Sunday, September 30, 2018

Bonds rally as RBI to buy more debt via open market

The yield on benchmark 10-year notes slipped as much as 12bps.

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US stock Futures, Loonie, Peso advance on trade

FTSE 100 futures tipped a modest drop in UK stocks.

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RBI to inject ₹36,000 crore into system in October

The Reserve Bank on Monday announced that it will inject ₹36,000 crore liquidity into the system through purchase of government bonds in October to m

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KEC International bags order worth Rs1,159cr

The company has secured new turnkey orders of Rs1,159cr in its Transmission & Distribution business across India, Africa, Oceania, and Americas.

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RBI to conduct 2-day and 7-day Variable Rate Reverse Repo auctions under LAF on October 01, 2018



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RBI to inject Rs 36,000 crore into system in October, bond markets rally



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Lupin signs pact with Eli Lilly to distribute Aplevant in India

Lupin is likely to make Aplevant available in India from October 2018.

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Money Market Operations as on September 29, 2018



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Kalpataru Power erases morning gains; stock down ~1%

The company was earlier up on an announcement regarding new orders worth Rs1,145cr.

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Ashok Leyland - Sep volumes up 26% yoy, marginally miss estimate

M&HCV volume up 21% yoy, LCV volume up 44% yoy

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Origo Commodities raises Rs 80 crore to strengthen agriculture finance

Founded in 2010, Origo Commodities provides post-harvest agriculture supply chain financing and logistics solutions.

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Manufacturing activity strengthens in September, PMI rises to 52.2

As per the survey report, underpinning the overall expansion was a firmer increase in levels of new work and gains in both domestic and foreign demand.

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Banking

The development comes as shareholders of the company have voted in favour of raising Rs 15,000 crore in the form of debt.

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Banking

Data for the June quarter, released a few days ago, also showed that in three of the 12 cases where resolution took place, lenders managed to realise their entire claims.

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J.Kumar Infra plunges 20% on forensic audit orders from SEBI

The company has been figured among the 331 suspected shell companies.

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Government may do a Satyam-like rescue op for IL&FS

The development comes as shareholders of the company have voted in favour of raising Rs 15,000 crore in the form of debt.

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Companies pay up Rs 1.1 lakh crore for fear of insolvency action

Data for the June quarter, released a few days ago, also showed that in three of the 12 cases where resolution took place, lenders managed to realise their entire claims.

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India Nikkei Manufacturing PMI improves to 52.2 in September

Indias manufacturing economy recorded an improvement in growth during September amid firmer gains in new orders, output, and employment.

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Maruti Suzuki disappoints with marginal volume decline in September 2018

Domestic volume up 1% yoy, exports decline 25% yoy

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Government looks to plug gaps in exits of auditors, directors

The move follows deliberations in the ministry of corporate affairs, which had sought reasons for large scale auditor resignations in companies, with an estimated 200 auditors having resigned so far this year.

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ED attaches Nirav Modi's assets worth Rs 637 crore, spanning over five countries

ED has reportedly attached Rs 637 crore worth of assets of fugitive billionaire jeweller Nirav Modi and family in India and four other countries in PNB fraud case. The assets include immovable properties in New York, a flat in Mumbai, diamond studded jewellery and 5 overseas bank accounts.

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Jet fuel hike, rupee crash to hit airlines hard

Airline officials suggest the twin impact of hike in aviation turbine fuel and a crashing rupee is going to be devastating for the carriers. An airline like Air India anticipates ATF costs to rise by Rs 65 crore this month. Airline sources say aviation turbine fuel (ATF) will cost about Rs 74,530 per kilo-litre (kl, 1000 litres) in Delhi.

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Target iPhones, not rates, to support rupee, says Modi's top adviser

The government on Wednesday raised import taxes on $12 billion of goods, from jewelry to footwear, as it sought to pare the current-account deficit from a five-year high.

