BUSINESS
CBIC reduces compliance burden by abolishing renewals of licences and registrations
This move is expected to help reduce the compliance burden cast on the trade, which had to otherwise file applications and submit numerous documents to renew their licences/registrations. The net effect of the amendments carried out to the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, is that the existing licenses/registration would have a lifetime validity.
DMI Finance aims to be leading long-term credit business in New India
Founded in 2008 by Shivashish Chatterjee and Yuvraja C. Singh, and supported by a deeply experienced team, DMI has grown into a pan-India credit platform with core businesses in corporate lending, housing finance, digital consumer and MSME finance and asset management. DMI is supported by global institutional investors, strategic family offices and leading banks and public market creditors in India.
Pent-up demand to sustain consumer durables' revenue traction
"Leading companies have taken price hikes to pass on the raw material inflation, while restoration of operational costs will be compensated for by op-lev. Hence, the EBITDA margin will remain healthy in the coming quarters," HDFC Securities said in a report. As per the report, the earnings potential will sustain the rich valuations, while market share gain will be the key monitorable for stock performances.
Reliance Jio clocks strong subscriber adds in Q1
This along with lower churn, resulted in 14.3 million net additions in Q1. Assuming 0.6m additions on Jiofiber, Reliance Jio added 13.8m mobile subscriber on net basis which surprised positively given 1Q was impacted by Covid. "We expect Jio's subscriber additions to remain robust led by recent capacity additions, JioPhone offers and launch of JioPhone Next", the report said.
IPO fund outflow, commodity prices to keep rupee subdued
Besides, high imported commodity prices is expected to subdue the Indian rupee against the US dollar. "Expect rupee to depreciate in the coming week due to Zomato outflows and other IPO money going back," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "Crude can again head towards 75 dollar per barrel mark and concerns over the Delta variant can keep markets nervous."
We can make next 30 years the best in India's history: Mukesh Ambani
Ambani said India and the world changed dramatically at the beginning of the 1990s. Communist Soviet Union collapsed. The cold war ended. And India embarked on a bold new path of economic reforms. "Thirty years later, the global order is changing fundamentally yet again. The speed, scale and substance of this change are unprecedented, even unpredictable. Yet, one thing is absolutely predictable: India's time has come", Ambani said.
RBI plans to introduce Digital Currency in India | 10 key points
The introduction of CBDC will create an India-centric legal and legitimate form of digital currency that will be on par with other already established cryptocurrencies, according to Deputy Governor of RBI T Rabi Sankar. Sankar further said that the central bank is working on a legal framework so that the CBDC can coexist with cash and digital payment methods in India.
US Treasury Secretary urges Congress to raise debt limit
"As you know, the Bipartisan Budget Act of 2019 suspended the statutory debt limit through Saturday, July 31, 2021. I am writing to inform you that beginning on Sunday, August 1, 2021, the outstanding debt of the US will be at the statutory limit," Yellen wrote in a letter sent to congressional leaders on Saturday.
Bharat Biotech terminates Covaxin supply deal with Brazil amid corruption row
The deal, which was signed through a Memorandum of Understanding (MoU) back in November 2020, has been scrapped with immediate effect, Bharat Biotech officials said in a statement. The move comes after Brazilian authorities suspended the $324 million contract, signed for procuring a total of 20 million covid vaccines, amid a major political row in Brazil. It even launched an investigation into the deal.
7-day relief: No revision in fuel prices in a week
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision Already, crude has firmed a bit for last few days and this could prevent price cut by the OMCs. With no change in prices on Saturday, in the national capital petrol continues to be sold for Rs 101.84 per litre, while diesel remains at the unchanged price of Rs 89.87 a litre.
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