Business


The domestic stock indices are most likely to trade meticulously in the very first trading session of 2022, taking hints from the worldwide markets ... Trends on SGX Nifty showed a flat opening for the domestic markets.New Delhi: The domestic stock indices are likely to trade cautiously in the first trading session of 2022, taking cues from the global markets. Asian shares edged higher on Monday as South Korea's KOSPI acquired 0.40 per cent and the Shanghai Composite index jumped as much as 0.57 percent. Trends on SGX Nifty showed a flat opening for the marketplaces back house. The Nifty Futures on Singapore Exchange likewise referred to as the SGX Nifty Futures moved a little bit higher-- 0.75 points-- to 17,420.80. The benchmark BSE Sensex had risen 459.50 points or 0.80 per cent to end at 58,253.82 on Friday; while the wider NSE Nifty had gained 150.10 points or 0.87 per cent to settle at 17,354.05. Here Are Stocks To Watch During Today's Session: Reliance Industries: Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, has actually signed conclusive contracts to acquire 100 percent shareholding in Faradion Limited for a business worth of 100 million pounds.Tata Motors: The automaker has reported a 50 percent year-on-year dive in its overall guest vehicle sales to 35,299 systems in December. Tata also said its board at a meeting hung on Saturday has approved settling Rs 9,417 crore payable for the purchase of its traveler car undertaking under the plan by allotment of 941.7 crore equity shares of Rs 10 each in Tata Motors Traveler Vehicles Ltd to it.Maruti Suzuki: Maruti Suzuki India (MSI) has reported a 13 percent year-on-year development in wholesales during 2021, as it dispatched 13.97 lakh systems to dealerships during the period. The nation's biggest carmaker had dispatched 12.14 lakh units in 2020. Eicher Motors: The business's motorbikes sales have actually increased 7 percent to 73,739 systems in December 2021, from 68,995 units in December 2020. Industrial lorry sales have actually increased to 6,154 units during December 2021, up from 4,892 units offered in December 2020. Airline company shares might be in focus as numerous states have revealed fresh curbs and travel-related constraints in the middle of increasing Covid-19 cases.
Details
Category: Business

Write comment (100 Comments)


Bank Holidays in January 2022: Banks will stay closed on account of a few celebrations this month under the Negotiable Instruments Acts in a couple of states ... Bank Holidays in January 2022: ATM access and electronic banking services will be open for customersBank holidays in January 2022: Banks will remain closed on account of a few festivals this month under the Negotiable Instruments Acts in a few states. Some of the festivals observed this month consist of Bihu, Pongal/Makar Sankranti among others, due to which banks in a few states will remain closed based on the Negotiable Instruments Act, according to the Reserve Bank of India (RBI). All banks across the nation will be shut on January 26 on account of Republic Day.The central bank has classified the bank vacations under 3 classifications, that include, Vacation under Negotiable Instruments Act and Real-Time Gross Settlement Holiday, Vacation under Flexible Instruments Act, and Banks' Closing of Accounts.According to the RBI, few states will observe bank holidays due to the upcoming celebrations on the following days: January 1, 2022: New Year's DayJanuary 3, 2022: New Year's Celebration/LosoongJanuary 4, 2022: LosoongJanuary 11, 2022: Missionary DayJanuary 12, 2022: Birthday of Swami VivekanandaJanuary 14, 2022: Makar Sankranti/PongalJanuary 15, 2022: Uttarayaana Punyakaala Makar Sankranti Festival/Maghe Sankranti/Sankranti/Pongal/ Thiruvalluvar Day/Gaan-Ngai/Magh BihuJanuary 18, 2022: Thai PoosamJanuary 26, 2022: Republic DayJanuary 1, 2022: Banks will be closed in Aizwal, Chennai, Shillong, Gangtok, and Imphal on account of New Year'sJanuary 3, 2022: Banks will be shut in Aizwal and Gangtok on account of New Year's or LosoongJanuary 4, 2022: Banks will observe a holiday in Gangtok on account of LosoongJanuary 11, 2022: Banks will be closed in Aizwal due to Missionary DayJanuary 12, 2022: Banks will be shut in Kolkata on account of Swami Vivekananda's birthdayJanuary 14, 2022: Banks will be closed in Ahmedabad, Chennai, Imphal on account of Makar Sankranti/PongalJanuary 15, 2022: Banks will observe a vacation in Bengaluru, Chennai, Gangtok, Guwahati, Imphal, and Hyderabad on account of Uttarayaana Punyakaala Makar Sankranti Festival/Maghe Sankranti/Sankranti/Pongal/ Thiruvalluvar DayJanuary 18, 2022: Banks will be closed in Chennai due to Thai PoosamJanuary 26, 2022: Banks will be shut across the country on account of Republic DayWeekend holidays in January 2022: January 2, 2022: Weekly off (Sunday)January 8, 2022: 2nd SaturdayJanuary 9, 2022: Weekly off (Sunday)January 16, 2022: Weekly off (Sunday)January 22, 2022: 4th SaturdayJanuary 23, 2022: Weekly off (Sunday)January 30, 2022: Weekly off (Sunday)Even when the banks in various states are closed due to observed celebrations or vacations stated by the RBI, clients can get services such as ATM, electronic banking, net banking, and so on.
Details
Category: Business