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Volume momentum continues for Bajaj Auto, up 17% yoy

Bajajs pricing strategy boosts motorcycle sales by 17% yoy in September 2018, 3Ws up 20% yoy

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Vakrangee falls ~5% as it faces MCA probe

Earlier, the Ministry of Corporate Affairs (MCA) ordered an investigation into its accounts book for a period of three financial years.

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Sensex, Nifty under pressure; Kotak Mahindra, IndusInd Bank slip

Share prices of airline companies fell to hit fresh 52-week lows following a hike in jet fuel prices initiated by oil companies.

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Brent oil spurts to 4-year high ahead of US sanctions on Iran

At 9:50AM, Brent futures were trading 0.5% up, at $83.17/barrel and the US West Texas Intermediate (WTI) crude futures were trading 0.3% higher at $73.53/barrel.

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Airlines may soon give nutritional facts, other details for in-flight meals

​​​Air travellers’ common concern of deteriorating inflight meal quality in most airlines has led to India’s food regulator examining the entire gamut of inflight catering, including transportation of meals, storage on board and then how the same is served.

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Power tariffs soar to decade high of Rs17.61/unit

This rise was mainly on the back of low hydro and wind energy production and coal shortage at thermal plants.

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Bonds yields open at 7.90% vs. 8.02% on reduced government borrowing and OMO announcement

The RBI stated that based on the assessment of durable liquidity requirements going forward and the seasonal growth in currency in circulation in build-up to the festive season, it has decided to conduct purchase of G-secs under open market operations aggregating to Rs36,000cr in October 2018.

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Markets open on sedate note, Nifty under 10,900

At 9.22 am Sensex index was down 97.95 points at 36,129.19. The broader 50-share NSE Nifty too faced early losses and cracked under the crucial 10.900-mark in early trading. The gauge was down more than half a per cent within 15 minutes of trading.

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Jet fuel price to rise by 7%, biggest increase in recent times: Sources

Airline officials suggest the twin impact of hike in aviation turbine fuel and a crashing rupee is going to be devastating for the carriers. An airline like Air India anticipates ATF costs to rise by Rs 65 crore this month.

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Bandhan Bank down 20% as it considers options to cut promoter stake

As per rules, the bank had to bring down its promoters stake from the current 82.28% within three years of beginning operations.

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Companies pay up Rs 1.1 lakh crore for fear of insolvency action



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Amazon, Flipkart offer interest-free credit of Rs 60,000

This festive season, Amazon and Flipkart have rolled out a host of finance options, including an interest-free credit access of up to Rs 60,000, which people can avail of to shop on these platforms. Consumers can use Flipkart and Amazon’s mobile apps to access the credit amount.

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Canada, US reach NAFTA deal: Report

Canadian and US negotiators reached a deal late Sunday on reforming the North American Free Trade Agreement (NAFTA), Canadian media reported. High-level American source as saying the two sides had reached an agreement and that a joint statement was expected.

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Bandhan Bank down 19% as it considers options to cut promoter stake

As per rules, the bank had to bring down its promoters stake from the current 82.28% within three years of beginning operations.

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US, Canada said to reach trade deal to keep Nafta trilateral

President Donald Trump has approved the developments and the expectation is that an agreement will be announced on Sunday night, according to the people, who spoke on the condition of anonymity.

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Asian stock markets trade mixed

Canadas dollar climbed to its strongest since May against the greenback, with the Washington Post reporting that the country agreed to join the US-Mexico trade deal announced last month.

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Indebted Indian Lender IL&FS outlines restructuring proposal

IL&FS hired Alvarez & Marsal, which helped revamp Jet Airways India Ltd. in 2015 and is currently working on restructuring Essar Steel Ltd., to come up with a plan to rescue the company.

