Financial Express Mumbai - September 29, 2022
Financial Express Mumbai - September 29, 2022
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In this issue
September 29, 2022
POLITICS PREVAILS OVER ECONOMY Free ration scheme to run for three more months...
To cost ₹44,762 cr to the exchequer
3 mins
Rupee sinks further to 81.95
THE RUPEE ON Wednesday sank to a record low of 81.95 against the dollar amidst a relentless surge in the greenback and a sharp rise in the US treasury yields. The domestic currency closed the session at 81.90, down 37 paise over Tuesday's close.
2 mins
PENALISED FOR 'IMPROPER CONDUCT' FOR THE SECOND TIME IN A DECADE
Oracle fined $23 m in India, Turkey, UAE for bribery
2 mins
Sept GST mop-up seen at ₹1.45 trn
GOODS AND SERVICES tax (GST) collections in September are likely to be about ₹1.45 trillion, a senior official told FE, adding that the monthly average mop-up in FY23 could be around ₹1.55 trillion.
1 min
...despite red flags from finance ministry
THE CABINET'S DECISION to extend the free ration scheme was despite the finance ministry's objection. In an office memorandum dated September 26, it conveyed to the ministry of consumer affairs, food and public distribution, which had pitched for continuance of the scheme till the end of 2022, that since "the pandemic has abated considerably and the distress for which this relief PMGKAY - was given does not appear to be prevalent", the latter's proposal "is not supported".
1 min
Tatas to disrupt EV market with sub-₹10L launch
TATAMOTORS, THE country's largest passenger electric vehicle manufacturer, on Wednesdayvirtually signaled a price war in the segment by launching its latest variant of the Tiago EV at ₹8.49 lakh. This is also the first hatchback in the EV segment.
2 mins
Former NSE chief Chitra gets bail in co-location scam case
THE DELHI HIGH Court on Wednesday granted bail to former NSE boss Chitra Ramakrishna in the co-location scam case but she will not walk out of jail yet because her plea for the relief in the money-laundering case related to alleged illegal phone tapping and snooping of some employees of the bourse is still pending.
1 min
Cabinet approves ₹10,000-cr revamp of 3 railway stations
New Delhi, Ahmedabad and Mumbai's CSMT to get a new look
1 min
DEFICIT TARGET IN FOCUS DESPITE EXTRA SUBSIDY OUTGO Use-or-return norm for funds to help Centre save a tidy sum
Centre retrieves unspent ₹40K cr from state treasuries
3 mins
Ebixcash receives long-term bus exchange contract from Bengal
EBIXCASH, A SUBSIDIARY of Ebix, a leading international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries, on Wednesdsy announced that it has been awarded the order to design, develop, build, install, maintain, operate and transfer the Intelligent Transport Management System (ITMS) for all the state buses in West Bengal run by the North Bengal State Transport Corporation (NBSTC).
1 min
Kolkata gaming app: ED freezes ₹12.83 crore worth crypto assets
THE ENFORCEMENT DIRECTORATE on Wednesday said it has frozen bitcoins worth ₹12.83 crore as part of an ongoing money laundering probe against the promoter of a Kolkata-based mobile gaming app firm that is alleged to have duped a number of people.
1 min
Ambuja creates NDU of over 50% ACC shares as collateral for loans
AMBUJA CEMENTS, NOW controlled by the Adani Group, on Wednesday said it has created a nondisposable undertaking (NDU) of over 50% shareholding in its subsidiary ACC as "collateral for loans taken by the company".
1 min
AFTER FOUR MONTHS OF DECLINE Startup funding up a bit, but investors warn of volatility
Most of the funds flow in September was to late-stage firms
2 mins
CRED tops list of startups, upGrad & Groww follow
MICROSOFT-OWNED LINKEDIN on Wednesday announced fintech giant CRED as this year's top startup. Ronnie Screwvala-led edtech unicorn upGrad was second on the list, followed by Satya Nadella-backed online stock trading platform Groww.
2 mins
Realty firms buy land parcels as inventory overhang eases
REAL ESTATE DEVELOPERS are back to buying land parcels as inventory overhang eases and developers build project pipelines to ease demand-supply mismatch in the top cities of India. While the land prices are holding firm, there is a mix of assets available with some stress assets in the market too.
