Petrol prices not coming down as states don’t want it under GST: Puri

24/09/2021
Kolkata, sep 23: Petrol prices in the country are not coming down as the states do not want to bring fuel under the ambit of the GST, Petroleum Minister Hardeep Singh Puri said. In an interview here, Puri said petrol prices crossed the Rs 100-mark in West Bengal as the TMC government is levying heavy taxes. "If your question is do you want the petrol prices to come down then the answer is yes. Now, if your question is why the petrol prices are not coming down, then the answer is because the...

Australia’s Trade Minister to visit India next week

24/09/2021
new delhi, sep 23: Australian Trade Minister Dan Tehan will visit India next week to explore sealing of an early harvest trade pact to be followed by a comprehensive economic cooperation agreement (CECA) in line with the overall policy approach by the two sides to ramp up economic ties. It will be the first ministerial visit from Australia after it joined a new security alliance with the UK and the US that triggered sharp reactions from France and raised apprehensions about its possible impact...

Google files writ in Delhi HC against CCI alleging confidential report leak

24/09/2021
new delhi, sep 23: Google has filed a writ with the Delhi High Court against the Competition Commission of India following the alleged leak of a confidential report that relates to the competition regulator's ongoing investigation into the dominance of Google's Android operating system. On September 18, a confidential interim fact-finding report submitted by the CCI Director General’s office to the Competition Commission of India (CCI) relating to an ongoing investigation into Google’s Android...

Patent fees for all educational institutions reduced by 80%

24/09/2021
new delhi, sep 23: The government on Thursday said patent fees for all educational institutions have been reduced by 80 per cent, a move aimed at promoting innovation and development of new technologies. This benefit was earlier available to all recognised educational institutions owned by the government. The commerce and industry ministry said these institutions engage in many research activities, where professors/teachers and students generate several new technologies which need to be patent...

Volkswagen drives in Taigun, eyes 10% share of mid-sized SUV market in India

24/09/2021
new delhi, sep 23: German auto major Volkswagen (VW) is targeting to corner around 10 per cent of the fast growing mid-sized SUV market in India by next year as it launches its new model Taigun, according to a senior company official. The company on Thursday launched the Taigun at an introductory price range of Rs 10.49-17.49 lakh, to take on the likes of market leader Hyundai Creta and Kia Seltos. The Taigun is VW's first product under its India 2.0 project, through which the VW group had in...

India’s palm oil imports to drop 9% as farmers expand oilseeds area

24/09/2021
PANAJI, sep 23: India's palm oil imports in 2021/22 are likely to drop 9% from a year earlier on a rise in domestic supplies, as farmers expand the area planted with oilseeds in response to record high prices, a leading industry analyst told Reuters. The lower imports by the world's biggest palm oil buyer could limit a rally in benchmark Malaysian palm oil prices, which are trading near record highs hit in August. Palm oil imports in the new marketing year starting on Nov. 1 could fall to 7.6...

JSPL bags 278 MT Kasia iron ore mine in Odisha for captive use

24/09/2021
new delhi, sep 23: Integrated steel player Jindal Steel and Power Limited (JSPL) on Thursday said it has bagged Kasia iron ore block in Odisha. The mine with 278 million tonne (MT) reserves is strategically located about 17 kilometers from company's pellet plant in Barbil in the state, JSPL said in a statement. At present, the Kasia mine has an environmental clearance (EC) for mining 7.5 MT mineral per annum, the company informed. "JSPL has received official communication from Odisha Governme...

‘Steady rise in usage over last few weeks’: Infosys gives update on e-filing portal

24/09/2021
new delhi, sep 23: IT major Infosys, in an update on the new Income Tax e-filing portal designed by it, said on Thursday that the portal has seen “steady increase” in usage over the last few weeks, adding that taxpayers’ concerns are being “progressively addressed.” The Bengaluru-headquartered software giant was recently pulled up by Union finance minister Nirmala Sitharaman over technical glitches in the new e-filing portal. “Thus far, over 30 million taxpayers have logged into it and succe...

