Ø Fiscal Deficit to touch 7% in FY21, says Brickwork Ratings, as revenue collection hit by lockdown
Ø HCL's US arm faces Patent Infringement Claim
Ø Banks told to Refund fees for UPI Transactions
Ø Nestle says Consumer Behavior changing
Ø Lenders hope their Loans will be repaid in full after Reliance-Future Group deal
Ø GAIL India looks at Petrochemicals, Renewables for Growth
Ø Refund Charges imposed on E-payments since Jan this year: CBDT to Banks
Ø Farm Sector sees spike in Private Investment after reforms: Agri secy
Ø Second blow for BoB as RBI rejects plan to send Anil Ambani firms to NCLT
Ø Amazon to stick on as Future Enterprises' Shareholder after Reliance deal
Ø Telecom Sector Revenue expected to rise 15% in FY21 on higher ARPU: COAI
Ø RBI rejects lenders’ plea to put Reliance Home Finance, Reliance Commercial under NCLT Resolution
Ø Massive data breach reported at Paytm Mall
Ø WTO dispute on ICT Products : India Claims EU, Taiwan violating due procedures on dispute panellists
Ø Reliance Capital defaults on interest payments to HDFC, Axis Bank
Ø FPIs remain Positive on Indian Markets; invest ₹47,334 Crore in August so far
Ø ABB Power increases open offer price marginally after Investor Complaints
Ø ESAF Small Finance Bank to take call on ₹976-Crore IPO after Sept: MD
Ø India, ASEAN Trade Ministers call for starting discussions to determine FTA review scope
Ø Probe Chinese Investments in 141 prominent Indian startups: CAIT asks Piyush Goyal
Ø Boat Lifestyle eyes Rs 1,000 Cr Revenue in FY24
Ø COAI predicts 14-15% increase in Telecom Industry’s Revenues
Ø ED raids firms running Chinese betting apps, freezes bank accounts
Ø Pandemic gives fillip to Demand for Cereals; 200 Percent rise in Exports in July
Ø Telcos given 10 years to pay up AGR dues
Ø India's debt burden will increase: Moody's
Ø Adani Green ranked world No. 1 solar firm
Ø ZEE to launch film distribution platform
Ø India to release forensic accounting standards
Ø Indo-Japan-Aus to launch supply chain drive
Ø Supreme Court directs DoT to assess AGR dues based on trading pacts, raise demands in six weeks
Ø India ready to sign limited trade deal with US anytime, says Piyush Goyal
Ø Coal India to invest over Rs 1.22 trillion by 2023-24: Coal minister
Ø Sebi revises disclosure norms for debt, money mkt securities transactions
Ø ONGC June quarter profit dives 92% as oil, gas price slump to decade low
Ø Videocon Industries promoters seek fresh package for debt restructuring
Ø Renault reports 41% increase in sales during August
Ø GMR plans to consolidate airports business
Ø Bharti Infratel to go ahead with Indus Tower merger
Ø Dawn of new margin system begins with chaos
Ø UPI transactions near ₹3-lakh-crore mark in August
Ø Govt gives green signal to 27 cold-chain projects
Ø Maruti Suzuki sales up 22% in August
Ø Car sales grow 17% in August on rural demand, stock building for festive season
Ø GST Collections in August 12% down at ₹86,449 crore
Ø Hero MotoCorp sees robust recovery in August wholesales as rural demand improves
Ø Bitcoin miner scoring 700% profits selling energy to grid
Ø Tesla to raise $5 billion through share offering
Ø Global air passenger traffic falls by 79.8 per cent in July: IATA
Ø Infosys plans to hire 12,000 American workers in two years
Ø Bigbasket sees 84 pc jump in new customers in July vs pre-COVID
Ø Govt approves Rs 25,215 crore RIL-Brookfield mobile tower deal
Ø Demand for office space leasing falls 73% in first six months amid cramped supply
Ø RBI rides to rescue, unveils steps to cool rising bond yields
Ø Electricity output falls for sixth straight month in August
Ø After five-month gap, manufacturing activity gains momentum in August
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⚫India’s economy contracted by 23.9% in the April-June period, its worst performance since quarterly measurement began in 1996, and probably the first contraction since 1980. The lockdown and suspension in economic activity due to Covid-19 was so massive that among a mix of advanced and emerging economies, India’s GDP contraction was the worst.
⚫The manufacturing sector contracted 39.3% from a growth of 3% last year, while the mining sector shrank by 23.3% from a growth of 4.7% last year, reflecting the collective shuttering of operations forced by lockdowns.
⚫The construction sector contracted 50.3% compared to a growth of 5.2% last year as roads and infrastructure projects grinded to halt for most part of April-June 2020-21.
⚫The agriculture sector, aided by plentiful summer rains this years, stood out as a beacon of hope, growing 3.4% in the first quarter of 2020-21 from 3% last year, but wasn't strong enough to offset the damages in other segments.
⚫Over 1,700 sub-investment grade mid-size co's (those with turnover of Rs 300-1500 crore) will need debt restructuring to withstand the Covid-19 onslaught, said CRISIL. A total of 1,754 sub investment grade firms (BB+ or lower) and 589 investment grade entities (BBB- and above) had opted for moratorium on repayment of dues during March-August 2020.
⚫India reported a single-day increase of 78761 in its total count of confirmed coronavirus cases, sixth consecutive daily addition of more than 70,000 cases — to take its tally to 3.6million. With 971 deaths being reported in 24 hours, the total numbers of fatalities in the country due to Covid-19 reached 64,469.
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✅ GST Updates
*🎯GST Revenue collection for August, 2020
₹ 86,449 crore
🎯NN 65/2020(CT)
Any time limit for completion or compliance of any action, by any authority, has been specified in, or prescribed or notified under section 171 of the said Act, which falls during the
period from the 20th day of March, 2020 to the 29th day of November, 2020, and where completion or compliance of such action has not been made within such time, then, the time-limit for completion or compliance of such action, shall be *extended up to the 30th day of November, 2020.
🌴Extension only given to authorities instead to taxpayer.
🌴Extension only compliance of Sec. 171- Anti Profiteering measure.
🌴Extension only for compliance falling in range of 20.03.2020 to 29.11.2020 to 30.11.2020
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⚫GST collections stood at Rs 86,449 crore in August, compared to Rs 87,422 crore in July. GST collections slumped to a three month low indicating slower recovery in economic activity
⚫With an aim to achieve 1 billion tonnes coal production by the year 2023-24 and make the nation Aatmanirbhar in coal, Coal India Ltd will invest over Rs 1.22 lakh crores on about 500 projects related to coal evacuation, infrastructure, project development, exploration and clean coal technologies.
⚫Moody's Investors Service said India will be among the large emerging market sovereigns to have highest debt burden by 2021.
⚫UPI, the flagship payments platform of NPCI, is touching new highs every month. In August, UPI volumes touched 1.61 billion transactions worth Rs 2.98 trillion.
⚫The national capital on Tuesday recorded 2,312 fresh COVID-19 cases, the highest single-day spike here in around two months.
⚫US President announced that the vaccine for coronavirus being developed by AstraZeneca has reached phase three clinical trials in the country and is very close to being finalised for approval.
⚫India said China's fresh attempt to change the status quo in the south bank area of Pangong lake is in "complete disregard" of the understandings reached between the two countries.
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