BUSINESS
India: From a milk deficit country to world's largest producer
The annual compound growth rate in milk production during the first decade after independence was 1.64 per cent, which declined to 1.15 per cent during the 1960s. In 1950-51, per capita consumption of milk in the country was only 124 gram per day. By 1970, this figure had dropped to 107 gram per day, one of the lowest in the world and well below the minimum recommended nutritional standards.
European Union proposes $140 bn windfall tax on energy companies
On Wednesday, the European Commission proposed capping the profits of renewable and nuclear electricity producers, and taxing the windfall earnings of oil and gas companies, CNN reported. EU Commission President Ursula von der Leyen said on Wednesday that the bloc would conduct a "deep and comprehensive reform" to decouple the cost of gas from the price of electricity.
E-commerce entities may face heavy penalty for posting fake reviews
According to highly-placed sources, a committee formed by the Department of Consumer Affairs is finalising changes in the norms related to fake reviews, which were formulated by the Bureau of Indian Standards (BIS) in 2021. Once the changes are made in these norms, they would become mandatory and entail penalty on e-commerce firms for posting fake reviews and also for getting fake reviews done of rival entities.
SBI hits Rs 5 lakh crore market capitalisation
With this market capitalisation, SBI stood on the seventh position in the market capitalisation ranking. SBI has become the third lender in the country to cross the market cap of Rs 5 lakh crore. HDFC Bank held first rank in this list, which was followed by ICICI Bank. At 1.10 p.m., SBI shares were up Rs 14.75 or 2.64 per cent at Rs 573.00.
Equities end down amid sell-off in global markets
At close, Sensex ended 224.11 points, or 0.37 per cent, down at 60,346.97, and Nifty closed 66.30 points, or 0.37 per cent, down at 18,003.75. A total of 1,176 shares declined, 1,692 shares advanced and 143 remained unchanged. Infosys, TCS, Tech Mahindra, HCL Technologies remained major losers on the Sensex.
Rupee ends down 29 paise against US dollar at 79.44
At the interbank foreign exchange market, the rupee ended at 79.44, against 79.15 in the previous trading session, against US dollar. Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd, attributed the dip to the strong rally in US Dollar Index and sell-off in equities.
Niti Aayog CEO highlights importance of financing for EVs
He also called for reducing risks in financing for electric vehicles (EV). Speaking at an event, Iyer while highlighting the significance of green mobility, said that it is going to help a great deal in decarbonisation. He further noted that greater penetration of electric vehicles is needed in rural India, as rapid urbanisation is taking place there.
Wholesale inflation eases slightly to 12.41% in Aug
Inflation in August, however, was much lesser than 16.23 per cent recorded in June 2022. Wholesale inflation, which is measured by wholesale price index (WPI), was contributed by the rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, chemicals and chemical products, electricity and food products.
Tesla installs record 4K EV supercharger stations globally
According to data compiled by Finbold, Tesla had 3,971 supercharger stations globally, recording a growth of 33.88 per cent from the 2,966 recorded during a similar period in 2021. During the first three months of 2022, the Tesla stations stood at 3,724, representing a growth of 7.13 per cent from the previous quarter.
Pvt companies required to deduct tax at source while issuing bonus or rights shares
As per the circular, now bank and financial institutions need not deduct tax at source in respect of benefits provided to its borrowers by waiver of loan or advance by way of one-time settlement. Similarly, a company in which the public is substantially interested need not deduct tax at source while issuing bonus or rights shares.
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