BUSINESS
Increased App Restorations on Play Store Following Google's Billing Compliance; IAMAI Raises Worries
Murugavel J, the founder and CEO of matrimony.com, disclosed that only eight apps from their portfolio, including Bengali Matrimony, Marathi Matrimony, Tamil Matrimony, Jodii, and Bharat Matrimony, were reinstated upon accepting Google's terms. Despite this, the majority of their 100-plus apps are yet to be restored on the Play Store, he stated.
February Sees 12.5% Surge in GST Collections, Exceeding Rs 1.68 Lakh Crore
This growth was predominantly fueled by a 13.9 percent surge in GST from domestic transactions, coupled with an 8.5 percent uptick in GST from the import of goods. The net GST revenue, after accounting for refunds, for February 2024 stands at Rs 1.51 lakh crore, marking a notable growth of 13.6 percent compared to the same month last year.
Stalemate in WTO Negotiations; E-commerce Duty Moratorium Prolonged Yet Again
The 13th ministerial conference (MC13) achieved several outcomes, including the introduction of new regulations on domestic services, the formal admission of Comoros and Timor-Leste as WTO members, and the continuation of Least Developed Countries (LDCs) receiving benefits even after three years of graduation.
Paytm and PPBL Terminate Inter-Company Agreements Ahead of RBI Deadline
In a filing with the Bombay Stock Exchange (BSE), the company stated that Paytm and PPBL have decided to terminate various inter-company agreements with Paytm and its group entities as part of an effort to reduce dependencies. Additionally, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to enhance PPBL’s governance independently of its shareholders.
BSE and NSE to Hold Special Trading Session on Saturday to Assess Disruption Preparedness
The session will comprise two parts: the first session will run from 9:15 am to 10 am on the PR site, followed by the second session from 11:30 am to 12:30 pm on the DR site. Throughout the special session, all securities, including those associated with derivative products, will have a maximum price band of 5 per cent. Securities already subjected to a 2 per cent or lower price band will maintain their respective bands.
February Sees Surge in India's Manufacturing Sector Amid Strong Demand
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) climbed from 56.5 in January to 56.9 in February, marking the most robust improvement in the sector's health since September 2023.
Stock Market Surges to All-Time Highs Amid Strong GDP Figures and Increased Foreign Investments
This surge in the equity markets was further propelled by a rally in global markets, contributing to the overall positive sentiment.
Pakistan's Efforts to Secure $1.8 Billion for Chinese Loan Repayment Hit Roadblocks
Sources from the finance ministry revealed that the Ministry of Finance has not yet provided the equivalent local currency amounting to $1.8 billion to the State Bank for the payment to China. Despite increased outflows of profits and dividends on foreign investments during the first seven months of the current fiscal year, the pending amount exceeds the repatriated sum.
Adani's Record Profit Growth Paves the Way for Unmatched Green Investments
Highlighting the robust financial standing, the company maintained a significant cash balance of Rs 44,572 crore ($5.4 billion) by the end of December 31, 2023. The core infrastructure segment demonstrated exceptional performance, contributing Rs 66,208 crore ($8 billion) in EBITDA over the last 12 months, marking a notable 35.4 percent increase year-on-year.
India registers impressive 8.4% GDP growth in Q3, robust growth of 7.6% estimated for 2023-24
The high growth rate of 8.4 per cent in the October-December quarter has been driven by a double-digit growth in manufacturing sector of 11.6 per cent, followed by a good growth rate of construction sector (9.5 per cent).
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