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Amtek Auto to be wound up on NCLAT order

Liquidation value for bankrupt auto components maker, which owes lenders Rs 12,603 crore, is Rs 4,119 crore
The NCLAT asked the RP to consider only plans submitted by DVI and others based on the original information memorandum. (Represnetative image) News

Article 370: Supreme Court frets over filing of defective petitions

The Supreme Court on Friday refused to examine the petitions against scrapping of Article 370 of the Constitution, saying the pleas filed on the “serious issue” suffer from defects.

The Bench also heard another plea by the Kashmir Times executive editor Anuradha Bhasin seeking removal of restrictions on the media. News

Don’t look down on wealth creators, says PM Modi in Independence Day speech

Holds meet with FM on slowdown amid buzz on tax relief, says India to have chief of defence staff, pushes for population control

Prime Minister Narendra Modi addresses the nation during Independence Day celebrations at Red Fort in New Delhi on Thursday (Express Photo: Neeraj Priyadarshi) News

PSU banks post profits in Q1 on strong treasury gains

Punjab National Bank (PNB) posted a net profit of Rs 1,019 crore in Q1FY20 against a loss of Rs 940 crore in the same quarter a year ago.

Since much of the improvement in PSB performance is riding on lower asset-quality pressure and not on purely operational metrics, analysts are taking a dim view of it. (Representational image) News

Maruti, Hyundai, Mercedes, Tata Motors will make it to Auto Expo

Among those who confirmed they will stay away include Lamborghini, Porsche, BMW and Bajaj Auto. Audi, Eicher Volvo and Ashok Leyland are yet to make up their minds but there is enough time to sign up.

New entrants MG India and Kia Motors could make a debut News

OTT players like Netflix earn extra moolah from merchandising

Besides Stranger Things, Netflix has licensed products for shows like Riverdale and other originals.

For OTT show-brand tie-ups, the licensing fee can easily range from Rs 30 lakh for a smaller association to even Rs 1 crore or more, depending on the nature of the deal. News

No windfall coming: Bimal Jalan panel sticks to staggered transfer of RBI surplus

The panel held its last meeting on Wednesday and is learnt to have retained its major recommendations despite a change in its composition after new finance secretary Rajiv Kumar had replaced Subhash C

The panel’s report will be edited and submitted to the central bank in the next few days, said one of the sources. (File photo) News

GST losses: States want Finance Commission to recommend support for five more years

States have appealed to the 15th Finance Commission (FC) to recommend extending the time period for which they would be compensated up to 14% revenue growth in the event of a shortfall in GST collecti

Though a change in the GST Compensation Act is not within the FC’s remit, a recommendation by it would give the necessary push to the states’ demand to the GST Council. News

Outlook negative: Indiabulls Housing Finance downgraded by Moody’s

The downgrade reflects renewed pressure on the cost and availability of funds for IBH and certain other finance companies in India.

Bloomberg data showed loan funds of IBH stood at Rs 1.01 lakh crore as on March 2019. News

Future retail: Amazon close to picking up 10 per cent stake

India’s No. 2 retailer by turnover, Future is seeking a valuation of about Rs 2,000 crore ($281 million) from Amazon for the stake, according to the people, who asked not to be identified.

Industry News

In a mess: Sensex crashes 624 points, bank Nifty 703

Since July 5, FPIs have pared their portfolios in all sessions barring three, offloading shares worth over $3 billion.

The indices would have fared even worse, had it not been for the rally in Reliance Industries which rose smartly by 9.7%. (File photo) News

Slowdown bites: Auto sales see steepest slump in two decades

Analysts said higher inventory levels are likely to stay the same in the near term as retail is not picking up due to lack of easy credit availability.

The fall in PV sales in July was also the ninth consecutive month of decline. (Representational image) News

Amrapali case: SC asks Noida authorities to start registration of flats

The authorities told the judges that they have created a special cell to deal with cases of the Amrapali hombuyers and officials have also been designated to look into the issue.

The Bench had on July 23 said the real estate firm’s properties will be sold to recover homebuyers’ money. (File photo) News

USOF: Funds meant for rural connectivity being spent elsewhere

Looking at the funds which have accrued to the USOF since its inception on April 1, 2002, it becomes clear that disbursal for telecom connectivity projects in rural areas is sparse.

USOF, money, telecom projects, Ravi Shankar Prasad, Union Budget, universal social obligation fund News

Offshore Sovereign Bond: Government to gauge macro risks before taking final call

On top of these, the government will also have to decide if the overseas borrowing will be an annual feature or such securities will be issued only occasionally when there is a pressing need for it.

Sovereign Bond, Offshore Sovereign Bond, macro risks, Subhash Chandra Garg, macro-economic impact, economy news

After mobile, Reliance Jio set to disrupt fixed broadband market

Like the mobile broadband initiative here, too, Mukesh Ambani announced ambitious plans with tariffs aimed at disrupting the market.

Reliance Jio, broadband market, fixed broadband, Mukesh Ambani, mobile broadband, industry news

Reliance Industries debt reduction plan: Stake sale to Aramco, BP

The Aramco investment, together with the sale of a 49% stake to BP in the fuel-retailing entity for Rs 7,000 crore, is expected to net the company Rs 1.1 lakh crore.

Reliance Industries, RIL, Aramco, BP, Stake sale, RIl stake, industry news

Economic slowdown: Govt plans urgent steps to boost exports

Though the goods and services tax (GST) regime has subsumed a plethora of levies, some still exist (petroleum and electricity are still outside the GST ambit, while other levies like mandi tax, stamp

commerce ministry, indian economy, union cabinet, goods and services tax, GST, central bank, mandi tax, stamp duty, economy news

Bank of Baroda launches loans linked to repo rate

BoB customers opting for the home loan product would have a choice between MCLR-linked rate — indexed to the bank’s cost of funds — or a rate linked to RBI’s repo rate.

Bank of Baroda, Bank of Baroda loans, repo rate, Reserve Bank of India, Monetary Policy Committee News

Real estate: Centre weighs stress fund, Hardeep Singh Puri to head committee

Sources said the real estate industry flagged an “unrest” on account of liquidity crunch and poor sales, which has created a “fragile situation”.

Hardeep Singh Puri, Realty crisis, homebuyers, stress fund, Nirmala Sitharaman, homebuyers’ associations News

Turf war: DoT rejects space department’s reserved spectrum demand

The earth stations for managing the synchronisation of clock signals from the satellite system have been located at places like Hassan, Bhopal, Jodhpur, and Shillong.

DoT, department of telecommunications, spectrum demand, reserved spectrum, space department, quantum of spectrum News

Jet Airways resolution: Vedanta entity submits EOI

Over the next few days, the EoIs will be evaluated and the resolution professional (RP) for Jet is expected to issue a provisional list of eligible applicants, if any, by August 13.

Vedanta, expression of interest, Jet Airways, Anil Agarwal, Russian private equity firm, Avantulo Group, Etihad Airways News

Maruti slips on weak rural demand, fewer new models

Maruti’s smaller cars —which account for 30% of its total volumes — didn’t do well in the April-June quarter, clocking 1.2 lakh units compared with 2 lakh in April-June, 2018.

Maruti Suzuki, retail sales, market share, rural demand, wholesale volumes, consumption slowdown, rural India News

Taking stock: First quarter a big dampener, no signs of demand revival

Volume growth has been tepid whether for two-wheelers or FMCGs and few companies have been able to demonstrate pricing power.

Taking stock, earnings season, Reliance, TCS, reliance profits, YCS profits, festive season News
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