Write comment (93 Comments)

Brent ended the year up 50.5 per cent, its biggest gain since 2016, while WTI posted a 55.5 per cent gain, the strongest performance for the benchmark contract since 2009...
Details
Category: Business

Write comment (95 Comments)


India has actually appealed against a WTO panel's judgment that the nation's domestic assistance procedures for sugar are not at par with global trade norms ...
Details
Category: Business

Write comment (93 Comments)


In the business cars sector, the business sold 18,418 automobiles in the domestic market last month as against 16,795 systems in December 2020, a boost of 10 per cent....M-M Automobile Sales: Exports increased by 37 percent to 3,017 systems in December 2021Mahindra -Mahindra(M-M) on Saturday reported an 11 per cent boost in total sales at 39,157 units in December 2021. The company had sold 35,187 units in December 2020, M-M stated in a statement.In the domestic market, passenger automobile sales were up 10 percent to 17,722 units last month, compared to 16,182 systems in December 2020. In the industrial lorries segment, the company offered 18,418 cars in the domestic market last month as against 16,795 units in December 2020, an increase of 10 per cent.Exports increased by 37 percent to 3,017 systems in December 2021 compared to 2,210 systems in the year-ago month. We have seen growth in service segments, consisting of Guest Vehicles, Commercial Cars and International Operations, owing to continued strong demand throughout the item portfolio, M-M President Automotive Department Veejay Nakra said.The concerns around semiconductor-related parts continue to be a difficulty for the market and stays a major focus location for the business also, he included.
Details
Category: Business

Write comment (96 Comments)


Currently, restaurants signed up under GST are gathering and transferring the tax. Cab aggregators like Uber and Ola will have to gather five per cent Item and Provider Tax (GST) for reserving... Presently, restaurants registered under GST are gathering and depositing the taxNew Delhi: Food aggregators like Swiggy and Zomato will have to collect and transfer tax at 5 per cent rate starting Saturday, a move which will expand the tax base as food vendors who are presently outside the GST limit will end up being accountable to GST when supplied through these online platforms.Currently, dining establishments registered under GST are gathering and depositing the tax. Cab aggregators like Uber and Ola will have to gather five per cent Item and Services Tax (GST) for booking two and three-wheeler cars effective January 1. Likewise, footwear irrespective of costs will attract 12 per cent tax from Saturday.These are among the lots of modifications in the GST routine that have actually entered effect in this new year 2022. Likewise to tackle evasion, the GST law has been modified to state that the input tax credit will now be readily available just when the credit is appearing in GSTR 2B (purchase return) of the tax payer. 5 per cent provisionary credit, earlier allowed GST rules, will not be allowed post January 1, 2022. EY India Tax Partner Bipin Sapra said, this modification will have an immediate impact on working capital of tax payers who are presently availing credit of 105 per cent of matched credit. The modification will also mandate industry to verify that the procurements are made from real and compliant vendors. The other anti-evasion steps which would come into effect from the new year include obligatory Aadhaar authentication for claiming GST refund, obstructing of the center of GSTR-1 filing in cases where business has actually not paid taxes and submitted GSTR-3B in the instant previous month.Currently, the law limits filing of return for outward materials or GSTR-1 in case a service fails to file GSTR-3B of preceding 2 months.While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B, through which businesses pay taxes, is filed in a staggered way in between 20th-24th day of the being successful month.Also, the GST law has been changed to allow GST officers to visit premises to recuperate tax fees without any prior show-cause notification, in cases where taxes paid in GSTR-3B is lower based upon suppressed sales volume, as compared to supply details given up GSTR-1. Sapra said while the change is likely to suppress the malpractice of death of input tax credit through declaring in GSTR-1 without paying taxes in GSTR 3B, real distinctions in GSTR-1 and GSTR 3B like carry forward of unadjusted credit notes are most likely to face unneeded scrutiny.The move is intended to suppress the threat of fake billing whereby sellers would show greater sales in GSTR-1 to allow buyers to claim input tax credit (ITC), but report reduced sales in GSTR-3B to lower GST liability.Nexdigm Executive Director (Indirect Tax) Saket Patawari stated e-commerce operators are now responsible to pay GST in location of the restaurants and the tax base of federal government might increase due to above as these operator will be responsible to GST even for unregistered restaurants. E-com operators may be asked to get registration in each State where dining establishments are located even if they don't have presence and undertake all the regular GST compliances even if they don't have any infrastructure in the State. It may end up being a challenge to deal with audits and examinations in all the states esp. for start ups and new E-com operators, Patawari added.Sapra further said that this amendment will likewise expand the tax base as food vendors who are presently outside the GST threshold will end up being responsible to GST when offered through these online platforms. Thus, making procurement from these platforms more costlier. Given that restaurants often supply products together with dining establishment services, an invoice may have several payments by numerous people and hence would include complexity of operations. This practice of laying problem on E-Commerce operators for supplies made through them is putting additional burden on a platform which is just facilitating the supply, Sapra added.
Details
Category: Business

Write comment (93 Comments)

As many as 23 companies are ready to bring in their public offers in the March quarter of the current fiscal...
Details
Category: Business

Write comment (91 Comments)


