BUSINESS
CII suggests mandatory life insurance cover for PMAY borrowers
CII Director General Chandrajit Banerjee said: "There is a need for a relaunch of the PMAY scheme with an in-built credit-linked insurance or a mandatory life insurance for all borrowers under the PMAY scheme to ensure that the intent of providing 'Housing for All' does not take a hit due to death or disability of the primary borrower. The family should inherit a home, not a loan."
E-commerce rules: CAIT calls for strict monitoring, says draft norms to end crony capitalism
In a letter to the Ministry of Consumer Affairs, it has also suggested the penal actions should be taken in case the rules are violated. CAIT Secretary General Praveen Khandelwal said that the foreign-funded e-tailers and some of the prominent industry chambers are giving lame arguments to oppose draft rules.
India's gold imports surge in Apr-Jun, silver imports fall
This rise in gold imports can be attributed to low imports during the same period last year owing to the nationwide lockdown and the revived consumer demand in this financial year. During the same period last fiscal, gold imports stood at $687.83 million. As per data from the Commerce Ministry, import of the yellow metal in July also registered a nearly 60 per cent rise to $969.87 million.
Delhi Police arrest former IL&FS chairman Ramchand Karunakaran
"We had received a complaint from the director of Enso Infrastructures, Ashish Begwani, in 2018. He alleged that he was approached by Karunakaran, Ravi Parthasarthy and Hari Shankaran -- all former directors of IL&FS -- with an investment proposal in 2010. Begwani's company poured in Rs 170 crore for a 15 per cent share in IL&FS Rail Ltd. This was for the Gurgaon rapid metro project," R.K Singh, Additional Commissioner of Police (Economic Offences Wing), said.
Fuel prices unchanged at record levels for 8th straight day
International crude prices declined around 10 per cent to $69 a barrel from a high of over $77 a barrel just a few weeks ago. Currently, the Brent crude is above $72 per barrel. The oil marketing companies, however, stopped short of reducing the retail price of petrol and diesel as more time is required to study the oil price movement before any downward revision.
JSPL to launch bidding process for JPL divestment
After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone accommodating all of the investor feedback received by the Company. The key highlights of the revised Offer are that Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL.
Pandemic-hit govt finances get crude shock; oil import bill to fall to decade low levels
As per recent numbers on oil trade, the country's oil import bill has risen to $24.7 billion in the April-June quarter 2021-22, a whopping growth of over 190 per cent over $8.5 billion worth of imports made in Q11 of the last fiscal year FY21. And the high growth in oil bill during the first three months may just be the beginning as crude is set to get more expensive in coming months.
I-T Dept conducts pan-India searches on prominent business group
The July 22 operation conducted under section 132 of the Income Tax Act, 1961, included 20 residential and 12 business premises spread over nine cities, including Mumbai, Delhi, Bhopal, Indore, Noida and Ahmedabad. The group has more than 100 companies including the holding and subsidiary firms. It was found that they have been operating several companies in the names of their employees.
ITC's YoY standalone net profit up over 28.6% in Q1FY21
On a comparable basis, its net revenue rose Rs 12,133 crore in the quarter, up by about 36.7 per cent from Rs 8,875 crore in the corresponding period of the previous year. "After severe disruptions during the quarter, business is rebounding with the easing of restrictions led by leisure destinations, staycations and weekend getaways," ITC said in a statement, adding: "Structural cost management actions aided in mitigating impact."
ICICI Bank's YoY Q1FY22 standalone net profit up 78%
On a standalone basis, the profit after tax grew to Rs 4,616 crore compared to Rs 2,599 crore in Q1FY21. Similarly, the bank's net interest income (NII) during the quarter rose by 18 per cent year-on-year to Rs 10,936 crore, from Rs 9,280 crore earned during the corresponding quarter of the previous year. The bank made provisions of Rs 2,852 crore in Q1FY22 .
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