Merger of Equals: The Amalgamation Story of Indian Bank and Allahabad Bank' encapsulates the journey that Indian Bank embarked on, to successfully execute the amalgamation process.
Tata Power Renewables commissions 150 MW Solar PV Project at Loharki, Rajasthan
Spreading across 756 Acre of land, this project has been completed by TPREL within the stipulated timelines. The plant is expected to generate more than 350 million units annually. Approximately 6,56,700 modules were used in the project and the installation is expected to reduce 3.34 lakh tons of carbon emission every year. For the smooth processing of the installation, 48 Inverters, 720 KM of DC cable and 550 manpower have been used in the project.
Bajaj Finserv gets SEBI nod to sponsor mutual fund
Following the approval, it will now set up an asset management company. It has received the in-principle approval from the capital market regulator through a letter dated August 23, 2021, Bajaj Finserv said in a regulatory filing. "Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI regulations and other applicable laws," it said.
Infosys shares reach record high, market capitalization crosses $100 billion
With this rise in share price, Infosys’s market capitalization crossed Rs 7.45 lakh crores ($100 billion). The sharp rise has helped Infosys become the 4th company in India to enter the $100 billion club in market capitalization after Reliance Industries, Tata Consultancy Services, and HDFC bank.
India's mobile phone exports log over 3-fold growth in April-June
Mobile phone exports for the first quarter of 2021-22 was valued at Rs 4,600 crore compared to Rs 1,300 crore in 2020-21. The massive year-on-year growth in exports can also be attributed to the impact of the first wave of Covid-19 and the nation-wide lockdown during the corresponding period last year. Electronic goods export has also shown a tremendous rise of 100 per cent (YoY) in Q1 2021-22.
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