BUSINESS
High input costs to prevent cement companies from reducing prices
"Cement realistions averaged 2 per cent YoY higher in FY21 on a pan-India basis while the prices were strongest in South with a yoy increase of 9-16 per cent," said India Ratings and Research (Ind-Ra). "Despite a higher demand, Eastern region witnessed a decline in realisations with the influx of supplies. Ind-Ra believes realisations in 1QFY22 have been higher sequentially despite the impact of second wave."
Hospitals' revenue likely to grow 20-22% in FY2022: ICRA
The first wave of Covid-19 had hit the hospitals hard, with almost all hospitals reporting losses in Q1 FY2021. Occupancies had plunged significantly, medical tourism came to a standstill, OPD visits were curtailed and electives were postponed. But, with the easing of lockdown restrictions and decline in Covid cases, the occupancies recovered subsequently and almost reached pre-Covid levels by Q4 FY2021.
India's much-anticipated 'bad bank' finally takes shape
The company has been registered with the Registrar of Companies (RoC), Mumbai with a paid up capital of Rs 74.6 crore, as per RoC filing. NARCL is headed by Padmakumar Madhavan Nair, a former SBI executive, as its MD and CEO. The other directors include SBI Deputy Managing Director Salee Sukumaran Nair, Canara Bank's Ajit Krishnan Nair and Indian Banks' Association (IBA) chief Sunil Mehta.
Healthy macros, global cues push markets higher, banking stocks rise
The rise has been attributed to positive Asian markets along with healthy economic indicators which showed a rise in industrial production and slight easing of retail inflation. Sector wise, banks, metals and oil & gas gained the most while IT and FMCG lost the most. The Sensex closed at 52,769.73, higher by 397.04 points, or 0.76 per cent, from its previous close of 52,372.69.
VCFs in tax net as service rendered to investors liable to pay service tax
The Bengaluru bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), in the case of a taxpayer, has confirmed service tax demand in the hands of the VCFs as they manage investor money. The tribunal, in its ruling, said that service tax demand is confirmed on the portion of earnings that are retained by debiting expense from the value of the investments made in the VCFs.
DDA gives final nod to affordable rental housing complexes
The approval was granted in a board meeting chaired by Delhi Lt Governor Anil Baijal, who is also chairman of the DDA. The policy will now be sent to the Ministry of Housing and Urban Affairs for final notification, said a senior DDA official.The scheme, which was granted initial approval from the land owning agency (DDA) earlier in March , has been framed to develop affordable rental housing avenues for urban migrants and urban poor.
India launches BHIM-UPI services in Bhutan
The launch was carried out virtually by Union Finance and Corporate Affairs Minister, Nirmala Sitharaman, and the Finance Minister of Bhutan, Lyonpo Namgay Tshering. Speaking on the occasion, Sitharaman said that the services have been started in Bhutan under India's neighbourhood first policy and the country is proud and happy to share them with its valued neighbour.
Startups, pharma Cos face tax liability on new goodwill rules
The new rules that frame guidelines for computation of short-term capital gains (STCG) gives prescription for arriving at written down value (WDV) of intangible assets such as goodwill where depreciation had been availed earlier, has created potential where tax liability on past deals would increase. What the new rules have is that companies should need to calculate their STCG first before filing returns for FY21.
Monetary policy normalisation may start by end of FY22
Although the retail inflation declined on sequentially in June, it remained above the 6 per cent threshold for the second consecutive month. CPI inflation moderated marginally to 6.26 per cent. Core inflation (CPI excluding food, fuel and pan, tobacco) moderated to 6.2 per cent, with flat sequential momentum following a surge of 1.5 per cent M-oM in May.
Vedanta Aluminium Business recycles 16.5 bn litres of water in FY21
Vedanta Aluminum's operations are guided by the Vedanta Sustainable Development Framework, which includes a robust suite of technical & management standards and guidance notes developed in line with global sustainability management practices aligned to the International Financial Corporation (IFC), International Council for Mining and Metals (ICMM), Global Reporting Initiative (GRI), etc
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