OYO to file for up to USD 1.2 billion-IPO next week

24/09/2021
new delhi, sep 23: Hospitality firm OYO is planning to raise between USD 1 billion to 1.2 billion through an initial public offering and is expected to file the draft red herring prospectus (DRHP) with Sebi next week, sources told on Thursday. OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added. Comments from OYO could not be obtained at the time of filing the story. Last week, shareholders of Oravel Stays, the parent compa...

Axis Bank commits Rs 30,000 cr till FY26 towards sustainable lending

23/09/2021
new delhi, sep 22: The country's third largest private sector lender Axis Bank has committed Rs 30,000 crore lending till fiscal year 2025-26 under its sustainable financing framework, a senior official said. These commitments are in line with the Sustainable Development Goals (SDGs), supporting India's commitments under the Paris Agreement. "As part of its commitments, the bank has set a target of incremental lending of Rs 30,000 crore over the next 5 years, under wholesale banking towards p...

India likely to block Chinese investment in mega LIC IPO: Report

23/09/2021
new delhi, sep 22: New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations. State-owned LIC is considered a strategic asset, commanding more than 60% of India's life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is...

Credit rating agency India Ratings downgrades Ford India’s ratings

23/09/2021
Chennai, sep 22: Credit rating agency India Ratings and Research, downgraded Ford India Private Ltd's long term issuer rating to 'IND A+' from 'IND AA-'. According to India Ratings, the outlook is 'Stable' for Ford India which has announced its decision to stop car production in India. "The downgrade reflects the developing implications with respect to the operational and credit metrics of the entity post restructuring, the quantum of outflows on account of the restructuring, and the agreement...

Sensex declines 78 pts; Nifty ends below 17,550

23/09/2021
Mumbai, sep 22: Equity benchmark Sensex ended 78 points lower after a choppy session on Wednesday, tracking losses in index majors HDFC twins, ICICI Bank and Kotak Bank as investors turned cautious ahead of the US Fed's policy decision. The 30-share BSE index slipped 77.94 points or 0.13 per cent to close at 58,927.33. The NSE Nifty declined 15.35 points or 0.09 per cent to 17,546.65. HDFC was the top loser in the Sensex pack, shedding over 1 per cent, followed by Nestle India, ICICI Bank, Ko...

Worldwide semiconductor market to grow by 17.3% in 2021: IDC

23/09/2021
Bengaluru, sep 22: The worldwide semiconductor market is expected to grow by 17.3 per cent in 2021 versus 10.8 per cent in the previous calendar year, according to research firm IDC. The industry will see normalisation and balance by the middle of 2022, with a potential for overcapacity in 2023 as larger scale capacity expansions begin to come online towards the end of 2022, an IDC statement said. Growth is driven by mobile phones, notebooks, servers, automotive, smart home, gaming, wearables...

Evergrande situation can lead to rupee coming under pressure: Report

23/09/2021
Mumbai, sep 22: The rupee can come under pressure as emerging market currencies face headwinds because of the events surrounding Evergrande in China, a report by HDFC Bank economists said on Wednesday. The lesser than expected correction in Chinese shares is a short term breather for the markets, the report by a team led by Abheek Barua said, adding they continue to remain cautious. We remain cautious over this turning into a broader risk-off scenario, which could mean increased pressure on E...

Zee Entertainment to merge with Sony Pictures

23/09/2021
new delhi, sep 22: India's largest publicly-traded television network Zee Entertainment Enterprises will merge with Sony Pictures Network India (SPNI), capping days of high drama during which the firm's shareholders sought removal of key officials. Sony, which will invest USD 1.575 billion, will hold 52.93 per cent stake in the merged entity and Zee the remaining 47.07, Zee Entertainment Enterprises (ZEEL) said in a statement. In recent days, Zee has seen its top investor seek a management re...

Lio raises Rs 37 cr from Sequoia Capital India, Lightspeed India

23/09/2021
new delhi, sep 22: IT start-up Lio on Wednesday said it has raised around Rs 37 crore in a seed funding round led by Sequoia Capital India and Lightspeed India. The company plans to use the investment primarily to expand its engineering team and increase the number of users of the mobile application. "The investment by Lightspeed India and Sequoia Capital India helps accelerate Lio's vision of enabling small businesses to be smarter by leveraging their business data for better decision making...