Maruti Suzuki Sales: Sales of tiny automobiles, consisting of Alto and S-Presso, fell 35 percent to 16,320 systems, compared with 24,927 in the very same month in 2015 ... Sales of mid-sized sedan Ciaz decreased to 1,204 systems, compared to 1,270 systems in December 2020. The nation's largest carmaker Maruti Suzuki India on Saturday reported a four per cent drop in the overall wholesales to 1,53,149 systems in December 2021. The company had sold 1,60,226 systems in December 2020, Maruti Suzuki said in a declaration. In December 2021, the domestic sales slipped 13 percent to 1,30,869 units last month, compared to 1,50,288 systems in the year-ago period. The scarcity of electronic components had a minor effect on the production of lorries during the month. The lack mainly affected the production of cars sold in the domestic market, said Maruti Suzuki in a regulatory filing to the stock market today. The company took all possible measures to minimise the impact, it added.Sales of mini cars and trucks, comprising Alto and S-Presso, fell 35 percent to 16,320 systems, compared with 24,927 in the exact same month last year. Likewise, sales of the compact section, consisting of models such as Swift, Celerio, Ignis, Baleno, and Dzire, fell 11 percent to 69,345 units, compared to 77,641 vehicles in December 2020. Sales of mid-sized sedan Ciaz declined to 1,204 systems, compared to 1,270 units in December 2020. Utility lorry sales, consisting of Vitara Brezza, S-Cross, and Ertiga, rose 5 percent to 26,982 systems as compared with 25,701 automobiles in the year-ago month.Exports, however, jumped over two-fold to 22,280 systems, compared to 9,938 systems in the corresponding month in 2015. In general, the top carmaker, reported a 13 per cent year-on-year development in wholesales during 2021, as it dispatched 13.97 lakh systems to dealers during the period. Maruti Suzuki had dispatched 12.14 lakh units in 2020. On Friday, December 31, shares of Maruti Suzuki settled 1.96 per cent greater at Rs 7,426.90 apiece on the BSE.
Details
Category: Business

Write comment (95 Comments)

Indian bonds and the rupee weakened in 2021, weighed down by sharply higher crude oil prices which pushed up inflation and raised concerns over potential interest rate...
Details
Category: Business

Write comment (96 Comments)


Halting a decreasing pattern of last month, jet fuel or air travel turbine fuel price has been treked by 2.75 per cent on firming worldwide oil rates ...
Details
Category: Business

Write comment (98 Comments)


In the October-December quarter, Tata Motor's overall passenger vehicle sales stood at 99,002 units, compared to 68,806 units sold the very same duration in the previous year, up 44 per cent ... Tata Motors reported a 50 per cent jump in total PV sales to 35,299 systems in DecemberTata Motors reported a 50 percent jump in overall traveler car (PV) sales to 35,299 units in December 2021. The company had offered an overall of 23,545 units in the exact same month a year earlier, according to a regulatory filing by Tata Motors to the stock exchanges today. In the October-December quarter, the company said its total passenger lorry sales stood at 99,002 systems, compared with 68,806 units offered the very same duration in the previous year, up 44 per cent. Tata Motors PV service development journey continued and set several brand-new milestones throughout the quarter despite experiencing a deficiency in production due to the continuous semi-conductor crisis, stated Shailesh Chandra, Tata Motors President (Passenger Vehicles Business System). A decade-high quarterly and regular monthly sales were taped. In addition, the company also published a calendar year sale of 3,31,178 units in 2021, the greatest ever since the inception of the PV service , he added. Records were also produced on the EV front as EV sales witnessed a brand-new peak of 5,592 units in Q3 FY22 (growth of 345 percent versus Q3 FY21), stated Chandra. Electric car (EV) sales also touched 10,000 systems in the very first 9 months of the continuous fiscal and crossed 2,000 regular monthly sales landmark for the very first time in December 2021 at 2,255 units.On the commercial cars front, the business stated it offered 34,151 units in December 2021, compared to 32,869 units in the year-ago month, up four per cent. For the 3rd quarter of the present financial, the overall business automobile sales stood at 1,00,070 systems, compared to 89,323 units in the very same duration previous financial - signing up a growth of 12 percent. The SCV (small commercial vehicle) and ILCV (intermediate and light industrial car) sections continued to benefit from the development in e-commerce and the increasing requirement for last-mile shipment, Tata Motors Executive Director Girish Wagh said.On Friday, December 31, shares of Tata Motors settled 2.55 per cent higher at Rs 482.35 apiece on the BSE.
Details
Category: Business

Write comment (92 Comments)

Ford announced plans to stop production in India in September, as it did not see a path to profitability. The carmaker expected to wind down operations at its vehicle and engine manufacturing unit in......
Details
Category: Business

Write comment (90 Comments)


