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July 09, 2024

Draft tax law likely in Budget for minimum levy on MNES

India is preparing a draft legislation on the global minimum tax for multinational enterprises (MNEs) which could be proposed in the Union Budget, to be presented on July 23, and pave the way for changes to the country's tax laws, said two people with direct knowledge of the matter.

2 mins

Zero registration fee for hybrid cars in UP raises the bar in NCR

The on-road prices of strong hybrid cars have decreased by up to ₹4 lakh in Uttar Pradesh after the state government decided to waive registration fee on them in a bid to promote green technology, according to automobile industry sources.

2 mins

India Inc's Q1 show may remain muted

Top line, bottom line growth may be at multi-quarter low

2 mins

Sun Pharma open to acquisition in specialty drugs

Sun Pharmaceutical Industries, country's largest drugmaker by market share, said it is open to exploring acquisitions in the global specialty portfolio as it closed financial year 2023-24 (FY24) with a strong net cash position of $2.4 billion.

1 min

Nestlé India continues to face food inflation bogey

Food inflation, coupled with volatile commodity prices, remains a major challenge facing Nestlé India, the packaged food major said during its 65th annual general meeting held on Monday.

1 min

Ola Maps navigating beyond 'western apps'

Bhavish Aggarwal urges developers to shift from Google Maps, offers ₹100 crore in credits

2 mins

FMCG firms likely to hitch a ride on rural uptick in 01

Volume growth expected to witness a sequential recovery

2 mins

MobiKwik sees uptick in May wallet numbers

Fintech major MobiKwik's PPI (prepaid payment instrument) wallets have seen their market share expand to about 12.11 per cent in May, up from 9.3 per cent in January, in terms of total number wallets.

1 min

Merc looks to charge up India play

Posts 60% rise in battery EV sales

1 min

Centre likely to roll out EV policy guidelines by September-end

Plan includes provisions for reduced duties on imported cars contingent on committed funding

2 mins

Tata airlines complete harmonising operating process ahead of merger

Air India (A-I) on Monday announced completion of harmonising operating procedures across key functions, including alignment of supporting manuals, at the four Tata group airlines.

1 min

Govt to push for more RE connectivity at state level

The power ministry is planning to push states to connect the upcoming renewable energy (RE) projects to the state's grid and not with the national grid, a move aimed to improve state-level power transmission infrastructure and facilitate the integration of RE capacities across all the regions.

2 mins

Four soldiers killed in J&K terrorist ambush

Four army persons were killed and six others injured on Monday when terrorists ambushed their vehicle in the remote Machedi area of Jammu and Kashmir's Kathua district, officials said.

1 min

Economic vision, not stimulus, in Modi 3.0 Budget: Goldman Sachs

The upcoming Union Budget is likely to stick to the path of fiscal consolidation, said analysts at Goldman Sachs in a recent note, who expect Finance Minister Nirmala Sitharaman to focus on the broad economic agenda rather than doling out minor stimulus measures.

1 min

Agri input firms see demand surge as sowing gathers pace

Kharif plantation till July 5 over 14% higher than area covered during the same period last year

2 mins

Application window to be open for 3rd time

The government will reopen the application window for the production-linked incentive (PLI) scheme for white goods (ACs and LED lights) for 90 days starting July 15, the Department for Promotion of Industry and Internal Trade (DPIIT) said on Monday.

1 min

168 mn workforce added since FY18, 46.6mn in FY24

RBI data shows services sector absorbing those moving out of agriculture

1 min

Deposits grew slower than loans

Most lenders that have reported their April-June business update posted slower growth in deposits sequentially as compared to the loan growth in the April-June quarter of 2024-25 (FY25).

1 min

NBFCs seek revisit of membership guidelines for SROS

The Finance Industry Development Council (FIDC) has requested the central bank to reconsider the membership guidelines for self-regulatory organisations (SROs) for nonbanking financial companies (NBFCs).

1 min

Rural banks shift focus to product diversification

After consolidating capital adequacy, improving profitability and asset quality, regional rural banks (RRBs) will now focus on diversification of lending products to small and medium enterprises (SMEs) for value addition in agriculture chain and allied sectors.

2 mins

Higher share of Ulips likely to weigh on life insurers' profit margin

Increased sale of Unit-Linked Insurance Plans (Ulips) is set to weigh on the margins of listed life insurance companies in June quarter of FY25 (Q1FY25) despite higher premium accumulation on a favourable base.

