Centre increases windfall tax on crude oil, diesel, and ATF exports

The central government has increased the seven-month-old windfall profit tax, which is applied to domestically produced crude oil and the ex...
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Netflix deletes rules to stop password sharing, says ‘posted by mistake’

Netflix users in India can relax — for now. Earlier this week, the streaming giant released a set of guidelines to crack down on password-sharing. These required users to log in from their devices at the primary location once a month for Netflix to know that those were the trusted devices. However, after a massive hue and cry, Netflix took down tho...

Budget 2023: Surat’s diamond traders are not happy with tech push

On February 2, Finance Minister Nirmala Sitharaman announced research and development grant for Lab Grown Diamond (LGD) to one of the IITs in the Union Budget. The import duty of 5 per cent on LGD seeds was also scrapped while the duty on silver dore was increased to bring it at par with gold and platinum. Even as the traders dealing in LGD rejo...

Country’s banking system remains resilient and stable: RBI

The Reserve Bank of India (RBI) said the country's banking system remains resilient and stable, amid concerns about the exposure of lenders to the embattled Adani Group. "Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy. Banks are also in compliance with the Large Exposur...

Stock plunge to hurt Adani’s ability to raise funds: Moody’s

Moody’s Investors Service on Friday warned that the rout in Adani Group shares could hurt the conglomerate’s ability to raise capital, while its peer Fitch saw no immediate impact on its ratings. USD 100 bn value lost in just over a week Adani Group’s listed companies have lost over USD 100 billion in value in just over a week after short-sel...

US emerges as India’s top destination for goods exports during April-Dec 2022        ...

The US has emerged as India’s top destination for merchandise exports during April-December of the current fiscal at USD 59.7 billion, Commerce and Industry Minister Piyush Goyal informed the Parliament on Friday (February 3). In a written reply to the Rajya Sabha, Goyal said the Centre has taken several steps to boost India’s exports. This incl...

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Faultlines

SBI’s Q3 net profit soars 62% to reach Rs 15,477 crore

India's largest lender, State Bank of India, announced a 62% increase in its net profit, totalling to Rs 15,477 crore, for the quarter ending December 2022. On a standalone basis, the lender's net post-tax profit grew to Rs 14,205 crore during the October-December 2022 period, which was up from Rs 8,432 crore in the yea...

Amazon, Infosys, TCS had most H-1B visa approvals in FY22: Report

Low annual limit of 85,000 registrations for H-1B petitions is main problem facing US employers trying to secure foreign talent, says report by National Foundation for American Policy

No immediate impact on Adani entities’ ratings after short-seller report: Fitch...

Fitch Ratings on Friday said there is no immediate impact on the ratings of Adani entities and their securities following a short-seller report alleging malpractices at Adani group. In a statement, the rating agency said it expects no material changes to its forecast cash flow. "There are also no near-term significant offshore bond maturities...

India’s services sector growth eases slightly in Jan

The growth rate of the Indian services sector moderated in January, driven by an increase in output and sales at softer rates, while subdued level of confidence among service providers towards future outlook appeared to have stymied job creation, a monthly survey said on Friday (February 3). According to the survey, the seasonally adjusted S&...

Adani Group firms’ shares fall for 7th day running; Adani Enterprises tumbles 2...

The shares of Adani Group firms continued to remain weak for the seventh day running on Friday (February 3) amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 - its one-year low - on the BSE. The shares of all the Adani group companies tanked - Adani Ports, Adani Transmi...

Bangladesh wants revision of 2017 power purchase deal with Adani

Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday (February 2). "We have communicated with the Indian company seeking revision of the agreement," an official of the state-run Bangladesh Power Developmen...

Apple CEO Tim Cook bullish on India

Apple CEO Tim Cook has termed India as a major focus and “hugely exciting market” where the technology giant is putting a significant amount of energy through investments, retail and online presence. Records USD 117.2 bn revenue Apple on Thursday reported revenue of USD 117.2 billion for the December quarter and set all-time revenue records i...

Adani Enterprises to be dropped from Dow Jones sustainability indices

S&P Dow Jones has said it will remove Adani Group's flagship firm Adani Enterprises from sustainability indices with effect from February 7 following a media and stakeholder analysis triggered by allegations of accounting fraud. The move comes amid leading stock exchanges BSE and NSE putting three Adani Group companies – Adani Enterprises, A...