In spite of the raging Coronavirus pandemic, NBFCs showed a great deal of resilience in 2021 and are expected to witness continued momentum in growth in 2022 too...Non-banking monetary business showed a lot of strength in 2021, say expertsMumbai: Regardless of the raging Coronavirus pandemic, the non-banking monetary business (NBFCs)revealed a lot of strength in 2021 and are expected to witness continued momentum in development in the brand-new year of 2022 also.This year, the development will be driven by the uptick in the economy, more powerful balance sheet, greater provisions and better capital positions of NBFCs.On the other hand, gross non-performing possessions( NPAs) of NBFCs are likely to increase, following the Reserve Bank of India's (RBI)transfer to tighten the NPA standards in November 2021. Our baseline presumption is that the worst lags them(NBFCs)and things will start enhancing here on. We expect NBFCs to show greater growth and they will gain from the economy going up, Crisil Ratings Restricted senior director and deputy chief rankings officer Krishnan Sitaraman said.The asset under management (AUM )of shadow banking gamers is anticipated to grow at 6-8 per cent in the existing fiscal year and 8-10 per cent in the next financial year, Mr Sitaraman said.Recently, the Trends and Development of Banking of India in 2020-21 report released by the RBI stated, With increased rate of vaccinations and the broadening revival of the economy, the NBFC sector is anticipated to remain resilient. ICRA Limited vice-president and sector head A M Karthik said the NBFC sector, consisting of real estate finance business(HFCs)but omitting infra-focussed and government-owned entities, experienced a roller-coaster pattern in the past 12-18 months.The rebound in the second-half of 2021-22 on the back of the suppressed demand and after relaxation of the COVID-19 lockdown supported growth and earnings efficiency, he said.Mr Karthik also stated this fragile healing was hindered by the second wave of the pandemic in the first quarter of 2021-22. The impact was fairly limited vis-a-vis the past financial, with the sector bouncing back in the second quarter of 2021-22 in terms of dispensations and AUM (asset under management)growth, he added.Mortgage investor Indiabulls Real estate Financing's Deputy Managing Director Ashwini Kumar Hooda said, I think 2022 will be a very good year. Currently, we have seen that realty(sales )has gotten and volumes are nearly 30-50 per cent higher than the previous year. With lower interest rates, increasing income and stable residential or commercial property rates, there will be demand for house and home mortgage. So, the development in mortgage will be at least 15-20 per cent throughout the year 2022, he said.In the existing cycle, all home sales are backed by end-user need and there are no investors in the market, he added.To enhance supervision over NBFCs, the Reserve Bank of India(RBI )introduced scale-based guideline and revised NPA acknowledgment and upgradation norms during 2021. The modified standards consisted of the category of special mention account( SMA)and NPA on a day-end position basis and upgrade from an NPA to basic classification just after clearance of all impressive overdues.CARE Ratings Senior Director Sanjay Agarwal stated that with the new RBI's possession category standards, NPAs of NBFCs are likely to be raised compared to FY21 levels.In a report released in November 2021, CARE Ratings stated there would be an increase of as much as 300 basis points(bps )in gross NPAs with a restricted impact for shorter-tenure loans due to the modified NPA norms.The average boost is expected to be around 150 basis points (bps) in gross NPAs, being a proportion of assets moving from SMA2 buckets, the report had actually said.Sitaraman expects reported NPAs for NBFCs to increase between 25-300 basis points, depending on which section they are operating in.While for home loan and gold loans, NPAs will remain in the lower end of the variety; and for MSMEs or unsecured loan NBFCs, it will be at the higher end of the range, he stated. Nevertheless, this will not affect the basic possession quality product since it is more of an accounting metrics, Sitaraman said.According to the Financial Stability Report( FSR) launched by the RBI in December, the gross NPA ratio of NBFCs, which had declined in September 2020 reflecting the grinding halt on possession classification widespread then, rose to reach 6.5 per cent as at the end of September 2021. In December, the RBI brought in the timely restorative action(PCA )framework, which was aimed at increasing market discipline among non-bank gamers and to align their regulations at par with those of banks.The norms brought in a danger threshold monitoring for NBFCs based on the total capital, tier-1 capital and net NPAs. The structure will enter into impact from October 1, 2022, based upon the monetary position of NBFCs on or after March 31, 2022. PCA framework, which prescribes a certain level of NPA number, means NBFCs will focus more on collection and will not allow an account to fall under NPA classification, stated Pankaj Naik, associate director (financial institutions )of India Scores and Research.In 2021, the RBI superseded the boards of Reliance Capital Ltd, Srei Infrastructure Ltd and Srei Equipment Finance. The central bank also initiated the business insolvency resolution process(CIRP )against the three defaulting NBFCs.Dewan Housing Finance Ltd(DHFL ), which was facing insolvency procedures, was acquired by Piramal Enterprises in 2021. The defaulting business was the first NBFC to be sent to National Business Law Tribunal (NCLT)in 2019 by the RBI.In terms of funding, NBFCs are seeing enhancement in their access to capital. The funding condition of NBFCs is stabilising due to the fact that banks are lending to them. Mutual funds, that had actually become very careful to provide to NBFCS, have now likewise began loaning. NBFCs are also diversifying their financing base by looking at retail borrowing, Crisil's Sitaraman said.The financial system is developing from a bank-dominated area to a hybrid system wherein non-bank intermediaries are gaining prominence, the Trends and Progress on Banking in India 2020-21 said.
Details
Category: Business

Write comment (92 Comments)


