byHarsh SavlaJanuary 13, 2021
- A significant shortage of steel supplies and a higher price of the key raw material has led to a sharp revision in the production schedules for the fourth quarter at leading carmakers. The production schedules for the ongoing fiscal Q4 are being revised downward by 15-20%, which could potentially mean a loss of over 1.5 lakh units in the January to March quarter for the industry.
- India’s biggest online education startup Byju’s has signed a deal to acquire brick & mortar test prep leader Aakash Educational Services Ltd. for $1 billion, according to a person with knowledge of the talks. The deal for what will be one of the largest edtech acquisitions in the world should close in the next two or three months. Blackstone Group-backed Aakash Educational Services runs Aakash Institute, which has over 200 brick and mortar centers and tutors students to gain entry into the country’s elite engineering and medical schools. Its student count is over 250,000, according to its website.
- The revision of foreign portfolio investor (FPI) limit in Bharti Airtel should lead to around $600 million worth of inflow as MSCI is likely to revise its weight in the stock higher due to the FPI limit increase. Bharti Airtel on Tuesday said that it has received approvals for its relevant downstream investments, and it is initiating process to revise its FPI limit to 100%, as notified to its depositories, with immediate effect.
- The government could look at introducing a coronavirus cess or surcharge on individual tax payers – possibly only on the higher income groups. The government may also look at increasing the tax on long term capital gains from equity and property, to push up revenue. Another revenue raiser could be introduction of infrastructure bonds offering tax breaks. The government may also look at providing further tax incentives to people to enable them to buy adequate health insurance which has gained importance following the current pandemic. The limit on the premium amount that can be claimed varies from Rs 25,000 to Rs 1 lakh depending on whether the premium is being paid for self and family.
- Tesla, the world’s most valuable carmaker, has launched an Indian subsidiary as it prepares to create a much-awaited manufacturing plant and R&D unit in India. The unit named Tesla India Motors and Energy Private Ltd was incorporated in Bengaluru on January 8. Tesla is also in talks with five state governments to commence operations in India. The governments of Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu have had talks with the company who are also considering local partnerships.
- The domestic hospitality industry, which has been severely affected by the COVID -19 related disruptions, is likely to witness a decline of over 65% in 2020-21, according to a report. However, there might be a recovery in demand in the later part of financial year 2021-22 as vaccine rollouts gains traction.
- The Reserve Bank on Tuesday imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with certain provisions of directions concerning interest rate on deposits.
- The mass rollout of the COVID-19 vaccine in India will begin from January 16 onwards. The country, with the second-highest population in the world, is bracing for one of the largest vaccination drives. Registration for the same has to be done through CoWin app. However, the app is yet to be released in the public domain. The Government is not providing any choices in the vaccine selection as of now.
byKhushboo GuptaJanuary 11, 2021
- Shares of Signal Advance INC. spiked up by almost 600% in two days. This is because the Twitter followers of Elon Musk misunderstood his advice of using signal messaging app as investing in the shares of Signal Advance Inc.
- Avenue supermarkets reported or 16% year on year rise in the consolidated net profit of DMart for the December quarter. The total revenue for the quarter came to Rs. 7542 crore which is almost 10.76% over its year-ago quarters which was Rs. 6809 crores. The possible reason for this performance he compared to the previous 2 quarters could be an agile operating expenses management along with a good search in festival shopping allowed.
- The government is considering easing the NPA non-performing assets classification. 2 between 120 -180 days up from 90 days. This has been taken with an objective to provide relief to the industry and smaller businesses in the light of COVID-19. this will not only help the companies pay interest in time but also the banks maintain their capital adequacy ratios even with the COVID-related defaults.
- The Department of Revenue has now mentioned that any purchase of gold, silver, jewelry all precious gems, and stones below Rs. 2Lakh does not require PAN or Aadhar of a customer as a mandatory KYC document.
- Due to the loss of excessive expenditure due to the Coronavirus pandemic the government is in talks to introduce a new COVID-19 cess on taxpayers who fall under the high-income bracket. it might also be imposed on some indirect taxes. COVID-19 cess will allow the government to quickly generate funds as opposed to raising taxes. The generated funds could help the government in the planned COVID-19 inoculation drive, the distribution, manpower, training, cost of vaccination, etc.