Economy

Sensex nosedives intraday before institutional buying in select index stocks restores order; sale of a HFC’s debt paper at discount by a mutual fund seen as the trigger Driven by fears about fresh defaults from non-banking finance companies and regulatory restrictions on housing finance companies, the stock markets went into …

Centre plans randomised monitoring by reputed government institutions The Union Environment Ministry proposes to allow research organisations and accredited agencies to monitor if companies are complying with environmental conditions. “…the Central Government proposes to introduce the concept of randomised third-party compliance monitoring of the environment clearance conditions through national-level reputed …

Fighting global warming will necessarily require taxing carbon emissions, or setting a price on carbon pollution, the World Bank’s chief executive said on Wednesday at a G7 environment meeting in Canada. “We believe very strongly that we can send an economic signal by introducing a shadow price for carbon,” Kristalina …

E-com firms to cut 1% tax in supplier payments E-commerce firms will from October 1 have to deduct 1% tax collected at source (TCS) before making payments to their suppliers. The Finance Ministry on Thursday notified TCS at the rate of 0.50% of the net value of intra-State taxable supplies …

General managers get new postings As many as 14 general managers have been appointed as executive directors in different public sector banks, according to an official order issued on Thursday. Shanti Lal Jain and Vikramaditya Singh Khichi have been appointed as executive directors in the Bank of Baroda initially for …

Reduction in import levy in India will enable viable pricing: vice-president Jopp Mercedes Benz does not see itself producing electric vehicles (EVs) in India at the moment due to limited potential, combined with high investments, said a senior company official. To grow the market for such vehicles in the country, …

‘In the long run, the move will result in better efficiency’ The proposed merger of three public sector banks, Bank of Baroda, Vijaya Bank and Dena Bank, is expected to result in better operating efficiency in the long run but there could be an increase in slippages in the short-term, …

Plan includes a ‘friendship’ 135-km petroleum pipeline for exports to Bangladesh State-owned Bharat Petroleum Corporation Limited (BPCL) has sought the government’s nod for threefold expansion of its Numaligarh refinery in northeast from 3 million tonnes per annum (mtpa) to 9 mtpa at a cost of Rs. 22,000 crore. Excise concession …

Asks Centre to amend I-T Act under which individuals, firms avail tax benefit on monetary penalty The Securities and Exchange Board of India (SEBI) wants the government to amend the Income Tax Act to plug loopholes wherein individuals and companies managed to avail tax benefits on the money paid to …

The Securities and Exchange Board of India has given the regulatory go-ahead to BSE and NSE to start their respective commodity derivatives segments. Both bourses plan to start the new segment from October 1. Interestingly, both the equity exchanges plan to start with non-agriculture commodities like metals and bullion, and …

May have to lay down laws: apex court The Supreme Court on Wednesday said it would have to lay down some laws on what stage the adjudicating authority, appellate authority and the apex court could interfere in insolvency resolution proceedings. A Bench of Justice Rohinton Fali Nariman and Justice Indu …

Debt accounts for 0.5%-0.7% of overall bank loans: Moody’s Rising liquidity issues in Infrastructure Leasing & Financial Services (IL&FS) are credit negative for Indian banks and debt market, Moody’s Investors Service said in a report. “As of 31 March 2018, debts incurred by IL&FS in the form of bank loans …

Many Centrally Sponsored Schemes are boutique in nature, with ‘dubious’ outcomes: N.K. Singh Several Centrally Sponsored Schemes (CSS) are just boutique in nature with ‘dubious’ outcomes, the 15th Finance Commission of the Union Government has noted while calling for urgent rationalisation of the CSSs. The pruning of such schemes would …

Fed-up with a growing mountain of stinking disposable nappies, a Dutch firm on Tuesday started building the country’s first recycling plant to turn poo into profit. Plastic from the nappies extracted by the facility in the central Dutch town of Weurt near Nijmegen will have a second life as household …

The rupee closed at a record low against the dollar on Tuesday, declining 47 paise to close the day at 72.98 a dollar due to rising global crude oil prices. Benchmark Brent crude futures rose $1.14 a barrel to $79.19 during the day, after hitting a high of $79.37 in …

Staff have to be informed of benefits of the merger, says Vijaya Bank MD & CEO A day after the mega merger announcement, R.A. Sankara Narayanan , MD & CEO of Vijaya Bank, speaks on the immediate challenges on hand . Excerpts : What benefits do you see from this …

Merger credit positive, will require capital support: Moody’s The government’s proposal to merge three public sector banks evoked mixed response from investors, with Bank of Baroda and Vijaya Bank stocks ending in the red, while Dena Bank shares, which hit the upper circuit, ended with a 19.75% gain. Stocks of …

Political sanctions have no place under insolvency code, says NuMetal NuMetal argued in the Supreme Court on Tuesday that international “political sanctions” against Russia’s VTB Bank had no place in the Essar Steel auction under the Insolvency and Bankruptcy Code (IBC). “In foreign policy, friends become foes and foes become …

Capital markets regulator to issue new circular on KYC norms for foreign portfolio investors The Securities and Exchange Board of India (SEBI) has broadly accepted the recommendations of the H.R. Khan Committee on Know-Your-Client requirements for foreign portfolio investors (FPIs), while lowering the total expense ratio (TER) for open-ended equity …

‘As much as Rs. 36,551 cr. cash recovered’ The Finance Ministry said on Monday that the stock of non-performing assets (NPAs) in public sector banks (PSBs) reduced in the April-June quarter. In a presentation, Rajiv Kumar, Secretary, Financial Services, said the stock of NPAs is ‘no longer rising’ as it …