GST profits gathered in December was over Rs 1.29 lakh crore, 13 per cent greater than the same month last year. It was lower than Rs 1.31 lakh crore mopped up in November ... GST collection in December was lower than Rs 1.31 lakh crore mopped up in NovemberGST earnings collected in December 2021 was over Rs 1.29 lakh crore, 13 per cent higher than the same month last year, the Financing Ministry stated on Saturday. Though the collection was lower than Rs 1.31 lakh crore mopped up in November, December is the 6th month in a row when revenue from products offered and services rendered stood at over Rs 1 lakh crore.The gross GST income collected in the month of December 2021 is Rs 1,29,780 crore, of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (consisting of Rs 37,527 crore collected on import of products) and cess is Rs 9,389 crore (consisting of Rs 614 crore gathered on import of goods), the Finance Ministry said in a statement.The earnings for December 2021 are 13 per cent greater than the GST revenues in the very same month in 2015 (Rs 1.15 lakh crore) and 26 percent higher than December 2019. The typical month-to-month gross GST collection for the third quarter (October-December) of the present year has been Rs 1.30 lakh crore against the typical monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the very first and second quarter, respectively. Coupled with financial healing, anti-evasion activities, particularly action against fake billers have been contributing to the improved GST. The improvement in earnings has actually likewise been due to different rate rationalisation procedures carried out by the Council to fix inverted responsibility structure, the ministry stated. It hoped that the positive pattern in the incomes will continue in the last quarter as well.
Details
Category: Business

Write comment (92 Comments)


Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 percent and 6.8 per cent, respectively, in the fourth quarter too ... Rates of interest for little savings schemes are notified on a quarterly basis.New Delhi: The federal government on Friday kept rates of interest on little savings plans, consisting of NSC and PPF, the same for the 4th quarter of 2021-22 amid increasing cases of the more contagious coronavirus alternative Omicron and elevated level of inflation.The choice likewise comes ahead of assembly elections in 5 states-- Uttar Pradesh, Uttarakhand, Punjab, Himachal Pradesh and Goa. The schedule of elections is anticipated to be revealed early next month.Public Provident Fund (PPF) and National Cost Savings Certificate (NSC) will continue to bring an annual interest rate of 7.1 per cent and 6.8 percent, respectively, in the fourth quarter as well. The interest rates on numerous little savings plans for the third quarter of the financial year 2021-22 starting from January 1, 2022, and ending on March 31, 2022, will remain the same from the existing rates relevant for the 3rd quarter (October 1, 2021 to December 31, 2021) for FY 2021-22, the finance ministry stated in a notification.According to experts, the government has actually kept rates undamaged in view of upcoming assembly elections in five states.Uttar Pradesh is the 2nd greatest contributor to the small cost savings scheme after West Bengal. Previously this year, throughout the West Bengal assembly polls, the Centre chose to decrease the rate of interest. However the financing ministry promptly withdrawed a high interest rate cut of approximately 1.1 percent for the first quarter on small savings schemes, citing oversight.As a result, the first quarter rates were maintained at the level of the fourth quarter of the last fiscal year. The cut was touted as the steepest cut in lots of decades. Rates of interest for small cost savings schemes are notified on a quarterly basis.One-year term deposit plan will continue to earn a rates of interest of 5.5 per cent throughout the 2nd quarter of the present financial, while the girl child savings scheme Sukanya Samriddhi Yojana account will make 7.6 per cent.The interest rate on the five-year elderly people cost savings scheme would be maintained at 7.4 percent. The interest on the senior citizens' scheme is paid quarterly. Interest rate on cost savings deposits will continue to be four per cent per annum.Term deposits of one to 5 years will bring a rate of interest in the range of 5.5-6.7 percent, to be paid quarterly, while the interest rate on five-year repeating deposits will make a higher interest of 5.8 percent.
Details
Category: Business

Write comment (99 Comments)

According to India's international investment position, the liabilities stood at $1,258.9 billion during the July-September quarter...
Details
Category: Business

Write comment (95 Comments)


Bitcoin, the world's most popular cryptocurrency, remains in second position with 145 million views about 43 million more than Shiba Inu, according to CoinMarketCap ...
Details
Category: Business

Write comment (98 Comments)

Infrastructure Output in October 2021: The growth in the infrastructure output last month was mostly driven by natural gas, coal, and petroleum refinery products...
Details
Category: Business

Write comment (90 Comments)


2021 was a remarkable year for the crypto industry even as the world remained occupied with finding methods to handle the COVID-19 pandemic ...
Details
Category: Business

Write comment (96 Comments)