1 min

Final call soon for states, UTs to avail of MSME scheme benefits

The government is planning to issue a final call to four states and seven Union Territories (UTS) that are yet to submit their strategic investment plan (SIP) required to avail of funds to revitalise the micro, small, and medium enterprises (MSMEs), a senior government official said.

1 min

10th round of OALP bidding for oil & gas assets likely in Aug

The 10th round of bidding for oil and gas assets under the Centre's Open Acreage Licensing Policy (OALP) is expected to commence next month, petroleum and natural gas ministry officials said.

1 min

Stronger ties will greatly benefit us: PM in Russia

Kremlin says Modi, Putin will hold both private, extended talks today

2 mins

Remittances below $25K also need Form A2 now

I have been making outward remittances to my son studying abroad for his maintenance through my bank.

2 mins

Xi urges world powers to facilitate Russia-Ukraine direct dialogue

Chinese President Xi Jinping called on world powers to help Russia and Ukraine resume direct dialogue during a meeting on Monday with Hungary's Prime Minister Viktor Orban, state broadcaster CCTV reported.

1 min

France in turmoil: Left, Far-Right, and Centre

LEFT-WING BLOC COMES FIRST BUT NO MAJORITY IN PARLIAMENT | ATTAL TO STAY PM FOR NOW TO ENSURE COUNTRY'S STABILITY

2 mins

Boeing to plead guilty to criminal fraud charge

Boeing will plead guilty to a criminal fraud charge stemming from two crashes of 737 Max jetliners that killed 346 people after the government determined the company violated an agreement that had protected it from prosecution for more than three years, the Justice Department said Sunday night.

1 min

'Get Britain building again': Reeves unveils Labour govt's growth plan

Chancellor of the Exchequer Rachel Reeves, in her first major speech on Monday, vowed to \"get Britain building again,\" as she unveiled a slew of planning reforms including restoring mandatory local housing targets ditched by the previous Conservative government and ending an effective ban on onshore wind farms.

2 mins

THOUSANDS OF SAMSUNG WORKERS WALK OUT IN HISTORIC STRIKE

Thousands of Samsung Electronics workers walked off the job Monday to stage a rally demanding better pay, beginning the biggest organized labor action in the South Korean conglomerate's half-century history.

1 min

I Am Not Going Anywhere, Biden Tells Democrats

US President Joe Biden vowed to stay in the presidential race on Monday, saying he is confident the average voter still wants him on the Democratic ticket.

1 min

French revolution

Hung Parliament points to turmoil ahead

2 mins

The Nagarwala scandal, unreconstructed

On24 May 1971, Ved Prakash Malhotra, then the chief cashier at the Parliament Street, New Delhi, branch of State Bank of India, took out ₹60 lakh from the cash vault to deliver it to a courier on the basis of what he claimed were instructions from the then Prime Minister of India, Indira Gandhi and her secretary, PN Haksar.

3 mins

Data analysis and GST policy

Data, it is said, is the new oil.

4 mins

MNC selldowns

As multinational corporations capitalise on India's valuation premium, there are reasons for caution as well

4 mins

Empowering consumers

The proposed food regulation will help them

2 mins

85% of SMID stocks on bull run: Trend or blip?

After a brief lull in February and March due to the Securities and Exchange Board of India's directive for asset management companies to conduct stress tests, small and midcap (SMID) stocks have surged.

2 mins

MFs ride high: NFOs pick up on market rally, economic hope

29 launches since June 1, nearly half of previous five months' total

2 mins

Downgrades may keep Titan under pressure

Titan Company released a disappointing pre-quarter Q1FY25 business update which has led to downgrades.

2 mins

Valuations frothy? Profit, mcap moved in sync in 5 yrs

As benchmark indices continue to reach new highs almost every other day, a heated debate rages on: Have stocks outpaced their fundamentals, and can earnings keep up with these valuations? Only time will tell if the earnings growth potential justifies the Nifty 50's current valuation, which hovers at nearly 25 times its FY24 earnings.

2 mins

Adoption worry looms for Bajaj Auto CNG bike

Gas infra needs to be ramped up for wider acceptance: Analysts

3 mins

COMING CLEAN ON NEET

As the Supreme Court begins to hear petitions on NEET-UG, here is a look at the ecosystem it has spawned, and the controversy

5 mins

Retest if leak widespread: SC

Make full paper leak disclosure by July 11, apex court directs National Testing Agency

1 min

51 flights cancelled, train services hit in Mumbai

City records heaviest single-day July rainfall since 2019

2 mins

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