BUSINESS
Telcos have spoken of stress, won't comment on speculations: VIL
"Industry players have pointed out the tremendous stress in the telecom sector. COAI, the industry body representing all three private operators, has, over the last two years, pointed out the need for support to the sector and unanimously asked for floor pricing to be set for restoring health of the sector. We would not comment on speculative commentary and ill-informed conclusions," Vodafone spokesperson said.
Auto demand remains skewed towards PVs, tractors
According to the report, commercial vehicles (CVs) and two-wheelers' (2Ws) sales are yet to catch up. "June '21 saw a gradual lifting of lockdown restrictions across states, with a good recovery witnessed in PVs and tractors." "Current valuations largely factor in a sustained recovery (our base case), leaving a limited margin of safety for any negative surprise."
Musk's Boring Company proposes Fort Lauderdale transit loop
According to The Verge, it is the latest city to become transfixed by Musk's quixotic "Tesla in a tunnel" concept. The report said that it is not a done deal, but Fort Lauderdale Mayor Dean Trantalis called it "an innovative and unprecedented approach to addressing traffic congestion and transit needs". Trantalis said the project, which would be called the "Las Ollas Loop," would connect Fort Lauderdale's downtown to the beach.
ONGC commits Rs 30,000 cr procurement to boost local ventures
In this process, the state-run energy major is taking steps to enhance transparency and streamlined contracting practices, which would enable the promotion of a business-friendly environment for ONGC's business partners. ONGC CMD Subhash Kumar said that the ONGC is adopting technology-enabled processes that can improve transparency, and minimise human intervention.
New norm to calculate interest on overdue term deposits
"On a review of these instructions, it has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower," the RBI said in a circular. There will be a similar norm in terms of term deposits in co-operative banks.
ONGC's rating downgraded in line with India's sovereign rating
"ONGC's ratings are constrained by the ratings of the state of India (BBB-/Negative), its majority owner, according to Fitch's Government-Related Entities Rating Criteria, and the Negative Outlook reflects that of the Indian sovereign," Fitch said in a statement. ONGC has not received any tangible financial support recently given its strong Standalone Credit Profile (SCP), the ratings agency noted.
Amazon launches IP accelerator in India to support sellers
"We are excited to launch IP Accelerator programme in India, to support lakhs of sellers, especially small and medium-sized sellers with nascent brands, in establishing IP protection," Amazon India's Director, MSME and Selling Partner Experience, Pranav Bhasin, said in a statement.
Firms do not have to deduct TDS on shares, commodities traded on bourses
The Central Board of Direct Taxes (CBDT) has brought into effect a provision relating to tax deducted at source (TDS) applicable to businesses with turnover of over Rs 10 crore. Rajat Mohan, senior partner at AMRG & Associates said that the new provisions surrounding the applicability of TDS on the purchase of goods have taken the stock evangelists by surprise.
Chaos and unrest in jewellery industry
On June 15, All India Gem & Jewellery Domestic Council (GJC), along with the expert committee of hallmarking had a detailed meeting with Union Minister of Consumer Affairs Piyush Goyal and DG BIS Pramod Tiwari wherein many of the key concerns pertaining to Hallmarking regime were discussed and agreed upon, while mandatory Hallmarking was being implemented w.e.f. June 16.
CAIT against deadline extension for comments on e-commerce rules
In a statement, CAIT Secretary General Praveen Khandelwal said: "It has been learnt from media reports that few companies have asked for extension of the date for giving suggestions beyond July 6 deadline, which is an unjustified demand. The rules are not a rocket science which needs any investigation for providing suggestions and then why the extension is needed?"
Don't Miss
Advertisement