The current account, which tapes the worth of exports and imports of both items and services together with international transfers of capital, was in a surplus mode both in the quarter-ago and year-ago... Net foreign portfolio investment throughout the September quarter was $3.9 billionMumbai: India's current account slipped into a deficit of $9.6 billion or 1.3 percent of GDP in the September quarter, the Reserve Bank stated on Friday. The current account, which records the worth of exports and imports of both items and services along with worldwide transfers of capital, remained in a surplus mode both in the quarter-ago and year-ago periods.India's current account surplus had stood at $6.6 billion or 0.9 per cent of GDP in the April-June 2021 quarter, while in the year-ago duration (Q2FY22), the surplus had stood at $15.3 billion or 2.4 percent of the GDP, the information said.For the first half of the fiscal year, India recorded a current account deficit of 0.2 per cent of GDP as against a surplus of 3 per cent in the year-ago duration, on the back of a sharp increase in the trade deficit, the RBI said in the information on Balance of Payments.In the reporting quarter, the deficit was mainly due to broadening of trade deficit to $44.4 billion from $30.7 billion in the preceding quarter, and a boost in net outgo of investment income, the RBI said.Net services invoices reduced partially over the preceding quarter but increased on a year-on-year basis, on the back of robust performance of the exports of computer system and service services, it added.Private transfer receipts, which generally represent remittances by Indians utilized overseas, increased 3.7 percent over the year-ago period to $21.1 billion, it said.The net foreign direct financial investment (FDI) throughout the quarter taped an inflow of $9.5 billion, much lower than the $24.4 billion a year back, it stated, including that for the first half of the fiscal, the FDI inflows stood at $21.2 billion as versus $23.9 billion for the year-ago period.Net foreign portfolio financial investment throughout the September quarter was $3.9 billion as compared to $7 billion in the year-ago period. For the very first half the financial, the portfolio investment taped a net inflow of $4.3 billion which was lower than the $7.6 billion a year ago.External business loanings on a net basis tape-recorded an inflow of $4.1 billion in the quarter, as versus an outflow of $3.7 billion a year earlier, while non-resident deposits recorded a net outflow of 0.8 billion as versus an inflow of $1.9 billion in the year-ago duration, the RBI said.There was an accretion of $31.2 billion in the forex reserves on a BoP basis that included Unique Drawing Rights allowance of $17.86 billion by the International Monetary Fund on August 23, it stated.
Details
Category: Business

Write comment (94 Comments)


Digital possessions started the year with a stampede of cash from investors big and small. 2021 was the wildest yet for cryptocurrencies, even by the sector's volatile standards ... Digital properties began the year with a stampede of cash from financiers big and small.Bitcoin near $70,000, memecoins worth billions of dollars, a hit Wall Street listing and a sweeping Chinese crackdown: 2021 was the wildest yet for cryptocurrencies, even by the sector's volatile standards.Digital assets started the year with a stampede of cash from investors big and small. And bitcoin and its rivals were seldom out of the spotlight because, with the language of crypto becoming firmly entrenched in the financier lexicon.Here is a look at some of the significant trends that controlled cryptocurrencies this year.1. Bitcoin: Still No. 1: The original cryptocurrency held its crown as the biggest and most widely known token - though not without a host of oppositions biting at its heels.Bitcoin skyrocketed over 120 per cent from January 1 to a then-record of almost $65,000 in mid-April. Sustaining it was a tsunami of cash from institutional investors, growing acceptance by major corporations such as Tesla Inc and Mastercard Inc and an increasing welcome by Wall Street banks.Spurring investor interest was Bitcoin's supposed inflation-proof qualities - it has a capped supply - as record-breaking stimulus plans sustained increasing costs. The pledge of quick gains amidst record-low rate of interest, and simpler gain access to through fast-developing infrastructure, likewise assisted attract buyers.Emblematic of bitcoin's mainstream embrace was significant U.S. exchange Coinbase's $86 billion listing in April, the greatest yet of a cryptocurrency company. It's finished into the sphere where it is traded by the sort of individuals that are taking bets on treasuries and equities, said Richard Galvin of crypto fund Digital Capital Possession Management.Yet the token stayed volatile. It slumped 35 per cent in Might prior to soaring to a new all-time high of $69,000 in November, as inflation spiralled across Europe and the United States.Prominent sceptics stay, with JPMorgan employer Jamie Dimon calling it worthless . Peaks and troughs: Bitcoin's 2021 rollercoasterPhoto Credit: Reuters2. The rise of the memecoinsEven as bitcoin remained the go-to for investors dipping their toes into crypto, a panoply of brand-new - some would state joke - tokens got in the sector. Memecoins - a loose collection of coins ranging from dogecoin and shiba inu to squid video game that have their roots in web culture - frequently have little useful use.Dogecoin, introduced in 2013 as a bitcoin spinoff, skyrocketed over 12,000 percent to an all-time high in May prior to dropping almost 80 percent by mid-December. Shiba inu, which recommendations the exact same type of Japanese canine as dogecoin, briefly muscled its method into the 10 biggest digital currenciesWho let the doge out?Photo Credit: ReutersThe memecoin phenomenon was connected to the Wall Street Bets movement, where retail traders collaborated online to pile into stocks such as GameStop Corp, squeezing hedge funds' brief positions.Many of the traders - frequently stuck at house with extra cash throughout coronavirus lockdowns - relied on crypto, even as regulators voiced warnings about volatility. It's everything about the mobilisation of financing, stated Joseph Edwards, head of research at crypto broker Enigma Securities. While properties like DOGE and SHIB may in themselves be purely speculative, the money entering into them is originating from an instinct of 'why should not I make on my cash, cost savings?' Increase of the memecoinsPhoto Credit: Reuters3. Guideline: The (large) elephant in the roomAs money poured into crypto, regulators worried over what they saw as its possible to allow money laundering and threaten international financial stability.Long sceptical of crypto - a rebel innovation developed to weaken conventional finance - watchdogs called for more powers over the sector, with some warning customers over volatility.With new guidelines looming, crypto markets were skittish to the possible threat of a clampdown.When Beijing placed curbs on crypto in May, bitcoin tanked almost 50 per cent, dragging the larger market down with it. Regulatory threat is everything due to the fact that those are the guidelines of the roadway that individuals live by and pass away by in monetary services, said Stephen Kelso, international head of markets at ITI Capital. The regulators are making great development, they're catching up. 4. NFTsAs memecoin trading went viral, another formerly unknown corner of the crypto complex likewise got the limelight. Non-fungible tokens (NFTs) - strings of code stored on the blockchain digital ledger that represent unique ownership of art work, videos or perhaps tweets - exploded in 2021. In March, a digital artwork by U.S. artist Beeple sold for almost $70 million at Christie's, among the 3 most expensive pieces by a living artist sold at auction.The sale heralded a stampede for NFTs.Sales in the third-quarter hit $10.7 billion, up over eight-fold from the previous three months. As volumes peaked in August, costs for some NFTs rose so quickly speculators might flip them for earnings in days, and even hours.Soaring crypto costs that spawned a new associate of crypto-wealthy financiers - along with forecasts for a future of online virtual worlds where NFTs take centre stage - assisted fuel the boom.Cryptocurrencies and NFTs' appeal might also be linked to a decrease in social movement, stated John Egan, CEO of BNP Paribas-owned research study company L'Atelier, with younger people drawn to their potential for quick gains as soaring prices put conventional possessions like houses out of reach.While a few of the world's leading brand names, from Coca-Cola to Burberry, have offered NFTs, still-patchy guideline implied larger investors mainly steered clear. I don't see a situation where certified financial institutions are actively and strongly trading (these) digital properties in the next 3 years, Egan stated. NFT sales on OpenSeaPhoto Credit: Reuters(Except for the heading, this story has actually not been modified by TheIndianSubcontinent staff and is published from a syndicated feed.)
Details
Category: Business

