BUSINESS
Zomato IPO subscribed 1.6 times, QIB portion fully subscribed
Data on the BSE website showed that as of 3.05 p.m., the IPO was subscribed 1.62 times and the portion of Qualified Institutional Buyers (QIBs) was subscribed 1.39 times. The retail portion has been subscribed a whopping 4.33 times, while the portion reserved for employees has been subscribed 0.26 times. Bids have been received for over 119 crore against the offered 71.92 crore equity shares.
Financial inclusion priority for sustainable recovery: RBI Guv
The primary objective is to address the concerns relating to over-indebtedness of microfinance borrowers, enable market mechanism to rationalise the interest rates, and empower the borrowers to make an informed decision by enhancing transparency of loan pricing. "In order to make the post-pandemic recovery more inclusive and sustainable, financial inclusion would continue to be our policy priority," he said.
Upset by India's record fund raise in tech, China attacks 'manufacturing weakness'
It noted the fact that foreign investment flowing into India's tech industry at an accelerated pace has been seen as grounds for optimism, which some have even touted as a sign of the booming Indian knowledge economy. It said Indian tech startups raised a record $7.2 billion in the quarter ended June, according to a recent Financial Times report citing data from Tracxn.
Analysts question how does Zomato fit into ICICI Dividend Yield Fund framework
Kartik Sankaran, Founder, Fiscal Fitness raised the issue in a comment on a social media platform. Digging into the SID the scheme objective is "... provide medium to long term capital gains and/or dividend distribution by predominantly investing in a well-diversified portfolio of equity and equity-related instruments of dividend yielding companies", he added.
Rakesh Jhunjhunwala faces embarrassment in Aptech insider trading case
Rakesh Jhunjhunwala's wife, Rekha Jhunjhunwala, faces disgorgement of Rs 1.06 crore. Rakesh Jhunjhunwala will have to pay Rs 9.50 crore as settlement amount plus interest of Rs 3.10 crore along with the disgorgement of ill-gotten gains. The parties will have to pay Rs 37 crore to settle the case, which includes settlement charges, disgorgement of ill-gotten gains and interest.
India's software market sales to reach $7.6B by 2021 end
The India software market was pegged at $7 billion in 2020, registering a growth of 13.4 per cent year-over-year (YoY) compared with that in 2019. India accounted for 17.5 per cent share of the overall Asia/Pacific (excluding Japan and China) (APEJC) region software market in 2020. Microsoft, Oracle and SAP maintained their leadership positions in the India market during the same year.
Service rendered without element of any charge may not qualify for GST
The Kerala Authority of Advance Ruling (AAR) has ruled that no GST is payable on payment of examination fee made on behalf of students as a pure agent without any element of service charge for such service, either from the students or the agency where the fee is being routed. The order has wider ramifications as it would make several other facilitation services provided in various sectors tax free.
NTPC achieves over 100 BUs of cumulative generation in FY22 so far, faster than last year
Last year the group generation had crossed 100 BU on 7 August 2020, indicating improved performance and an increase in demand for power in the current year. NTPC group companies recorded a generation of 85.8 BU in the first quarter from April to June 2021, registering an increase of 26.3% from 67.9 BU generated in the corresponding quarter last year.
Oil Cos to strengthen profits as consumers suffer from rising fuel prices
At the current historic high of fuel price levels in the country, the margin taken by the oil marketing companies (OMCs) on retail sale of petrol and diesel has touched a high of aground Rs 3 per litre. What this means is that while rising fuel prices burn a bigger hole in the consumer's pocket, the OMCs are increasing their earnings and getting a lift in the current difficult environment created by the Covid-19 pandemic.
Petrol price moves up further, diesel rate a tad slower
However, unlike uniform price movement earlier, oil marketing companies on Thursday continued with their practice adopted more than two months back to increase the price of petrol a tad higher than diesel offering some relief to the transport sector. Accordingly, while the price of petrol increased by 35 paise to Rs 101.54 a litre in Delhi, diesel prices increased by only 15 paise per litre to Rs 89.87 a litre in Delhi.
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