16th April 2K21
Ø WPI inflation spikes to over 8-year high of 7.39 per cent in March
Ø India's exports surge 60% in March, fall by 7.2% in FY21
Ø US jobless claims plunge to 576,000, lowest since pandemic
Ø Mukesh Ambani's Reliance diverts oxygen for COVID fight, trucks stuck in Gujarat
Ø RBI sets up RRA to streamline regulations and reduce compliance
Ø IL&FS addresses debt of Rs 43,000 crore, raises recovery estimate to Rs 61,000 crore
Ø Wipro Q4 profit jumps 28% YoY to Rs 2,972 crore; revenue rises 3.4%
Ø India's 10-year yield spikes as RBI bond-purchase results disappoint
Ø PFRDA set to provide a better option than annuities to NPS members
Ø Four entities apply for universal bank, four others for SFB licence
Ø Citigroup to exit retail banking operations in India, 12 other countries
Ø Private equity, VC investments rise 64% to $8.3 bln in March qtr: Report
Ø Tata Steel to rejig Corby tube plant in UK
Ø Amazon unveils $250 million Smbhav Venture Fund for start-ups, entrepreneurs
Ø Expenditure Dept gets direct control over Public Financial Management System
Ø Worldwide semiconductor revenue grew 10.4% in 2020: Gartner
Ø Ashok Leyland incorporates new unit for freight business
Ø Hindustan Copper raises ₹500 crore via QIP
Ø CSC, Tata Power to set up 10,000 solar micro grids in rural areas
Ø Spintly raises Rs4.6 crore in funding led by Riso Capital
Ø PepsiCo reports mid-single digit revenue growth in India
Ø FIIs net sellers of equities in April so far as macro uncertainties loom
Ø Cotton exports to jump 20 pc in 2020-21 season: CAI
Ø Assets under NPS rose to 38% YoY till March 2021: PFRDA
Ø Non-food credit growth slips below 6%
Ø Traders’ body CAIT calls for 10-day lockdown in national capital to curb COVID cases
Ø Green hydrogen auctions, purchase obligations in the offing
Ø Sensex Ends Higher By 260 Points Led By IT And Pharma Stocks
Ø Rupee Gains 12 Paise To Close At 74.93 Against US Dollar
Ø India Inc's Outward FDI Halves To $1.93 Bn In Mar
Ø Private equity inflows in India realty up 19% in FY21, portfolio deals lead
Ø Coal India fuel allocation under spot e-auction rises 36% in Apr-Feb 2020-21
Ø Maruti logs highest ever sales of CNG cars at 1.57 lakh units in FY21
Ø A $12.5 billion deal shows Saudi oil still eclipses all else
Ø Apollo to ship tyres from Chennai and Hungary for US/Canada markets
Ø Religare Finvest to default on NCD payment
Ø Dr Reddy's working on Sputnik's stability data
Ø Bharti Airtel to merge digital arm with itself in corporate revamp
Ø Infosys Q4 net dips 2% sequentially, announces Rs 9,200-cr share buyback
Ø JSW Steel completes acquisition of 31% stake in Italy's GSI Lucchini SpA
Ø SIP collections drop to Rs 96,000 cr in FY21 amid pandemic-led disruptions
Ø Housing sales increase by 20% in January-March: 99acres .com report
Ø GE Power India to acquire 50% equity stake in NTPC GE Power Services
Ø Future Enterprises defaults on payment of interest on NCDs
Ø Gujarat APMC yards suspend trading to tackle Covid second wave
Ø WTO DG sets July target for pact, India insists on special treatment
Ø Amazon moves SC against Delhi HC stay order restraining Future Retail
Ø CCI nod for Adani Ports’ acquisition of 89.6% stake in Gangavaram Port
Ø HDFC Bank to raise up to ₹50,000 crore via private placement of bonds
Ø Insurtech startup Nova Benefits raises $1 million in fresh funding
Ø IFC to invest $100 mn in JC Flowers India fund to help resolve NPAs
Ø MFs increased fund allocation in domestic cyclicals, IT in FY21
Ø Office leasing in 7 cities falls 48% in Jan-Mar: Report
Ø Aditya Birla Capital, Sun Life to sell 13.5% stake in asset management biz IPO
Ø Centre’s tax revenue grows in pandemic year
Ø India, EU to resume formal FTA talks in May
Ø India’s palm oil imports rise 56.50 pc in March
Ø Govt To Sell 20 % In NFL, 10 Pc In RCF Via Offer For Sale
Ø NCLAT Says Lenders Cannot Treat Telcos' Spectrum As 'Security Interest' Under Insolvency Proceedings
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👉🏻NLIU becomes first IBBI approved university to offer Graduate Insolvency Program