ADB trims India’s FY22 growth forecast to 10% on second wave impact

23/09/2021
new delhi, sep 22: The Asian Development Bank (ADB) has cut India’s growth projection for financial year 2021-22 to 10 per cent from 11 per cent earlier taking into account the adverse impact on services, domestic consumption, and the urban informal sector due to the second wave of Covid-19 pandemic. The downward revision in growth forecast has been a result of India’s economic recovery getting impacted due to spike in Covid-19 cases in May, the agency said in its Asian Development Outlook (AD...

Gold jumps Rs 196, silver climbs Rs 319

23/09/2021
Mumbai, sep 22: Gold rose by Rs 196 to Rs 45,746 per 10 gram in the national capital on Wednesday amid firm global cues and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 45,550 per 10 gram. Silver jumped Rs 319 to Rs 59,608 per kg from Rs 59,289 per kg in the previous trade. The rupee depreciated by 26 paise to 73.87 against the US dollar on Wednesday. In the international market, gold was trading in the green at USD 1,776 per o...

India plan for tighter e-commerce rules faces internal govt dissent: Report

22/09/2021
new delhi, sep 21: India's plan to tighten rules on its fast-growing e-commerce market has run into internal government dissent, memos reviewed by Reuters show, with the Ministry of Finance describing some proposals as "excessive" and "without economic rationale". The memos offer a rare glimpse of high-stakes policy-making governing a market already featuring global retail heavyweights from Amazon to Walmart, plus domestic players like Reliance Industries and Tata Group. The sector is forecast...

Sensex rebounds 514 pts; Nifty reclaims 17,500-mark

22/09/2021
Mumbai, sep 21: Equity benchmark Sensex rallied 514 points on Tuesday, led by gains in Infosys, Bajaj Finance and ITC amid a supportive trend in global markets. The 30-share Sensex ended 514.34 points or 0.88 per cent higher at 59,005.27. Similarly, the NSE Nifty surged 165.10 points or 0.95 per cent to 17,562. Bajaj Finance was the top gainer in the Sensex pack, rising around 5 per cent, followed by IndusInd Bank, Tata Steel, ITC, Bajaj Finserv, Tech Mahindra and Infosys. On the other hand,...

L&T Hydrocarbon Engineering bags ‘significant’ orders

22/09/2021
New Delhi, sep 21: Larsen & Toubro (L&T) on Tuesday said one of its wholly-owned arm has bagged two orders in the construction services segment one each from GAIL India and Air Products Middle East Industrial Gases LLC. The company did not provide the value of the contracts, but said the orders fall under the 'significant' category, which ranges between Rs 1,000 crore and Rs 2,500 crore, according to the classification of contracts. "L&T Hydrocarbon Engineering Ltd (LTHE)... has bagged two or...

Chinese cos haven’t invested in India’s highway projs in recent times: Gadkari

22/09/2021
new delhi, sep 21: Union minister Nitin Gadkari has said that Chinese companies have not made investments in highway projects in India in recent times. Amid the border standoff with China, Gadkari, in July 2020, had said that India will not allow Chinese companies to participate in highway projects, including those through joint ventures. To a query by PTI on whether Chinese companies have invested in India's highway projects in the recent times, Gadkari replied in the negative. However, he ...

US Democrats' bid to bring immigration reforms blocked in Senate

22/09/2021
Washington, sep 21: In a major setback for the ruling Democrats, the US Senate Parliamentarian has ruled that immigration reforms proposed by them to grant legal status to millions of undocumented immigrants cannot be attached to a USD 3.5 trillion social and environmental bill. The Democrats hoped the immigration changes would cover Dreamers brought to the US as children, people affected by conflicts or natural disasters in their home countries, farmworkers and other essential workers. "I am...

On cryptocurrency, Sitharaman says ‘we have to be cautious but think it through’

22/09/2021
new delhi, sep 21: Amid the growing hold of cryptocurrencies across the world and suggestions that India could develop its own digital currency, Union finance minister Nirmala Sitharaman said that such a decision has to be thought through. Citing the example of El Salvador, which adopted bitcoin as a legal tender, she said that the public took to the streets against the move. "It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent curr...