2 mins
Nykaa board to meet on Oct 3 to consider issuance of bonus shares
COSMETICS AND FASHION retailer Nykaa on Wednesday said the company's board will meet on October 3 to consider and approve the issuance of bonus shares to its existing shareholders.
1 min
Hybrid cloud critical to modernisation, but concerns remain: IBM security, compliance
WHILE 85% OF respondents in India cloud have adopted a hybrid approach that can help drive digital transformation, the majority of them are struggling with the complexity to make all their cloud environments work together, according to new market research from IBM.
1 min
Clear dues post Nov: Indus Towers asks Voda Idea
VIL had availed services worth ₹9,446.8 cr from Indus Towers; the firm paid ₹3,375 cr to Indus Towers that it received in form of equity investment from Vodafone
1 min
RIL case: SC set to hear Sebi review plea today
SHARING OF DOCUMENTS
1 min
Core dangers for the Fed and China
Fed's fixation on core inflation and the overreach of China's core leader, Xi, are both susceptible to major policy blunders
4 mins
Equal and excellent
HIGHER EDUCATION REFORMS HUMAN CAPITAL FUELS 21ST-CENTURY PROSPERITY. FIVE POWERFUL REFORMS BY UGC ACCELERATE THE REBOOT OF HIGHER EDUCATION
4 mins
Apple's about-face leaves suppliers on the hook
Component makers can be caught off-guard when big customers flip their guidance at short notice
2 mins
Making iPhone 14 in India
Good opportunity, but there is high dependence on component imports
2 mins
FARM ECOLOGY Startups enhancing soil health to increase agri productivity
They empower farmers with quick and affordable solutions
3 mins
APPLE WATCH SE 2 - Keeping a watch on everyday use
An affordable wearable with all the of Apple elements smartwatch
2 mins
WORK PATHWAY Covid-induced new normal
Businesses would need to cope with a diverse set of workers
2 mins
LAPCARE LBS-004 SPEAKER - Built to survive rough handling
Plays loud enough for outdoor parties and is easy to carry around
1 min
Sens Smartwatch & Earbuds Fitness & Style Go Together
Two smart wearables that keep you connected without costing a bomb
1 min
Wall Street hires WhatsApp cops as US blasts bosses who text
AUS INVESTIGATION into unauthorised texting on Wall Street is forcing many of the world's biggest banks to create a new compliance role: The WhatsApp cop.
1 min
EU vows to protect energy systems after Nord Stream incidents
ANY INTENTIONAL DISRUPTION to European Union (EU) energy networks would meet a "robust and united response", its top diplomat said, after several states said two Russian pipelines to Europe had been attacked, causing gas to spew into the Baltic Sea.
1 min
Lagarde says ECB will lift rates at next 'several' meetings
"Our primary goal is not to create a recession. Our primary objective is price stability and we have to deliver on that. If we were not delivering, it would hurt the economy far more"
1 min
N Korea fires two missiles ahead of Harris visit to South
NORTH KOREA FIRED two short-range ballistic missiles into waters off its east coast, ramping up tensions a day before US vice-president Kamala Harris is set to visit the demilitarised zone that divides the two Koreas.
1 min
INFLATION SUPPRESSES PERSONAL ELECTRONICS DEMAND Apple ditches iPhone production increase after demand falters
Had upgraded sales projections in weeks before iPhone 14 release
2 mins
Bank of England steps in to calm markets amid IMF warning
THE BANK OF England stepped in on Wednesday by offering to buy some of the country's long-term debt as an emergency measure to prevent "material risk" to the country's financial stability, amid an unprecedented warning by the IMF that the UK's recent mini-budget risked making the cost-of-living crisis worse.
1 min
New norms for CRAs to improve rating process
MARKETS REGULATOR SEBI on Wednesday came out with a new framework for credit rating agencies (CRAS), involving ratings of securities having explicit credit enhancement features.
