BUSINESS
NMDC board okays demerger of steel business
"This is to inform you that the Board of Directors of NMDC Ltd, at its meeting held today, July 13, 2021, has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Ltd ('Resulting Company') and their respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013," the NMDC said in a regulatory filing.
8,000 cases involving fake ITC of over Rs 35K cr booked in FY21
CBIC officers are using latest IT tools, digital evidence and also collecting information from other government departments to catch the fraudsters. Along with legislative and procedural changes in the law, the nationwide drive has contributed to better compliance and revenue collection. During the drive, cases of fake ITC availment against some well-known companies were also booked.
Adani group takes over management control of Mumbai Int'l Airport
The development came after approvals were received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra. MIAL is India's second busiest airport both in terms of passenger and cargo traffic. With eight airports under its management and development portfolio, AAHL is now India's largest airport infrastructure company.
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.
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