Retail depositors earning negative returns; relook taxation on interest: SBI economists

22/09/2021
Mumbai, sep 21: Retail depositors are earning negative returns on their bank deposits and hence, there is a need for reviewing taxes on interest earned, economists at the country's largest lender SBI have said. If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs, the economists led by Soumya Kanti Ghosh said in a note, which pegged the overall retail deposits in the system at...

Tata Motors to hike commercial vehicle prices by around 2% from Oct 1

22/09/2021
new delhi, sep 21: Tata Motors on Tuesday said it will increase prices of its commercial vehicle range by around 2 per cent with effect from October 1, in order to offset the impact of rising input costs. The effective price hike, in the range of 2 per cent, will be implemented based on the model and the variant of the vehicle, the auto major said in a statement. The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it ...

HDFC cuts home loan rates for festival season, joins SBI, PNB and Bank of Baroda

22/09/2021
new delhi, sep 21: One of India's leading private bank HDFC announced on Tuesday that it is cutting the home loan rates for the upcoming festival season, Livemint reported. During the offer, those interested in taking the loan can avail it at 6.70 per cent as against the current rate of 6.75 per cent, Livemint report said. The offer will be applicable to all new loan application irrespective of the amount or a person's employment status. The offer was launched on Monday (September 20) and wi...

Gold marginally down; silver gains Rs 40

22/09/2021
Mumbai, sep 21: Gold in the national capital on Tuesday was marginally down by Rs 3 to Rs 45,258 per 10 grams inline with weak global precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 45,261 per 10 grams. Silver gained Rs 40 to Rs 58,750 per kilogram from Rs 58,710 per kilogram in the previous trade. The Indian rupee appreciated 15 paise to 73.59 against the US dollar in opening trade on Tuesday. In the inte...

Raising foreign talent wages will hurt Singapore’s business competitiveness

21/09/2021
Singapore, sep 20: Raising wages and levy on issuing employment pass to reduce competition for jobs will hurt Singapore's business competitiveness and increase costs for companies, according to small- and medium-sized enterprises, business associations and economists. Singapore is surrounded by cities and towns where the costs of business are significantly lower. With digitisation of supply chains, the ageing population will be bypassed completely, Singapore's digital TODAY newspaper quoted So...

India Inc expected to dole out 8.6% average increment in 2022: Deloitte survey

21/09/2021
new delhi, sep 20: Corporate India handed over an average increment of 8 per cent in 2021, and early estimates reveal that average increment for 2022 is expected to increase to 8.6 per cent in line with a healing economy and improving confidence, according to a Deloitte survey. As per the second phase of Deloitte’s Workforce and Increment Trends survey 2021, 92 per cent companies gave an increment in 2021 at an average of 8 per cent, compared with only 4.4 per cent in 2020, where just 60 per c...

Rupee falls sharply after Yellen renews call for raising US debt ceiling

21/09/2021
Mumbai, sep 20: The Indian rupee depreciated sharply on Monday after US Treasury Secretary Janet Yellen renewed her call for raising the country's debt ceiling to avoid a possible debt default by the world's largest economy. “The US has never defaulted. Not once. Doing so would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency. Default could trigger a spike in interest rates, a steep drop in stock prices and other financia...

Global rout sends Sensex 525 pts lower; metal index tumbles 7%, PSU bank 4%

21/09/2021
Mumbai, sep 20: Tracking a rout in the global markets, the benchmark indices tumbled for the second day on Monday. Investors were spooked by a possible spillover of China's Evergrande's debt woes, fall in commodity prices and ahead of US Federal Reserve policy meet outcome. Both the indices ended the volatile session near day's low. The BSE Sensex shed 525 points to end at 58,491 while the NSE Nifty closed the day at 17,397, down 188 points. Only six of 30 Sensex stocks ended in the green, ...

CARS24 raises $450 million funding; valuation nearly doubles to $1.84 billion

21/09/2021
new delhi, sep 20: CARS24 on Monday said it has raised $450 million (about Rs 3,321.3 crore) in funding from DST Global, Falcon Edge, SoftBank Vision Fund 2 and others, helping the pre-owned vehicles’ e-commerce platform nearly double its valuation to $1.84 billion. The series F round of funding was a mix of equity ($340 million) and debt ($110 million), a statement said. The equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund 2 along with participation from Tencent and e...