1 min
ATTRACTIVE RETURNS LURE INVESTORS TO GLOBAL FUNDS Stalemate in global MF limits leaves investors in a spot
The majority of such active schemes are now closed for subscription
2 mins
Recession fears drag stocks to near two-month lows
SHARES ENDED AROUND two-month lows on Wednesday, with banks, energy and metal companies posting losses, as fears of a global recession dented risk sentiment. The Nifty 50 index fell 0.9% to 16,858.60, while the Sensex closed down 0.9% to 56,598.28. Both the indexes have fallen for a sixth straight session, posting their longest losing streak since mid-June.
1 min
Bond yield rises to 7.34% as US Treasury tops 4%
YIELDS ON GOVERNMENT bonds rose on Wednesday after the 10year US Treasury yield hit 4% for the first time since April 2010, as nervousness over high policy rates intensified. The benchmark Indian 10-year government bond yield was at 7.339%. The yield had fallen 7 basis points and ended at 7.2915% on Tuesday.
1 min
Cement demand on track but cost pressure to stay, says India Cements CMD
CEMENT DEMAND IS likely to be on track with increased real estate projects and construction activities in metros, but the cost pressure is expected to continue with high prices of fuel, power tariffs, logistics and the consequential impact on all other materials, including packaging, N Srinivasan, vice-chairman & MD, India Cements, said on Wednesday.
1 min
Regulatory clean chit a priority for gaming firms
PLAYERS SEEK NODAL AGENCY, NORMS
2 mins
SBI employee asks customer to visit branch for information, loses ₹1,000 from salary
IN AN INTERESTING case, the CPIO of a branch of State Bank of India (SBI) was recently fined ₹1,000 from his salary for giving misleading information to a customer and asking him to visit the branch to get the information sought under the Right to Information Act, 2005.
1 min
Investing in women's financial inclusion makes economic sense, say experts
CONFIDENT WOMEN CAN truly run local economies and the return on investing in women has consistently been higher, Amarjeet Sinha, former advisor to the Prime Minister and previous secretary of the ministry of rural development said on Wednesday.
1 min
Switch Mobility's electric double decker bus garners high interest
The company expects some tenders to be floated for electric double deckers, given the value proposition in terms of footprint, passenger capacity & sustainability
1 min
Asian central banks need broader FX defence
DECLINING FOREIGN EXCHANGE RESERVES mean Asian central banks will probably start looking for alternative ways to support their currencies, according to Nomura Holdings.
1 min
Forex reserves set to shrink further
DEPLETING RESERVES STIR 2008 MEMORIES
2 mins
Suzlon Energy's ₹1,200-cr rights issue to open on October 11
SUZLON ON Wednesday opening of its ₹1,200 crore rights issue on October 11, 2022.
1 min
Edelweiss Financial to raise ₹400 cr via NCDs
EDELWEISS FINANCIAL SERVICES on Wednesday said it will raise up to ₹400 crore through a public issue of secured redeemable non-convertible debentures (NCDs). The issue will open on October 3 and close on October 17, with an option for an early closure.
1 min
15% punitive duty proposed on 22 UK items
INDIA SEEKS WTO NOD
1 min
Plan to decriminalise offences under GST
AIMING TO PROVIDE friendly taxpayer services, the Centre is working on decriminalising certain offences under the goods and services tax (GST) by raising the threshold limit for launching prosecution as well as making compounding charges affordable, additional revenue secretary Vivek Aggarwal said on Wednesday.
1 min
An officer and an art aficionado
LT GEN ANIL CHAUHAN (RETIRED), CHIEF OF DEFENCE STAFF
2 mins
5G-COMPATIBLE MOBILES RISE 3X IN LAST 2 YEARS User readiness for 5G in India is high: Ericsson
Urban user is twice as keen to upgrade to 5G than in UK, US
2 mins
Senior advocate Venkataramani is India's new attorney general
SENIOR ADVOCATE R Venkataramani has been appointed as the new Attorney General of India for a period of three years. Earlier this week, senior advocate Mukul Rohatgi had turned down the Central government's offer to be the next AG.
1 min
Financial Express Mumbai Newspaper Description:
Publisher: The Indian Express Ltd.
Category: Newspaper
Language: English
Frequency: Daily
The Financial Express brings the latest and breaking business news from Markets and Industries in India.
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