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Money Market Operations as on September 28, 2018

(Amount in ₹ billion, Rate in Per cent)
MONEY MARKETS @      
Volume Wtd.Avg.Rate Range
(One Leg)
A. Overnight Segment (I+II+III+IV) 198.78 5.99 1.00-6.60
     I. Call Money 102.62 6.43 5.40-6.60
     II. CBLO 61.66 5.06 1.00-6.50
     III. Market Repo 34.50 6.34 6.30-6.40
     IV. Repo in Corporate Bond 0.00 -
B. Term Segment      
     I. Notice Money** 172.17 6.51 5.00-6.75
     II. Term Money@@ 12.26 - 6.55-8.25
     III. CBLO 884.35 4.36 0.10-6.29
     IV. Market Repo 1,202.84 5.49 1.00-7.25
     V. Repo in Corporate Bond 0.75 8.65 8.65-8.65
RBI OPERATIONS@
  Auction Date Tenor (Days) Maturity Date Amount Outstanding Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility
   (i) Repo (Fixed Rate) 28/09/2018 3 01/10/2018 47.41 6.50
   (ii) Repo (Variable rate) 11/09/2018 28 09/10/2018 250.02 6.54
  17/09/2018 28 15/10/2018 300.04 6.54
  18/09/2018 13 01/10/2018 230.01 6.53
  21/09/2018 14 05/10/2018 230.07 6.53
  24/09/2018 7 01/10/2018 158.00 6.51
  25/09/2018 14 09/10/2018 230.03 6.55
  25/09/2018 8 03/10/2018 250.02 6.54
  28/09/2018 14 12/10/2018 97.77 6.53
   (iii) Reverse Repo (Fixed rate) 28/09/2018 3 01/10/2018 949.01 6.25
   (iv) Reverse Repo (Variable rate) 27/09/2018 4 01/10/2018 246.55 6.49
  27/09/2018 7 04/10/2018 234.50 6.49
D. Marginal Standing Facility 28/09/2018 3 01/10/2018 42.00 6.75
E. Standing Liquidity Facility Availed from RBI $     19.00  
RESERVE POSITION @
F. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on # 24/09/2018 4,827.69  
(ii) Average daily cash reserve requirement for the fortnight ending 28/09/2018 4,813.26  
G. Government of India Surplus Cash Balance Reckoned for Auction as on ¥ 28/09/2018 124.80  
@ Based on RBI / CCIL/ FIMMDA Data
- Not Applicable / No Transaction
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor
# The figure for the cash balances with RBI on Sunday is same as that of the previous day (Saturday).
$ Includes refinance facilities extended by RBI
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015
Ajit Prasad
Assistant Adviser
Press Release : 2018-2019/748


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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on September 29, 2018 is as under:

Amount (face value in ₹ Billion)
Items 2 day Reverse Repo Auction
6.25% Fixed Rate
1. Bids received  
(i) Number 39
(ii) Amount 453.35
2. Bids accepted  
(i) Number 39
(ii) Amount 453.35

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/747


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RBI to inject Rs36,000cr in October via OMO

The auctions would be conducted during the 2nd, 3rd and 4th week of October.

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Top stocks in focus: Bandhan Bank, Auto stocks, Vakrangee

Check out the companies which will be in focus during trade today based on recent and latest news developments.

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Liquidity Adjustment Facility: Fixed Rate Repo Operations

The result of the RBI Fixed Rate Repo Operations held on September 29, 2018 is as under:

Amount (face value in ₹ Billion)
Items 2 day Repo Operations
6.50% Fixed Rate
1. Bids received  
(i) Number 7
(ii) Amount 41.26
2. Bids accepted  
(i) Number 7
(ii) Amount 41.26

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/746


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Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on September 28, 2018 is as under:

Amount (face value in ₹ Billion)
Items 3 day Reverse Repo Auction
6.25% Fixed Rate
1. Bids received  
(i) Number 96
(ii) Amount 949.01
2. Bids accepted  
(i) Number 96
(ii) Amount 949.01

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/745


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IGL hikes CNG and PNG prices

Government on Friday hiked domestic gas price by ~10% to $3.36/mmbtu from October 01, 2018 to March 31, 2019 as against $3.06/mmbtu earlier.