Petrol, diesel rates may increase as global oil prices record spike

21/09/2021
new delhi, sep 20: State-run fuel retailers may raise petrol and diesel rates soon due to rising international oil prices, bringing to an end about the month-long relief to consumers initially due to small price cuts, and then maintaining pump prices for about two weeks, people aware of the development said. Retail prices of petrol and diesel are likely to be affected with the surge in international oil prices which have increased by around $3 per barrel in the last 10 days, the people cited a...

Airtel commits 50% cut in greenhouse gas emissions across ops by FY31

21/09/2021
new delhi, sep 20: Bharti Airtel on Monday said it has joined global efforts to combat climate change, as the telco has committed to reduce 50 per cent greenhouse gas (GHG) emissions by FY31 across its operations. The company has pledged to significantly reduce its carbon footprint and emissions from its network operations and will achieve its overarching goals through multiple interventions, including accelerated green energy adoption across its network operations, energy-efficient infrastruc...

Tata Power’s arm to set up 250 MW solar power plant in Maharashtra

21/09/2021
Mumbai, sep 20: TP Saurya Ltd (TPSL), a wholly owned subsidiary of Tata Power, has received a letter of intent from Maharashtra State Power Generation Co Ltd (MAHAGENCO) for setting up of a 250 MW grid-connected solar photovoltaic power plant in Maharashtra. The project has been awarded to TPSL through tariff-based competitive bidding followed by e-reverse auction. The company received the LoI in a bid announced by MAHAGENCO for setting up a 250 MW solar plant at Dondaicha Solar Park in Dhule...

Facebook India appoints former IAS officer Rajiv Aggarwal as Head of Public Policy

21/09/2021
new delhi, sep 20: Facebook India on Monday said it has appointed ex-IAS officer and former Uber executive Rajiv Aggarwal as the Director of Public Policy. He succeeds Ankhi Das, who quit in October last year. She was embroiled in a controversy for opposing enforcement of hate-speech rules against right-wing leaders in the country. Aggarwal, in this role, will define and lead important policy development initiatives for Facebook in India on an agenda that covers user safety, data protection a...

Gold prices fall down to reach Rs 45,500

21/09/2021
Mumbai, sep 20: Gold price in India dipped to a new low today as the 22-carat gold’s price remained at around Rs 45,500-mark per 10 gram after a dip of over Rs 600 in the last few days, as per data on the good returns website. On Multi Commodity Exchange (MCX) India, gold futures were trading lower by 0.16 per cent at Rs 46,000 per 10 gram in a business turnover of 9,252 lots. Globally, gold prices continue to fall down against a stronger dollar. While Spot gold dropped by 0.1 per cent at $1,...

IDBI Bank strategic sale: Most merchant bankers indicate 52 weeks’ time

20/09/2021
new delhi, sep 19: Most of the merchant bankers who had submitted bids for facilitating strategic sale of LIC-controlled IDBI Bank indicated a time-frame of one year to complete the elaborate process, sources said. During a presentation before the Department of Investment and Public Asset Management (DIPAM) held recently, most of the eligible transaction advisers gave a time-frame of 50-52 weeks to undertake several stages of the privatisation process of IDBI Bank, market sources said. Howeve...

Centre receives maximum FDI proposals in IT, internal trade from China, other neighbors

20/09/2021
new delhi, sep 19: The government has received maximum foreign direct investment (FDI) proposals in three departments electronics and IT, industry and internal trade, and heavy industries from countries sharing land border with India, an official said. In April 2020, the government had made its prior approval mandatory for foreign investments from countries that share land border with India to curb opportunistic takeovers of domestic firms following the COVID-19 pandemic. Countries that share...

Consumer durable makers expect double-digit growth during festive season

20/09/2021
new delhi, sep 19: The consumer durable industry is expecting double-digit growth in the festive season sales this year, despite inflationary pressure on inputs that led to price hike twice in the year, shortage of components such as chipsets and a threat of a third wave of the pandemic. The makers such as Panasonic, LG, Haier, Godrej Appliances and Lloyds are expecting a pent-up demand and good growth in premium products across categories like large-screen TVs, front-load washing machines, an...