(IBBI formally approved NLIU for conducting the Graduate Insolvency Program (GIP) from the academic session 2021-2022. NLIU is the first University approved by the IBBI to offer the Graduate Insolvency Program)
https://bit.ly/3djGOu8
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#INDIRECT TAXATION:
• Recently, the Fastag data has been integrated with the e-way bill system. On a daily average, 24 Lakh Fastag transactions from 826 toll plazas, related to commercial vehicles are exchanged between NPCI/NHA and NIC systems. These details will help the GST officers to track the movement of e-waybills using the new analytical reports.
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MCA eyes revamp of compliance regime
🍥A mobile app for corporate filings*, pre-filled forms and fewer compliances — after an exercise to cut down on the number of criminal offences under company laws, the Ministry of Corporate Affairs is proposing a complete revamp of the compliance system for corporates to ease doing business for them.
▶️ A senior government official told ET that the new system with these features would be rolled out from October.
🪃It will significantly bring down compliance requirements for companies and will be a "more trust-based system", the official added.
🪁The proposed system would be able to alert companies of any errors in filings and also be able to profile a company and assess its risk of defaulting.
🎛️The ministry has been conducting a study to explore ways to rationalise the number of compliance forms. Based on its findings, changes would be incorporated in the October rollout.
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♦️The new MCA21 V3 platform that replaces MCA21 V2 will be deployed in two phases
🌟A revamped website with features including e-consultation and e-books will be launched during April-May, while more comprehensive features like pre-filled web-based forms and the mobile app will be rolled out by October, the official said.
✒️“Major things like the company module, LLP (limited liability partnership) module, enforcement module, compliance management system, everything will come online in October,” another official said.
🎟️While certain fields such as the balance sheet and profit and loss account figures will have to be manually filled in, most forms on the portal will be converted into pre-filled web forms from the current PDF versions, which is expected to bring down the time and resources spent on compliance.
▶️ The update will signal a shift to a more trust-based regime by doing away with attachments of various reports for verification, albeit with adequate checks.
🔰The mobile app would come with features like e-consultation allowing users to provide feedback on draft bills directly online, an e-book for instant reference and sharing of all Acts and rules relating to company affairs and access to the registry of master data, the officials said.
🖋️Most of the front-facing features of the website would be incorporated in the app, but these would include only simpler forms since placing digital signature certificates via mobile would be difficult, the first official said.
🚄This would be further aided by the recently *amended disclosure rules under Schedule III of the Companies Act, which require firms to disclose debt ageing
https://www.google.com/amp/s/m.economictimes.com/news/economy/policy/mca-eyes-revamp-of-compliance-regime/amp_articleshow/82037786.cms
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All claims not part of resolution plan get extinguished on approval of resolution plan by Adjudicating Authority under S. 31 IBC: Supreme Court
The Supreme Court on Tuesday held that once a resolution plan is approved by the Adjudicating Authority under Section 31(1) of the of Insolvency and Bankruptcy Code, 2016 all claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan.
Read more at https://bit.ly/328j4Cz
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MCA is proposing the following new System From June and October, 2021:-
• MCA Version 3 would alert companies of any errors in filings
• It will profile a company and assess its risk of defaulting.