Write comment (100 Comments)

Petrol and Diesel Prices Today: In the national capital, petrol is being sold for Rs 95.41 per litre, while diesel rates stood at Rs 86.67 per litre...
Details
Category: Business

Write comment (96 Comments)


Gas and Diesel Rates Today: In the nationwide capital, fuel is being sold for Rs 95.41 per litre, while diesel rates stood at Rs 86.67 per litre ...
Details
Category: Business

Write comment (90 Comments)


ITR Filing Due date: The last date to submit tax return for financial 2020-21 is December 31, 2021. Failing to file returns before the official due date can bring in penalties of approximately Rs 5,000 ... Income Tax Returns: The returns on income for fiscal 2020-21 can be filed by tonightThe government on Friday revealed that there is no proposition to extend the deadline for filing income tax returns beyond its present due date of December 31. Revenue Secretary Tarun Bajaj said that December 31, 2021, remains the official due date for filing of income tax returns. This means that taxpayers can submit their income tax returns for the fiscal year 2020-2021 or assessment year 2021-2022 by midnight today (December 31). The Revenue Secretary likewise revealed that 5.62 crore tax return (ITRs) have been submitted by taxpayers for the assessment year 2020-21, up until now. By 3 pm today, 5.62 crore returns have been submitted in overall. Today, more than 20 lakh returns were submitted. This year 60 lakh more returns have been submitted, Mr Bajaj said.Taxpayers will still have the ability to submit the ITR till March 31, 2022, if they miss today's due date, however with a charge. According to the Income Tax (I-T) department, an assessee who does not send a return of income within the due date is permitted to file a belated return at a later phase. Nevertheless, particular penalty charges are applicable when it comes to belated income tax returns.A belated income tax return attracts a late filing fee under Area 234F of the Earnings Tax (I-T) Act. The amount of charge payable by the assessees submitting a late return increases based upon the degree of delay. The charge for filing ITR after the due date is up to Rs 5,000. Those who have an annual earnings of Rs 5 lakh, however, are required to pay Rs 1,000 as the penalty for filing ITR after the due date. The process of filing a belated return is the same as filing the return on or before the due date.Usually, taxpayers are needed to file the ITR by July 31 of any year. This year, the Central Board of Direct Taxes (CBDT) - the pinnacle body which heads the Earnings Tax department, has extended the last date for filing ITR twice to provide relief in the middle of the COVID-19 pandemic. Earlier, the due date was set as September 30, 2021, which was later extended till December 31.
Details
Category: Business

Write comment (95 Comments)


Delhi City Phase IV: The tunnelling has started from Vikaspuri in continuation of the Magenta line tunnel that has actually been currently constructed for the Botanical Garden Janakpuri West passage ...
Details
Category: Business

Write comment (95 Comments)

Banking customers would be required to pay Rs 21 per transaction with effect from January 1, 2022, for transactions beyond the free permissible limit....
Details
Category: Business

Write comment (91 Comments)