GST returns alert! Businesses defaulting on monthly returns won’t be allowed to file GSTR-1

20/09/2021
new delhi, sep 19: Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year. The GST Council in its Lucknow meeting on September 17 has decided to take a host of measures to streamline compliance, including mandatory Aadhaar authentication for businesses to file refund claims. These moves would help prevent revenue leakage due to evasion of Goods and Services Tax (GST), which was launch...

Hero MotoCorp to launch retro-styled Harley-Davidson in India soon

20/09/2021
new delhi, sep 19: Leading two-wheeler maker Hero MotoCorp is going full throttle to launch a Harley-Davidson model with retro styling as it looks to enter a very profitable segment in the premium motorcycle space, according to a senior company official. The alliance between Hero and Harley-Davidson fructified last year after the iconic US two-wheeler maker announced discontinuation of sales and manufacturing operations in India, a decade after it started selling its premium bikes in the count...

‘Moratorium on telecom dues allows time to transform; tariff wars unlikely’

20/09/2021
new delhi, sep 19: The four-year breather from payment of regulatory dues offered as part of the telecom relief package allows operators time to transform and repair, and may cool off price wars, according to a senior analyst at Deloitte India. The reforms send out a strong message to the global community, and are expected to bolster confidence of investors and lenders in the telecom sector, Peeyush Vaish, Partner and Telecom Sector Leader, Deloitte India said. The Union Cabinet recently appr...

US trade official called India’s Mastercard ban ‘draconian’ - emails

20/09/2021
new delhi, sep 19: A senior U.S. trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to U.S. government emails seen by Reuters. The documents show frustration within the U.S. government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard. The Reserve Bank of India accuses the com...

Welspun India to invest Rs 800 cr on capacity enhancement over next 2 years

20/09/2021
new delhi, sep 19: Welspun India has said it is looking to invest around Rs 800 crore on capacity expansion of its home textiles and flooring businesses over the next two years. Welspun India, the country's largest home textiles manufacturer, would invest Rs 656.5 crore on its home textiles business expansion during FY'22-23. Its plans include augmenting its towel manufacturing capacity by 20 per cent to meet the growing demand from the overseas customers. The board of the company in a meetin...

Govt hikes domestic airline capacity to 85%, tweaks price caps formula

20/09/2021
Mumbai, sep 19: Domestic airlines will now be able to operate at 85 per cent of their pre-Covid capacity and set their own fares for tickets beyond fifteen days of the booking date. On Saturday, the Ministry of Civil Aviation increased the cap on airline capacity from 72.5 per cent to 85 per cent. Also, it tweaked the price cap formula letting airlines set fares for travel beyond fifteen days. Till now price caps were applicable on tickets up to 30 days from the booking date. The move will e...

Govt. working towards controlling micronutrient deficiency through fortification: Minister of State for Agriculture and Farmers Welfare

19/09/2021
New Delhi, Sept 18: Leading industry professionals mulled over zinc deficiency affecting crops & humans, and stressed on the need for a conducive fertilizer policy, in a webinar organized by International Zinc Association in partnership with Hindustan Zinc Limited (HZL) and India Lead Zinc Development Association (ILZDA) today. Eminent speakers present at the event included Kailash Choudhary, Minister of State for Agriculture and Farmers Welfare, Government of India; Dr Andrew Green, Executive ...

US court sets aside proposed Trump-era rule on H-1B visa selection

19/09/2021
Washington, Sep 18: A US federal judge has struck down a proposed Trump-era rule that aimed to replace the current H-1B cap lottery system with a wage-level-based selection process. Judge Jeffrey S White of the US District Court for the Northern District of California vacated a Trump-era H-1B cap selection regulation on the grounds that then-Acting Homeland Security Secretary Chad Wolf was not lawfully serving in his role at the time the regulation was promulgated. The judge on Wednesday gran...

PAN-Aadhaar linkage deadline extended till March 2022

19/09/2021
New Delhi, Sep 18: The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance. "Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, ...

India’s first and fastest-growing kids gym chain Sportyze launches digital avatar

19/09/2021
New Delhi, Sept 18: Sportyze, India's first and fastest-growing chain of Kids Gym, has launched its online offerings to reach a wider audience and make it easier for more children to avail of its services. Founded by Ankur Chaudhary, Anubhuti Singh, and Richa Mamgain Pant, Sportyze has designed systematic programs focused on children's overall development and wellbeing by integrating physical and cognitive activities. "We believe healthier kids are happier kids. Early exposure to physical acti...

