BUSINESS
Create task force to look into issues in new IT portal: FinMin to ICAI
The Finance Ministry on Tuesday organised a meeting to review the glitches and issues related to the new I-T e-filing portal. The new portal has been facing issues ever since its launch on June 7. The meeting was chaired by Finance Minister Nirmala Sitharaman and was attended by Minister of State for Finance Anurag Thakur, Revenue Secretary Tarun Bajaj, and CBDT Chairman Jagannath Mohapatra among others.
'US Fed will not raise rates preemptively on inflation fears'
"We will not raise interest rates preemptively because we think employment is too high, because we fear the possible onset of inflation. Instead, we will wait for actual evidence of actual inflation or other imbalances," Powell told lawmakers at a hearing before the House Select Subcommittee on the Coronavirus Crisis, Xinhua news agency reported.
SEBI exempts Heineken from making open offer for share purchase in UBL
Heineken had sought exemption from the applicability of regulations 3(2) and 3(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in the matter of its proposed acquisition of maximum number of 3,96,44,346 equity shares of UBL from the recovery officer of the Bangalore Debt Recovery Tribunal, under whose custody the transfer shares owned by the VJM Group are being held.
CBDT comes up with new functionality for compliance check of non-filers
Accordingly, the CBDT on Tuesday clarified that its new functionality -- Compliance Check for Sections 206AB & 206CCA -- is operational and would reduce the compliance burden by putting out the need to tax a person at higher rate by just feeding his/her PAN details.
Record run continues, Sensex crosses 53,000 mark
Oil and gas stocks led the rise in the market. Sensex has touched an all-time high of 53,018.71 points. Around 9.55 a.m., Sensex was at 52,976.76, higher by 402.3 points or 0.77 per cent from its previous close of 52,574.46. The top gainers on the Sensex were Maruti Suzuki India, ONGC and ICICI Bank, while the major losers were Nestle India, Bajaj Finance and Dr Reddy's Laboratories.
With NCLT nod to resolution plan, Jet Airways may fly again in 6 months
On Tuesday, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of the Kalrock-Jalan Consortium and gave a 90-day time period to the DGCA and the Civil Aviation Ministry to allot the slots.
Digital payments for charitable causes grow by 575% in lockdown 2.0
Year on year, there has been a 52 per cent increase in the number of transactions and a 76 per cent increase in expenditure (May 2020 vs. May 2021). Compared to pre lockdown months, there was a 10 per cent increase in the number of transactions post lockdown 2021, and a 21 per cent decrease in average ticket size indicating that users are adopting online payments even for smaller size transactions.
CommerceIQ closes $60M funding round, to scale India operations
The round will fund international expansion and product research and development focused on maximising brand revenue and profitability on Amazon, Walmart, Instacart, Target and other online marketplaces. The company, which has raised $81 million to date, said it plans additional key hires in software and product development, data science and analytics, product operations and support.
India's oil production drops by 6% in May
Oil and Natural Gas Corporation (ONGC), the state-owned upstream player, recorded a sharp 9.63 per cent drop in crude oil production to 1553.65 TMT in May on the back of decreased output from the company's onshore and offshore blocks with its offshore production also getting hampered due to the destructions caused by cyclone Tauktae during the month.
Average return of small cap funds in last 1 year stands around 100%
"Small cap funds and midcap funds continue to outperform since last one year with category average return of small cap funds at around 100 per cent in the last one year," it said. Further, the credit risk funds and medium-term funds are outperforming as a stable yield environment led to higher return in these higher YTM funds. Also, global funds have seen underperformance in the last one year as Indian markets have seen outperformance, noted the report.
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