BUSINESS
Overall auto segment's YoY wholesales expected to grow, barring few
As per the report, in December 2020, wholesale volumes are estimated to grow at 14.4 per cent for two wheelers on a low base and 5.4 per cent for passenger vehicles due to the year-end sales. Similarly, wholesale volumes for tractors are expected to grow. The volume is expected to zoom by 38.4 per cent YoY on robust demand and lower base.
Tata Sons to buy 32.67% stake of AirAsia Group in AirAsia India
The budget airline is a JV in which Tata Sons owns 51 per cent stake, while 49 per cent is held with AAIL. After the transaction, Tata's shareholding will go upto 83.67 per cent, while that of AAIL will come down to 16.33 per cent. In a regulatory filing made to Bursa Malaysia, AirAsia Group Berhad said the transaction via a share purchase agreement with Tata Sons was agreed by AAIL's Board.
Banks' GNPA ratio declines to 7.5% at September-end: RBI report
As per the report on 'Trend and Progress of Banking in India 2019-20', the SCBs' gross non-performing assets (GNPA) ratio declined from 9.1 per cent at end-March 2019 to 8.2 per cent at end-March 2020 and further to 7.5 per cent at end-September 2020.
Corporates expect quick recovery in 2021
While some corporates have adopted measures for a smarter working ecosystem, various other players are taking the digital transformation route to improve operations and efficiencies. Many others are gearing up to tackle the post-Covid world with new product offerings. The sports segment was one of the heavily affected industries, but Rhiti Group adopted the digital mode for operations to escalate the audience engagements.
Phase-II of Air India disinvestment to start on January 5
The process has been divided into two stages. In stage I, expressions of interest (EoI) have been submitted by interested bidders and they will be shortlisted based on eligibility criteria and other terms mentioned in the Preliminary Information Memorandum (PIM). In the stage II, shortlisted interested bidders will be provided with a request for proposal (RFP) and thereafter there will be a transparent bidding process, said a presentation by the ministry.
Amazon.in announces 'Mega Salary Days' sale
Customers can choose their favourite brands and products at great prices from this specially curated storefront from January 1 till January 3, 2021. During the sale, customers can enjoy up to 40 per cent off on large appliances, up to 35 per cent off on best-selling washing machines, up to 35 per cent off on air conditioners.
After NCLAT, NCLT now also dismisses appeal of Hindustan Oil Exploration Co.
This a series of repeated appeals made by HOEC since 2018 which have been repeatedly dismissed by the NCLAT. HOEC continued to repeatedly approach the judiciary system to obtain a favourable result that would move JEKPL closer towards liquidation. This would then allow HOEC to gain control of its participating interest in Kharsang Field at no cost through one of its offshore subsidiaries.
Income tax department extends dates for filing ITR, here're details
The income tax department from its official Twitter handle shared that “More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!”
Third-party sales rise by 50% globally on Amazon during holiday season
Nearly all of third-party sellers are small and medium-sized businesses, the company said on Monday. "We invested billions of dollars to help small- and medium-sized businesses continue to grow and to help keep employees safe and deliver products to customers - including more than $2.5 billion in bonus pay to front-line workers," Amazon said in a blog post.
Markets continue to rise, banking stocks shine
Accordingly, the improving economic scenario as well as a small intra-day correction pulled in fresh foreign funds. During the intra-day, some losses were witnessed in the media, metal, FMCG, auto, realty and pharma indices. However, banking, financial services and IT space traded in the green.
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