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Ajanta Pharma gets USFDA approval for Ranitidine HCL

The market for Ranitidine HCL, in both the strengths, is likely to be less than $100mn and we expect this to be a small drug for Ajanta Pharma.

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Broker Radar for October 1

Check out the stock commentaries and recommendations from foreign brokerage houses.

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RBI to inject durable liquidity through OMO purchase auctions in October 2018



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IFC invests $100 million in Piramal-Bain joint venture

The consortium had backed JSW to bid for Bhushan Steel. Finally, Tata Steel took over Bhushan Steel by settling about Rs 35,200 crore of the loans of the bankrupt steelmaker.

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Nachiket Mor’s 2nd tenure on RBI board cut short

Mor had been re-nominated by the central government as a director of the RBI central board of directors in August 2017 for a second term.

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Banking

The consortium had backed JSW to bid for Bhushan Steel. Finally, Tata Steel took over Bhushan Steel by settling about Rs 35,200 crore of the loans of the bankrupt steelmaker.

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Banking

Mor had been re-nominated by the central government as a director of the RBI central board of directors in August 2017 for a second term.

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Sensex, Nifty to open on a flat note tracking Asian stocks

SGX Nifty is currently trading 12 points up at 10,971.

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What not to miss today

Here are the important news to watch out for today.

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SBI halves daily ATM cash withdrawal limit to Rs 20,000

The cash limits have been announced for SBI's most used Classic and Maestro debit cards.

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Banking

The cash limits have been announced for SBI's most used Classic and Maestro debit cards.

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Old traditions can’t dictate the new earning model



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How safe are your debt funds?



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Banking

While IL&FS shareholders have voted in favour of raising Rs 15,000 cr, its trustee had barred it from distributing any dividends.

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IL&FS lenders seek resolution plan before mulling more loans

While IL&FS shareholders have voted in favour of raising Rs 15,000 cr, its trustee had barred it from distributing any dividends.

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13 Indian banks lost out about 40 million pounds in Force India sale: Bidder

Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India – Mallya's Orange India Holdings Sarl – which is subject to a freezing order issued by the UK's High Court in favour of his 13 creditor Indian banks, led by the State Bank of India.

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Jet Airways flight suffers technical snag at 36,000 feet, makes emergency landing

Jet Airways flight 9W 955 suffered engine failure when the plane was cruising at an altitude of almost 11 km. The engine trouble happened midway. The pilot switched off the snag-ridden engine and did an emergency landing with the help of the second engine The plane was bound to Indore from Hyderabad with 100 people on board.

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Cartoonscape — October 1, 2018



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Tricky call ahead: on RBI policy stance

The RBI faces a tough call on setting policy rates given the inflation and liquidity concerns

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Cup of surprises: on Asia Cup tournament

India won the Asia Cup as expected — but it was Afghanistan that won hearts

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Private Equity is all about growth now, not cost-cutting: Stephen Pagliuca

During his recent trip to mark the fund’s tenth anniversary in India, Pagliuca spoke to ET’s Arijit Barman about his outlook for India and the world.

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View: Time for RBI to take control of regulation & supervision

The regulator should start looking beyond rate action and take charge of regulation and supervision.

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Banking

During his recent trip to mark the fund’s tenth anniversary in India, Pagliuca spoke to ET’s Arijit Barman about his outlook for India and the world.

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Banking

The regulator should start looking beyond rate action and take charge of regulation and supervision.

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Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh

This comes after a detailed analysis of the top 50,000 taxpayers showed a sharp rise in the closing balance of credit of many at the end of June last year compared with September 30, 2016

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‘Decision-making can’t be influenced in listed companies’

Ownership and management are treated at arm’s length, says HPCL CMD

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U.S. economic growth, rupee fall will boost Indian exports, says Assocham

U.S. was top export destination with $47.9 bn worth of shipments in the last fiscal

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Headwinds build up for the economy

The continued rise in oil prices and a crisis of confidence set off by the IL&FS episode pose a challenge

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Sugar industry hopes for a sweeter season

More exports, price stability, clearance of dues on wish list

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India wants to have trade deal with US: Trump

Trump remarks comes days after Assistant US Trade Representative Mark Linscott returned from India where he had detailed discussion with senior Indian officials on bilateral trade.