All about Hindenburg Research, the US firm that has taken on Gautam Adani

The financial research firm, which has now taken on one of the world’s richest men, has a track record of sending the stock prices of its targets tumbling. And, in the process, it makes money

Adani stock rout: Opposition demands probe, debate in Parliament

Opposition parties on Thursday (February 2) demanded a discussion and a probe by a joint committee into the fraud-allegation-triggered rout in Adani group company stocks, forcing adjournment of proceedings in both the Lok Sabha and Rajya Sabha in the pre-lunch session. The Congress, Shiv Sena, the Left, Aam Aadmi Party and other Opposition parti...

Right on intention, poor on scoping: Industry body IAMAI on online gaming draft rules...

The draft IT rules on online gaming are "right on intention but poor on scoping", said the Internet and Mobile Association of India (IAMAI) on Thursday (February 2). The proposed rules are a "very positive development" for the online gaming industry ecosystem for three reasons, including creating a legal framework for orderly and accelerated dev...

New tax regime “sweetened” to benefit maximum number of taxpayers: CBDT C...

The new income tax regime for filing returns has been "sweetened" in the budget 2023-24, said CBDT chairman Nitin Gupta, adding that it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate. Speaking to PTI during a post-budget interview, Gupta said the intent of the government while announcing the new slabs a...

Hindenburg effect: RBI seeks details of banks’ Adani Group exposure

The Reserve Bank of India (RBI) has sought the details of banks’ exposure to companies in the Adani Group, government and banking sources told news agency Reuters on Thursday. The group suffered a plunge in its share values following allegations of “flagrant stock manipulation and accounting fraud” by the US-based short-seller Hindenburg Researc...

Citigroup’s wealth arm stops margin loans against securities of Adani firms

Hindenburg Research continues to haunt Gautam Adani and his companies. Citigroup's wealth unit said that it was stopping margin loans against securities of the Adani Group firms with "immediate effect". This comes close on the heels of a similar move by Credit Suisse Group AG. Also read: Opposition parties seek JPC or SC-monitored probe into ...

Importance of personal savings ‘jettisoned’ in ‘hullabaloo’ o...

The importance of personal savings in a developing country has been "jettisoned" in the "hullabaloo" over the old and the new tax regimes, said Congress leader P Chidambaram on Thursday (February 2). The former Union finance minister asserted that in the absence of a state-provided safety net for the vast majority of people, personal savings is ...

Budget 2023: 150% hike in outlay for Swachh Bharat Mission (Urban)

In a major boost to the Swachh Bharat Mission (Urban), the Centre on Wednesday (February 1) announced a 150 per cent hike in the outlay of its flagship scheme with an allocation of ₹5,000 crore in the Union Budget 2023-24. However, there has been a nine per cent decrease, with an allocation of ₹2,132 crore, for the construction of non-residentia...

Panagariya: India set on high growth, to be 3rd largest economy by 2027-28

India is on the cusp of returning to a high growth trajectory, says eminent Indian-American economist Arvind Panagariya, adding that the country will be the world’s third largest economy by 2027-28. Currently, India is the fifth largest economy and its growth could touch 8 per cent, he said. “We are already in 2023. In 2027-28, India should b...

Budget 2023: Reactions from industry and political leaders

As the status of the global economy remains precarious, finance minister Nirmala Sitharaman presented a Union Budget on Wednesday (February 1),which ticks all the right boxes on the face of it and immediately dubbed as a budget that does no harm. It also did not go down the populist route despite the palpable discontent over unemployment and rising...

Impact of climate change on agriculture: Budget could have done more

Is there a pattern in Finance Minister Nirmala Sitharaman’s agriculture-related announcements in the Budget 2023-24? There is a thrust of nudging farmers towards cultivation of high value crops. This is evident from the outlay of ₹2,200 crore for making quality and disease-free planting material of horticultural crops available to them. As India pr...

Sensex, Nifty fall in early trade; bounce back later

Equity benchmarks fell in initial trade on Thursday (February 2) but later bounced back to trade in the positive territory, amid firm global market trends and foreign fund inflows. The 30-share BSE benchmark Sensex had fallen 492.46 points to 59,215.62 in early trade. The broader NSE Nifty declined 170.35 points to 17,445.95 in initial trade. Ho...
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