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Insolvency Case: NCLT sets up monitoring panel for DHFL until Piramal Group’s resolution plan is implemented

The appointment of monitoring committee is typically done for the smooth implementation of the resolution plan. However, some experts are surprised at the appointment of observer cum permanent invitee in the DHFL monitoring c

While other members will be nominated, NCLT has named former chief commissioner of Income Tax Ashok Kacker as the observer and permanent invitee of the committee.

Large steel players made gains in FY21

Large steel makers also benefited more from the rally in steel prices, given the dominance of flat steel in their portfolio.

Byju’s dethrones Paytm to become India’s most valued start-up at $16.5 billion

The latest investment values the company at about $16.5 billion. Paytm is valued at $16 billion.

Byju’s did not respond to FE’s queries.

Tax Relief: GST cut for Covid-19 test kits, drugs; no waiver for vaccines as vaccination is free in govt sector

The Union government has been of the view that tax concessions for vaccines are redundant, given that these are mostly made available free to people via government channels, while there is no guarantee that the private secto

While some state finance ministers including West Bengal’s Amit Mitra and Punjab’s Manpreet Singh Badal pitched for a temporary waiver of tax for all Covid drugs, vaccines and equipment, a group of ministers led by Meghalaya chief minister Conrad Sangma recommended slashing of GST rates for items other than vaccines.

Lockdowns, plant closures hit wholesale auto sales

The combined impact of lockdowns across states due to the rise in Covid-19 cases and many OEM's shutting down their plants temporarily has negatively impacted wholesale dispatches.

Wholesale dispatches of passenger vehicles down due to Covid-19

RBI extends risk-based internal audit system to housing finance firms

In February this year, RBI had issued a circular mandating the RBIA framework for select non-banking financial companies (NBFCs) and urban co-operative banks by March 31, 2022.

SC fumes over delay in setting up migrant workers’ database

Explaining why National Information Commission may take three or four months to prepare the portal, the solicitor general and additional solicitor general Aishwarya Bhati submitted that the portal will be a “self sustaining

Finance minister asks ministries to accelerate capex, clear dues to MSMEs, PSUs

Besides secretaries of key departments, the meeting was attended by CMDs/CEOs of CPSEs under the ministry of road transport and highways, telecommunications and atomic energy.

She also asked the ministries to clear their dues to MSMEs and the PSUs under them at the earliest. The ministries were also told to explore Public Private Partnership (PPP) mode for viable projects.

Covid-19: National sero survey this month, to cover 21 states

He further said states, too, should also do their own sero surveys as national surveys alone would not suffice. This will be the fourth sero survey by ICMR.

A similar tracking of emerging global variants was also required to be done to prevent future surges in the country, Paul said.

Covid-19: Supreme Court rejects plea for fresh loan moratorium relief

The apex court then vacated a September 3, 2020, stay order that restrained banks from declaring as NPAs loan accounts that were not classified as NPAs prior to August 31, 2020.

On May 6, RBI reopened a one-time scheme under which retail borrowers and small businesses were permitted to recast their loans, without being downgraded to NPAs. The scheme will be available for borrowers with aggregate outstanding dues of up to Rs 25 crore.

Covid Woes: Moody’s downgrades GMR’s Delhi airport

DIAL is the concessionaire for the Indira Gandhi International Airport, in Delhi, and operates under an operations, management and development agreement with the Airports Authority of India.

Given a large majority of DIAL's revenue is linked to airport traffic, Moody's expects revenue to fall in line with the drop in passenger numbers.

Cut ‘controllable’ spending by 20%: Finance Ministry tells ministries

“...all the ministries/ departments are requested to take steps to curtail all avoidable non-scheme expenditure and aim for 20% reduction in controllable expenditure, in compliance of the above decision. Expenditure in 2019

However, the exact savings from the latest move could not be immediately ascertained.

India opens up for coal export as CIL allows overseas trade for auctioned coal

While spot e-auction was meant for all categories of Indian coal buyers including traders, special spot e-auction is also meant for the same category of buyers with a provision to lift the booked quantity of coal in an extend

CIL, coal india

SAIL net profit jumps 31% to Rs 3,470 crore in fourth quarter

Brokerage firm ICICI Securities said SAIL’s EBITDA margin for the January-March quarter was 26.4%, as against 11.5% in the same quarter previous fiscal.