Rupee Vs Dollar Rate: The local system opened at 74.35 against the greenback at the interbank foreign exchange market and signed up an intra-day high of 74.10 ... Rupee Vs Dollar Today: The rupee settled at 74.29 against the dollarThe rupee increased 13 paise to settle at 74.29 versus the US dollar on the last trading session of 2021, tracking positive domestic equities amid year-end dollar selling by banks and exporters. The rupee closed 2021 with general losses of 122 paise or 1.67 percent due to increase in crude oil costs and firming up US bond yields in the middle of expectations of a rate hike by the United States Federal Reserve to deal with inflation. On December 2020, the rupee had actually closed at 73.07 against the dollar.The local system opened at 74.35 against the greenback at the interbank foreign exchange market and registered an intra-day high of 74.10. It saw a low of 74.38. The rupee settled at 74.29, by an increase of 13 paise.In the previous session, the domestic currency rose 29 paise to close at a more than one-month high of 74.42 versus the greenback. On a weekly basis, however, the domestic system registered a gain of 74 paise. This is the second consecutive week of gain for the local system. The rupee has also registered the first regular monthly gain in four months.The rupee is trading in a narrow variety as market participants stayed on the sidelines following New Year vacations, according to traders.Meanwhile, the dollar index, which measures the greenback's strength versus the basket of 6 currencies, fell 0.04 percent to 95.92. Forex traders are keenly awaiting hints from the Organization of the Petroleum Exporting Countries and its allies, referred to as OPEC conference result in the first week of January 2022. Rupee exceeded amongst Asian currencies this week following weaker dollar index and healing in risk-on sentiments, stated Dilip Parmar- Research Analyst, HDFC Securities.Parmar further noted that the local currency signed up second successive weekly gain and significant very first month-to-month gain in the last 4 months, all thanks to foreign fund inflows in main markets and dollar selling from state-run count on behalf of exporters. The predisposition for the set has been unfavorable over the last 11 days, most likely due to RBI's hawkish assistance, return of global traders for bring trade established into rupee, or due to strong recovery in the riskier properties like equities, said Mr Amit Pabari, MD, CR Forex.Global financiers will return next week and resume working on their positions and will start deciphering aspects impacting the FX. Inflation, Fed hikes, energy crisis, oil rates, the revival of brand-new variant could be the crucial styles from the worldwide front, kept in mind Mr Pabari. While domestic styles could be the Union budget, state elections, India's bond addition, RBI's policy/action/intervention, trade information will remain in focus.One can state that rupee's relocation in 2022 is most likely to be an experience trip. In general we expect the USDINR set to trade between 73.50 -77.00 in the very first half of 2022 and 75 to 78.50 over the 2nd half of the year, he added.On the domestic equity market front, the BSE Sensex ended 459.50 points or 0.80 per cent higher at 58,253.82 while the wider NSE Nifty surged 150.10 points or 0.87 per cent to 17,354.05. According to exchange data, the foreign institutional financiers were net sellers in the capital market on Thursday, as they unloaded shares worth Rs 986.32 crore. Brent crude futures, the international oil criteria, fell 0.74 percent to $78.94 per barrel.
Details
Category: Business

Write comment (96 Comments)


HDFC Life Insurance coverage has finished the acquisition of Exide Life by allocating over 8.7 crore shares of the company to Exide Industries, the insurance company stated on Saturday ... Shares were provided at a concern rate of Rs 685 per scrip and a money payment of Rs 726 croreNew Delhi: HDFC Life Insurance coverage has actually finished the acquisition of Exide Life by setting aside over 8.7 crore shares of the company to Exide Industries, the insurance company said on Saturday. The Capital Raising Committee of the board has vide its resolution dated January 1, 2022, allocated 8,70,22,222 equity shares of the business to Exide on a preferential basis, and the business has actually finished the acquisition of 100 per cent shareholding of Exide Life from Exide, HDFC Life Insurance coverage stated in a regulatory filing.Accordingly, Exide Life ended up being a wholly-owned subsidiary of the company with instant result-- from January 1, 2022, it said. The deal was announced in September 2021. The shares were provided at an issue price of Rs 685 per scrip and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. The acquisition will speed up the scale-up of the proprietary channels, strengthen presence in South India and across tier 2 and tier 3 places. The merger of Exide Life into HDFC Life will be started shortly, HDFC Life said.With this, Exide Industries now holds a 4.1 percent stake in HDFC Life. Exide Life's agency-based distribution design, a strong existence in South India, and experience throughout tier-two and tier-three areas complements HDFC Life and will assist broaden its market and boost its proprietary circulation, it said.Vibha Padalkar, MD and CEO, HDFC Life, stated, We are extremely delighted to welcome the Exide Life household into ours. This first-of-its-kind acquisition is a reflection of our intent to construct a stronger India by providing a monetary safety net to more individuals . She said this acquisition is an essential milestone towards the business's strategic objective of bringing more individuals into the fold of monetary security. She likewise thanked the outbound MD and CEO of Exide Life, Kshitij Jain for his excellent leadership in helping build a strong organization.
Details
Category: Business

Write comment (98 Comments)


Honasa Customer, which sells its products under the labels of Mamaearth, The Derma Co and Home of Brands, stated it has actually raised $52 million in the latest funding round led by Sequoia ...
Details
Category: Business

Write comment (92 Comments)


In real terms, the deficit stood at Rs 6,95,614 crore at the end of November 2021 versus the yearly quote of Rs 15.06 lakh crore, according to information released by the Controller General of Accounts ...
Details
Category: Business

Write comment (90 Comments)