IJMA hopeful that govt will implement Tariff Commission report

19/09/2021
Kolkata, Sep 18: The Indian Jute Mills Association is hopeful that the government will implement the long due Tariff Commission report after the recent direction by the Calcutta High Court, a senior IJMA official said on Saturday. The IJMA, the lobby body of the jute mills, said the Calcutta High Court this month has directed the government to approve the Tariff Commission report and make payments in line with the report within November 30. "We are hopeful that after the recent High Court dir...

Inquiry puts ex-World Bank officials under scrutiny on China

19/09/2021
Washington, Sep 17: Former officials of the World Bank are under pressure after an investigation found that they pressured staff members of the bank to alter data on global business conditions in order to favour China and some other governments. The World Bank said it would discontinue its Doing Business" report in the wake of the investigation, which was conducted by the law firm Wilmer Hale after internal questions involving data irregularities in the 2018 and 2020 editions of the report and...

Photos show North Korea expanding uranium enrichment plant

19/09/2021
Seoul, Sep 18: Recent satellite images shows North Korea is expanding a uranium enrichment plant at its main Yongbyon nuclear complex, a sign that it's intent on boosting the production of bomb materials, experts say. The assessment comes after North Korea recently raised tensions by performing its first missile tests in six months amid long-dormant nuclear disarmament diplomacy with the United States. The expansion of the enrichment plant probably indicates that North Korea plans to increase ...

A step towards solving the oxygen crisis in country, Albot Technologies inaugurates O2 plant in Pune

19/09/2021
Pune, Sept 18: A 500 LPM oxygen plant was inaugurated by Ajit Pawar, the Deputy Chief Minister of Maharashtra. The plant has been made operational by Albot Technologies Pvt. Ltd. in collaboration with DY Patil International University (DYPIU) and is installed in the premises of D Y Patil Dnyanshanti School, Akurdi. This marked a monumental milestone towards a future with sufficient oxygen supply. To refresh one's memory, during the second wave of the pandemic, India had immensely struggled with...

Art Decoded at annual fashion show ‘Enchante 2021’ by SIDT

19/09/2021
Mumbai, Sept 18: Sasmira's Institute of Design and Textile (SIDT) in its continuous endeavour to promote design literate human resource pool in today's competitive market organized Enchante 2021 on 17-Sept in Mumbai. The central theme of the Fashion Collection 2021 was 'Art Decoded'. In this annual festival, students were given the opportunity to showcase their designs and collections. Dr Shivram Garje from Mumbai University, Maganlal H Doshi, President, SASMIRA; Mihir Mehta, VP, SASMIRA; Dr U...

Kerala FM seeks extension of GST compensation regime

19/09/2021
New Delhi, Sep 18: Kerala Finance Minister K N Balagopal on Saturday pitched for extending the GST compensation beyond June next year as he highlighted that the state is already grappling with significant revenue shortfall. Addressing the media here, the minister said the state is not getting its due in the wake of the 15th Finance Commission devolution recommendations. Kerala will be receiving GST (Goods and Services Tax) compensation of over Rs 13,000 crore and another one-time grant of...

Byju’s, NITI partners for free education in 112 Aspirational Districts

18/09/2021
new delhi, sep 17: Edtech major Byju's on Friday said it has partnered with NITI Aayog to provide free access to its tech-driven learning programmes for children from 112 'Aspirational districts' of the country. The project envisages establishment of a dedicated working group that will create a knowledge, innovation, and strategy support system, a statement said. The team will also actively monitor and evaluate programme implementation to enable efficacy and ensure better scope of delivery, i...

Sensex tanks 720 pts from day’s high, ends 125 pts down; Nifty PSB drops 3%

18/09/2021
Mumbai, sep 17: In a volatile session on Dalal Street, the benchmark indices tumbled from record high levels to snap their three-day winning run amid losses in RIL, IT stocks and select banking counters. Despite a firm global market sentiment, the Indian indices settled in the red as profit taking ensued following a steep rally in the indices which saw them hitting significant landmarks. After touching a record high of 59,737, the BSE barometer Sensex plunged 721 points from the high to end...