• The ministry will reduce number of forms substantially from October.
• E-consultation and E-books will be launched in MCA in May,
• All form will be pre-filled web-based forms and
• Mobile app will be rolled out by October
• Enforcement module and compliance management system come online in October,
• Only limited forms like filling of the B/s and P&L figures will have to be manually filled in.
• All other forms on the portal being converted into pre-filled web forms from the current PDF versions,
• All the above will bring down the time and resources spent by CS on compliance.
• MCA is keen to shift to a more trust-based regime by doing away with attachments of various reports for verification, albeit with adequate checks.
• Mobile app would come with features like e-consultation allowing users to provide feedback on draft bills directly online,
• E-book for instant reference and sharing of all Acts and rules relating to company affairs
• Complete Access to the registry of master data.
• Front-facing features of the website would be incorporated in the app, but these would include only simpler forms since placing digital signature certificates via mobile would be difficult.
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Market Outlook
In yesterday's session after opening with a positive note and gained 135 points in early session and touched the level of 14445.
After touching the level of 14445 market have a dip and took support above 14264 which was the intraday low of 25- Mar-21.
After taking support at 14264 nifty saw a strong recovery in the second half and gained more than 200 points on intraday basis and closed above 14500.
But, Nifty is still below its 30 days moving average of 14806 which will act as a resistance.
One thing which is clear from the yesterday's session is that 14264 will act as a short term support for Nifty.
There was a broader participation in the recovery. Which make our Conviction stronger that this year is going to be the year of Small Cap companies.
We will see lot of small cap companies turning out to be Multibagger in this year.
So, we advice to search out for the fundamentally strong small cap companies and allocate Upto 30-40 percent to small and Midcap companies for getting handsome return.
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✅Failure to Produce Necessary Documents will lead to Cancellation of Registration for Supply of Goods: MP HC (Om Trading).
✅GST collections to drop 20% in May due to state lockdown-like curfews, say experts.
✅GST rate tussle over flavoured milk. Authorities for Advance Rulings of Gujarat, TN and AP rule 12%, Karnataka goes for 5%.
✅18% GST on Parboiling Rice & Drying plant: KAAR.
✅System generated returns under GST to accelerate digitization; more GST reforms may boost taxpayer confidence.
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⚫The Indian health regulator will take a decision within three working days of a foreign vaccine maker seeking emergency use approval. Import licence and registration certificates will be processed within three working days of the approval. In addition, bridging clinical trial protocols must be cleared within seven working days for vaccines approved by international regulators.
⚫LIC employees wage revision proposal gets approval from Govt. The Govt has given a go ahead to a five day working week for LIC employees.
⚫The second wave: Covid-19 testing labs look at ways to ramp up capacity. Now demand is growing almost 100% week-on-week, leading to a testing crisis.
⚫India reported 216,850 Covid-19 cases, the highest single-day spike so far since the pandemic broke out.
⚫Rajasthan CM announced a weekend curfew in the state from April 16 to April 19, in view of rising COVID-19 cases.
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Form CSR 1 applicability:
As per Rule 4 of Companies (Corporate Social Responsibility Policy) Rules, 2014, from 01.04.2021 CSR Funding will be released only to that NGOs, that are registered with MCA by filing Form CSR-1.
Following entries are entitled to file form CSR 1:
(a) A company established under section 8 of the Act, or a registered public trust or a registered society, registered under section 12A and 80 G of the Income Tax Act, 1961 (43 of 1961), established by the company, either singly or along with any other company.
(b) A company established under section 8 of the Act or a registered trust or a registered society, established by the Central Government or State Government.
(c) Any entity established under an Act of Parliament or a State legislature.
(d) A company established under section 8 of the Act, or a registered public trust or a registered society, registered under section 12A and 80G of the Income Tax Act, 1961, and has an established track record of at least three years in undertaking similar activities.
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