BUSINESS
FICCI suggests infra push, rationalising of GST slabs in FY22 budget
The industry body has asked the government to incentivise investments in infrastructure. A stimulus to investments in infrastructure can provide a major fillip to the growth engine, creation of jobs and spur in demand, it said. A benefit similar to section 10(23G) of the Act to incentivise investments in infrastructure may be provided in the upcoming budget, it added.
India’s second IKEA store comes in Navi Mumbai
Set up with an investment of Rs 1,500 crore, this is the company’s first big format store in Maharashtra, spanning over 5.3-lakh sq ft and contains over 7,000 home furnishing products.
India's economy showing signs of bottoming out: Credit Suisse report
According to the report, the consensus forecasts of GDP growth for FY 2022 over FY 2020 stopped falling after October 2020 (currently at -1 %). Analysts expect these estimates to be revised upwards.
Sensex turns negative after touching 47,000 for first time
It opened at an all-time high of 47,026.02 points. Around 9.40 a.m., Sensex was trading at 46,752.93, lower by 137.41 points or 0.29 per cent from its previous close of 46,890.34. The Nifty50 on the National Stock Exchange was trading at 13,696.75, higher by 43.95 points or 0.32 per cent from its previous close.
'Auto price hikes to dampen recovery after festive boost'
Accordingly, the ratings agency said pent-up demand after the gradual easing in the government's lockdown measures helped India's monthly wholesale volume of passenger vehicles (PV) return to growth after July 2020. The data from Society of Indian Automobile Manufacturers (SIAM) showed PV wholesale volumes rising by 13 per cent on a YoY basis in the quarter ended September 2020.
L&T Hydrocarbon lowest bidder for HPCL Rajasthan Refinery
HRRL opened the financial bids submitted by the 2 bidders (Petrofac and L&T Heavy Engineering) for Petro FCC Package and 3 bidders (Tecnimont+JGC, Petrofac and LTHE) for DFCU Package in December 2020. The combined value for both the packages will be around Rs 13,000 crore. Petrofac's bid got disqualified for both the packages.
Zee Entertainment Entertainment Ltd to acquire film production, distribution from Zee Studios
This transaction comprises the acquisition of the business undertaking pertaining to film production and distribution business as a going concern, on a slump sale basis. The transaction would fall within the related party transaction and is being done at arm's length, Zee Entertainment said in a regulatory filing.
SpiceJet to launch 30 new domestic flight services from December 20
The new flights will commence in a phased manner from December 20, 2020. "Enhancing connectivity from Darbhanga, SpiceJet will launch flights connecting the city with Ahmedabad, Pune and Hyderabad," the airline said in a statement.
Sugar production rises over 61 percent to 73.77 lakh tonne till Decemebr 15
The apex sugar industry body, Indian Sugar Mills Association (ISMA) said in a statement that 412 mills were in operation on the corresponding date last year. As per the statement, 118 mills have produced 22.60 lakh tonnes of sugar till 15th December, 2020 in Uttar Pradesh,1.35 lakh tonnes higher than last year, when 119 sugar mills had together produced 21.25 lakh tonnes.
Net direct tax collection in FY21 decline by 13%
During the corresponding period (April 1 - December 17) of last financial year, the net collections stood at Rs 6.80 lakh crore. The decline in tax collection has been subdued amid the pandemic. Further, the extension of deadline for filing returns also impacted the collections. The deadline for third installment of advance tax was December 15.
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