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Government sets up Competition Law Review Committee

A Finance Ministry release said that the committee will review the competition regulations in view of changing business environment and suggest the necessary changes.

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India's 2018 monsoon rainfall below average, lower than forecast

Rains were 91 percent of the long-term average at the end of the July-September monsoon season, compared with a forecast of 97 percent, marking the fifth straight year in which the weather office has overestimated the likely rainfall.

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Oil marketing companies again increase fuel prices

The petrol prices has gone up about 8 per cent while diesel prices has gone up by 10 per cent since August 1, 2018.

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Govt sets up panel to review Competition Act

The committee would submit its report within three months from the date of its first meeting.

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Reward for tip offs on GST evasion on anvil

The Directorate General of GST Intelligence (DGGSTI) has already made several arrests for evasion of the indirect tax and an informant reward scheme is expected to help the directorate to keep an eye on such activities.

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Fraud cases under IBC cross Rs 40,000 crore

Bulk of these recoveries came from two accounts – Bhushan Steel (Rs35,771 crore) and Electrosteel (Rs5,320 crore).

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Minda Industries closes 41.67% stake purchase in venture

With this acquisition, now, Minda Industries holds 47.80% stake in TG Minda.

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IL&FS seeks shareholder approval to sell equity and assets

The beleaguered group can raise Rs600 billion ($8.3 billion) by selling assets, according to Chairman of its biggest shareholder and nations largest state life insurer, Life Insurance Corp.

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Engineers India gets two projects totaling more than Rs5,000cr

The total awarded order value is more than Rs5000 crore with a total project schedule of Mechanical Completion by October 31, 2022.

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Irdai allows PoS to distribute all micro-insurance products

A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.

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Banking

A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.

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IL&FS appoints Alvarez & Marsal for restructuring

Addressing the media post the AGM, he said that the board took four important decisions today.

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Bandhan Bank to explore strategic acquisitions to pare promoter stake

Bank management told them that promoters may also sell their holdings directly in the secondary market if inorganic route does not work out fast

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Centre, states apportion Rs 29,000 cr IGST in September

The collections stood at Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July and Rs 93,960 crore in August.

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Contactless banking for MSMEs to be the new paradigm: Fin Services Secretary Rajiv Kumar

Govt has started a web portal that enables MSMEs to obtain a loan of up to Rs 1 crore within an hour.

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Coal India’s supply to power sector rises 12% to 197 MT in Apr-Aug

The supply of coal by State-owned CIL to the power sector in the first five months of the ongoing fiscal increased by 12.1% to 196.9 million tonnes (

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AI startup Netradyne raises $21 million from Microsoft’s M12, Reliance

AI start-up raises $21 mn from Microsoft arm, RILNetradyne, an Artificial Intelligence (AI) start-up focussing on driver and fleet safety, said it ha

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‘India may require special courts to try cybercrime cases’

Criminal justice system has to keep pace with rapid changes

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‘Govt. must incentivise orthodox tea output’

Annual exports must touch 300 mn kg to impact prices

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Plantation sector in deep crisis: Upasi

The production of natural rubber in India has shown progressive decline primarily due to un-remunerative prices. Low prices have been driving farmers to stop tapping or abandon rubber cultivation.

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Govt mulls stricter disclosure norms for independent directors

The ministry is also working to ensure that individuals have certain basic qualification to be eligible for independent directorship.

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Government waives import duty on 35 capital goods to boost mobile phone manufacturing

The finance ministry exempted items such as printed circuit board (commonly known as motherboard) coating machine, PCB assembly loader, unloader from the customs duty.

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