Collection recovery in securitisation yet to reach March 2021 levels

18/09/2021
Mumbai, sep 17: With the resumption of economic activity, the collection efficiency for securitisation transactions moved up from 67 per cent in May 2021 to 79 per cent in July. However, it is yet to reach March 2021 levels of 83 per cent, according to India Ratings (Ind-Ra). The performance of 143 rated securitisation deals showed the recovery has improved sentiments and supported the loan performance in June-July 2021. Overdue loans in softer delinquency buckets started performing with t...

Rupee settles 4 paise higher at 73.48 against US dollar

18/09/2021
Mumbai, sep 17: The rupee closed 4 paise higher at 73.48 (provisional) against the US dollar on Friday, tracking the broad weakness of the American currency in the overseas market. At the interbank forex market, the local unit opened flat at 73.49 against the greenback. During the session, the domestic unit witnessed an intra-day high of 73.42 and a low of 73.55. In the previous session, the rupee had settled at 73.52 against the US dollar. Meanwhile, the dollar index, which gauges the green...

Surya Roshni soars 11%, hits new high on strong growth outlook

18/09/2021
Mumbai, sep 17: Shares of Surya Roshni edged higher by 11 per cent to Rs 731.20, also their new high on the BSE, in intra-day trade on Friday on the back of heavy volumes and amid a strong growth outlook. In the past seven trading days, the stock has zoomed 43 per cent, as compared to a 1.7 per cent rise in the S&P BSE Sensex. Surya is the second-largest manufacturer of steel pipes (contributes 67 per cent to EBITDA) and also the second-largest LED manufacturer in India. In the April-June qua...

Vodafone Idea would opt for equity conversion during moratorium

18/09/2021
new delhi, sep 17: Vodafone Idea would opt for the equity conversion for interest payout during moratorium period, resulting in sizable dilution and might restrict potential equity infusion from any financial/strategic investor, analysts said. Emkay Global Financial Services said in a note that the package, which is focused on annual cash outflow deferral for telcos, provides much-needed relief to VIL. As per reports, the government could hold anything between 30-70 per cent in Vodafone Idea ...

Telecom relief package credit positive for Airtel, Jio: Moody’s

18/09/2021
new delhi, sep 17: The telecom sector reforms package announced by the government will sustain telcos' businesses, is credit positive for operators, including Airtel and Jio, and provides support for 3+1 players structure, Moody's Investors Service said on Friday. The views come against the backdrop of a blockbuster relief package announced earlier this week for the telecom sector that includes a four-year break for companies from paying statutory dues, permission to share scarce airwaves, cha...

Ola Electric sells e-scooters worth Rs 1,100 crore in just two days

18/09/2021
Bengaluru, sep 17: Ola Electric, the ride-hailing firm's electric vehicle arm, on Friday said that it sold e-scooters worth over Rs 1,100 crore in just two days, during its sale of Ola S1 and S1 Pro scooters. The SoftBank-backed company said this was unprecedented not just in the automotive industry, but also represented one of the highest sales in a day (by value) for a single product in Indian e-commerce history. “Day 2 of the EV era was even better than Day 1. Crossed Rs 1,100 crore in sal...

World Bank Group to discontinue Doing Business report

18/09/2021
new delhi, sep 17: The World Bank Group has decided to discontinue publication of its Doing Business report on country investment climates following allegations of irregularities. The decision was taken after a probe of data irregularities allegedly due to pressure by some top bank officials to boost China's ranking in 2017 came to light. "After reviewing all the information available to date on Doing Business', including the findings of past reviews, audits, and the report the bank released ...

Bharat Biotech awaits feedback from WHO for Covaxin EUL

18/09/2021
Hyderabad, sep 17: Bharat Biotech on Friday said it has submitted all the data pertaining to its COVID-19 vaccine Covaxin to the World health organisation for Emergency Use Listing (EUL) and is awaiting feedback from the global health watchdog. The WHO is currently reviewing the data submitted by the vaccine maker and the date for a decision on the jab is yet "to be confirmed," according to the update available on WHO website. "#COVAXIN clinical trial data was fully compiled & available in Ju...