Total expenses during the quarter were at Rs 18,829 crore, as against Rs 11,682 crore the year before. SAIL reduced its finance costs by around 40% during the quarter to Rs 540 crore.

DLF Q4 net profit at Rs 481 crore as housing sales pick up

DLF said office rentals grew by 10% during the fiscal, while retail business exhibited steady recovery during the second half of the fiscal.

USFDA rejection of Covaxin not to impact India’s Covid-19 vaccination drive

Their decision has no bearing on our programme, VK Paul, member, health, Niti Aayog, said at a media briefing on Friday. The country’s regulators are satisfied and have approved the vaccine with lot of data on safety and Ph

Bharat Biotech Phase-III data has been screened by the Indian regulators and would be published in the next 7-8 days, Paul said.

Employment growth suffered even before Covid-19 pandemic: Care Ratings

In a report, Care Ratings have found that between 2016-17 and 2019-20, headcounts in 2,723 listed companies increased by 2.2% compounded annual growth rate (CAGR).

Care Ratings have used data from the annual reports of these companies to arrive at the headcount numbers.

Govt aims to raise domestic gas production by 75% in three years

Domestic natural gas production in FY21 was 28.6 BCM, while 30.5 MT of crude oil was produced in the country in the fiscal. Indigenous natural gas production caters to about 51% of the country’s requirements, while around 8

Only 9% of renewables announced since 2018 currently being installed: Report

Currently the installed renewable energy capacity in the country is 95,656 MW, and the report says that cumulative capacity addition in 2021 and 2022 is expected to be 17,100 MW. This pace makes it impossible to achieve the t

Base effect drives up IIP growth in April

In fact, the government released only the index readings for April on Friday, without announcing the growth rates, as comparisons with April 2020 data are fraught with risks of erroneous interpretations.

Moreover, the latest index readings for capital goods, consumer durables and infrastructure goods were lower than the April 2019 levels, but those for consumer non-durables, primary goods and intermediate goods remained higher.

Shortage of soybean seeds drives prices

Farmers in Maharashtra are demanding seeds from the state-owned body, Mahabeej, which are available at Rs 2,100 to Rs 2,200 for a 30-kg pack, compared to soybean seeds from private companies that cost Rs 3,200-3,500.

soybean seeds

Local lockdowns keep retail auto sales in the slow lane

Car sales have gone down in the month of May this year due to lockdowns implemented across states and many manufacturers even temporarily halting operations to break the chain.

May 2021 car sales volume by FADA

Cell Propulsion raises $2 million from investors

Founded by Nakul Kukar, Paras Kaushal and Supratim Naskar, the Bengaluru-based Cell Propulsion builds and deploys electric commercial vehicles (eLCVs and eHCVs) as part of its integrated solution. Around September 2020, the c

Cell Propulsion raises $2 million from investors

Healthy Growth: Organic farm exports jump 51% in FY21

The products were supplied to 58 destinations, mainly the US, the EU, Canada, the UK, Australia, Switzerland, Israel and South Korea.

Farm exports rose over 17% last fiscal to $41.25 billion when total merchandise shipments shrank by about 7% to almost $291 billion.

Future of work will be hybrid, says Chandrasekaran at TCS AGM

Last year, TCS had said that in the next five years, only 25% of its employees will need to work out of its facilities at any given point of time. The company had also pivoted to a new operating model that it calls ‘Secure

Rajesh Gopinathan, MD & CEO, TCS said, “Our industry leading 25*25 vision actually defines the future of work in our industry, where we envisage that any TCSer would need to spend no more than 25% of their time in office to be fully productive. SBWS TM and 25*25 vision should help us deploy our talent cloud that will reimagine service delivery and overall work experience for all our employees and stake holders.”

NHAI lashes whip again; Bars another company

Upon non-compliance, a show-cause notice was issued to Gayatri Projects. The reply given by the contractor explaining the deficiencies were found to be unsatisfactory.

Some major deficiencies in the project included, cracks in concrete pavement at many places, poor progress of work and lack of safety measures on the project and road signages and furniture missing, compromising road safety of the users, the authority said.

GST Council to consider tax cuts for Covid-19 products on Saturday

The GOM, led by Meghalaya chief minister Conrad Sangma, is learnt to have recommended reduction of the GST rate temporarily to 5% for most of the Covid medicines and materials except vaccines.

GST
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