12th May 2K21
Ø Moody's cuts India's GDP growth forecast to 9.3 per cent from 13.7 per cent for fiscal 2021
Ø Ambitious target of $400 bn exports can be achieved this year: Piyush Goyal
Ø Jio pips Airtel in February user adds, Vi adds subs after 15 months: Trai
Ø Microfiance sector seeks RBI's additional support to combat COVID-19 second wave
Ø Tata Motors reviewing CCI order on probe against commercial vehicle business
Ø Indian oil refiners cut processing, imports as pandemic reduces demand
Ø Nomura cuts FY22 GDP growth estimate to 10.8% due to Covid lockdowns
Ø Sebi plans to ease post-IPO lock-in for promoters, amend key definition
Ø Analysts downgrade IndiGo as second Covid wave weakens outlook
Ø Govt ready for another cut in import duty on steel to tame prices
Ø Sebi makes dividend distribution policy must for top 1,000 listed cos
Ø KFIN Tech buys 17% stake in Artivatic.ai, gets foot into insurtech space
Ø JSW Hydro Energy raises $707 million via maiden green bond
Ø India Inc records 161 deals in April
Ø India’s renewables growth halved to 5.62 GW in 2020
Ø Chola MS Insurance posts ₹374-crore PBT in FY21
Ø NYSE-listed Startek prunes net loss to $12.2 million in first quarter
Ø Granules India Q4 net up 38 per cent at ₹128 cr
Ø Sebi proposes rationalising 'promoter group' definition'
Ø Mahindra expects 15-20% fall in Q1 sales due to second covid wave
Ø Blackstone-backed Sona BLW receives SEBI nod for Rs6,000 crore IPO
Ø Cairn Energy says steps to realise arbitration award against India being taken
Ø Mark Mobius says inflation threat won’t go away anytime soon
Ø Jaypee Infra insolvency: NBCC submits revised bid
Ø India contracts for 56 lakh tonne sugar export; to conclude deals for rest 4 lakh tonne soon: AISTA
Ø Groww to acquire Indiabulls MF for Rs 175 cr
Ø JSW Steel’s crude steel output jumps to 13.71 LT in April
Ø Ruchi Soya To Acquire Biscuits Biz From Patanjali Natural Biscuits For Rs 60cr
Ø Rupee Pares Losses To Close Flat At 73.34 On Dollar Sale By Exporters
Ø Gold Declines Rs 212; Silver Tumbles Rs 973
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⚫ Moody’s has cut India’s GDP forecast for FY22 to 9.3% from the earlier projection of 13.7% and has ruled out a sovereign rating upgrade.
⚫A sharp rise in exports in April is giving a hope that the ambitious target of USD 400 billion merchandise shipments can be achieved this year.
⚫Localised lockdowns, a semiconductor shortage, and a surge in Covid-19 cases at factories have led to a slowdown in mobile phone mfg and sales in April-May.
⚫Payout from EPFO insurance scheme is tax free, the minimum death benefit under the scheme has been fixed at Rs 2.5 lakh, wef Feb 15, 2020.
⚫Telecom firms see red as protests against 5G spectrum trials mount. Posts claiming the upcoming 5G trials will spread the virus have been doing the rounds.
⚫Firms like Paytm, Ola, Amazon & HCL group are supplying O2 cylinders & concentrators to patients & institutions to tide over the crisis.
⚫Maldives bans Indian tourists amid a relentless second Covid-19 wave.
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Income Tax Addition merely based on electricity consumption formula not sustainable. Case Name : ACIT Vs Gajalaxmi Steel Pvt. Ltd. (ITAT Pune)
Central Board of Indirect Taxes and Customs allowed businesses to import and export goods without furnishing bonds to the customs authorities until June-end, a move aimed at ensuring no delay or disruption in EXIM trade amid the Covid-19 pandemic. In a circular, the CBIC said importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.
Government has extended anti-dumping duty on certain types of seamless tubes, and pipes till October 31 this year with a view to guarding domestic manufacturers from cheap Chinese imports. The duty on ‘seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm’ was first imposed in May 2016 for five years.
MCA: Gap between 2 consecutive Board Meetings can extend upto 180 days for Apr -Jun & Jul -Sep quarters of 2021. MCA General Circular 08/2021 of 3.5.21.
RBI may unveil more measures to support the financial sector, like credit guarantee schemes or a blanket moratorium, if indications of economic stress mount, the ratings agency said. Asia's third-largest economy is battling a ferocious surge in coronavirus cases that has forced several states to go into lockdowns, although institutions like Fitch expect the shock to economic activity will be less severe than in 2020.
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