BUSINESS
Jio tops subscriber race in June, Vodafone Idea's user base erodes
Jio added over 54.66 lakh subscribers during the month, taking its total subscriber base to 43.67 crore, data from the Telecom Regulatory Authority of India (TRAI) showed. Bharti Airtel added over 38.12 lakh to take its total customers to over 35.21 crore. On the other hand, Vodafone Idea continued to lose customers. In June, it lost over 42.89 lakh subscribers and by the end of the month.
A 'tiered regulatory' framework on UCBs required: RBI panel
In its report, the Expert Committee on Primary (Urban) Co-operative Banks, under the chairmanship former RBI Deputy Governor N.S. Vishwanathan, said: "The Committee observed that given the heterogeneity in the sector, a tiered regulatory framework with more than two tiers is required to balance the spirit of mutuality and co-operation more prevalent in banks of smaller sizes.
CCI imposes Rs 200 cr penalty on Maruti Suzuki over discount diktat
The anti-trust body, in its order, said that Maruti Suzuki not only entered into an agreement with its dealers across India for the imposition of discount control policy amounting to retail price maintenance (RPM), but also monitored the same by appointing Mystery Shopping Agencies (MSA) and enforced the same through the imposition of penalties, which resulted in "appreciable adverse effect on competition" within India.
FM sets Sept 15 deadline for Infosys CEO to resolve IT portal glitches
Sitharaman held a meeting with Parekh here in the afternoon to convey the deep disappointment and concerns of the government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department, even after two-and-a-half months since its launch, which was also delayed. The Ministry of Finance emphasised that there is a need for putting in more resources and efforts on the part of Infosys.
Under-utilised brownfield assets to be monetised under NMP: Sitharaman
Besides, no land parcels will be taken up under the NMP, she said after unvieling the asset monetisation pipeline of Central ministries and public sector entities. According to Sitharaman, the NMP focuses on brownfield assets in which investments have already been made but these assests are under-utilised. These under-utilised brownfield assets are in sectors such as roads, railways, airports, mines, and power.
CCI imposes Rs 200 cr penalty on Maruti Suzuki over discount diktat
The anti-trust body said in its order that Maruti Suzuki not only entered into an agreement with its dealers across India for the imposition of discount control policy amounting to retail price maintenance (RPM), but also monitored the same by appointing Mystery Shopping Agencies (MSA) and enforced the same through the imposition of penalties, which resulted in "appreciable adverse effect on competition" within India.
Indices issue advisories against unregulated derivatives trading
Accordingly, the two key exchanges - BSE and NSE - said they have noticed unregulated platforms offering trading in certain products called 'Contracts for Difference' (CFD) or 'Binary Options'. "Hence, investors are advised to refrain from dealing or investing in unregulated products such as CFDs or 'Binary Options' offered by such unregulated internet-based trading platforms."
HDFC Bank aims to regain credit card market share in 3-4 Qtrs
Accordingly, the new additions will enable the bank to regain market share in the credit card issuing business in the next 9 to 12 months. The bank's new target comes after the Reserve Bank relaxed the restrictions on HDFC Bank and allowed the lender to issue new credit cards. However, the restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by RBI.
Continued unlocking accelerates economic recovery in July: ICRA
According to Aditi Nayar, Chief Economist, ICRA: "With the further easing of the state-wise restrictions, especially across the southern states, the roots of the economic recovery deepened in July 2021. Despite a normalising base, eight of the 15 high frequency indicators recorded an encouraging improvement in their year-on-year (YoY) growth in July 2021."
Equity indices rise in line with global markets; IT stocks rise
Healthy buying was witnessed in IT stocks. Around 10.15 a.m., Sensex was trading at 55,560.88, higher by 231.56 points or 0.42 per cent from its previous close of 55,329.32. It opened at 55,695.84 and has so far touched an intraday high of 55,781.17 points or 55,516.22 points. The Nifty50 on the National Stock Exchange was trading at 16,503.10, higher by 52.60 points or 0.32 per cent from its previous close.
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