Ø Unemployment rate shoots up to 8.4% in Aug
Ø Corporate revenues slides 31% in Q1: Icra
Ø ABPB ceased to be banking company: RBI
Ø FM asks banks to quicken resolution schemes
Ø IL&FS to file bankruptcy for its firms in UAE
Ø India labs play key role in developing cloud innovations: IBM
Ø Tata Motors reports 13 per cent increase in sales in August
Ø Don't declare accounts NPA till further orders, says Supreme Court
Ø Private banks likely to gain market share from state-owners peers: Fitch
Ø Infosys to acquire US-based firm Kaleidoscope Innovation for $42 million
Ø Strides Pharma gets US FDA nod for generic anti-inflammatory drug
Ø APEC expects 40% increase in apparel exports led by medical textiles
Ø Tech glitches mar SEBI new margin regime
Ø 60,000 MW of coal plants can be shut down, says Tata Power
Ø Adani Ports gets AP nod to buy Krishnapatnam Port from CVR Group
Ø GMR Hyderabad Air Cargo launches FTCCI business facilitation centre
Ø CCI approves SABIC’s incremental acquisition in Clariant AG
Ø SAIL reports highest ever August sales
Ø Hyundai, Tata Motors to supply 250 electric vehicles to EESL
Ø Govt proposes to make FASTag mandatory for all four wheelers from Jan 1, 2021
Ø Pfizer, MSD to not bypass phase 3 studies for regulatory nod for vaccines
Ø SoftBank is said to consider bid for TikTok in India: Report
Ø US trade deficit swells to biggest since 2008 in July
Ø GST e-invoicing mandatory from October 1: Consequences of non-compliance
Ø Slammed by Covid, France unveils $118 billion economic rescue plan
Ø Oil regulator issues force majeure guidelines for city gas operators
Ø 38 coal blocks up for auction for commercial mining: Coal Ministry
Ø Indian Oil-chartered tanker catches fire off Sri Lanka
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✒️ Supreme Court has refused to entertain OTT platform Netflix's petition against a local Bihar' Court restraining the use of Subrata Roy's name in upcoming web series *"Bad Boy Billionaires".
✒️ SEBI has modified norms pertaining to segregation of portfolio in mutual funds by asset management company amid COVID-19 Pandemic.
✒️ Supreme Court has directed Government of Delhi to complete the construction of smog towers within next 10 months.
✒️ Supreme Court has ordered to remove 48000 slum dwellings around Delhi Railway tracks within 3 months and further ordered that no court should grant any stay on removal of slum dwellings.
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⚫PM invited US co's to invest in India by taking advantage of its stable tax regime and attractive FDI policies. Addressing the US India Strategic Partnership Forum, he said India received over $20 billion FDI flows this year and tech giants such as Google and Amazon have announced long term plans for India.
⚫Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction. Activity in India's crippled services industry fell for a sixth straight month in August as coronavirus restrictions continued to hurt business operations and demand, causing the longest streak of job losses on record.
⚫India and Russia have finalised a major deal for manufacturing AK-47 203 rifles in India during Defence Minister ongoing visit to Moscow. The Indian Army has a requirement for around 770,000 AK-47 203 rifles, of which 100,000 will be imported and the rest will be manufactured in India.
⚫In a respite to stressed borrowers, the Supreme Court directed that accounts not declared NPAs as of August 31 should not be classified as such until further orders.The Bench will hear the case next on September 10.
⚫India has recorded its highest-ever single-day spike of nearly 84,000 in new coronavirus cases. The total now stands at 3,872,670. India will soon overtake Brazil as the worst-hit nation after the US. As many as 1,026 deaths were recording across India.
⚫The Central Registrar of Cooperative Societies has sought a probe by the SFIO into investments made by four cooperatives associated with the Sahara group from over Rs 86,600 crore collected by them, but the credit societies refuted the charges and said all their investments have been made as per the law.
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