Benchmark BSE Sensex and Nifty closed on a flat note after a volatile session on Wednesday profit booking in IT and realty shares negated gains in metal and oil and gas stocks. The 30-share BSE Sensex ended 35.78 points or 0.06 per cent lower at 58,817.29, while the broader NSE Nifty inched 9.65 points or 0.06 per cent higher at 17,534.75. The market remained range-bound for the most part of the session as investors kept their exposure low due to weak global cues, traders said.
Posts tagged Rediff
Plan to produce ethanol from 2G sources delayed (10-08-2022)
India’s plan to produce ethanol from second-generation (2G) sources — mainly farm waste — is taking time to materialise even as the government is set to dedicate to the nation on Wednesday a Rs 900-crore plant set up by Indian Oil Corporation (IOC) in Panipat. Though state-run oil companies had decided to set up at least 12 plants in 2016-17 with an investment of around Rs 10,000 crore, this will be the first unit coming on track while others are stuck in various stages owing to issues like capital expenditure, lack of feedstock, and high rates of finished products compared to traditional ethanol units. According to industry sources, three more second-generation plants are coming up.
HDFC Bank’s Bharucha took home the most among bankers (10-08-2022)
Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22). This was revealed in a remuneration assessment of the country’s top bankers, according to annual reports. Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
Bourses step up scrutiny of investors from Sikkim (10-08-2022)
Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
Microsoft gives ONDC its first Big Tech push (10-08-2022)
Microsoft has become the first global Big Tech company to join the Open Network for Digital Commerce (ONDC), an Indian government initiative for developing a first-of-its-kind open network for digital commerce. The world’s second-largest technology firm intends to introduce social e-commerce via its app in the Indian market later this year. ONDC is expected to open to the public in Bengaluru over the next fortnight as it enters into the next phase of the pilot for further fine-tuning before rollouts in other cities, according to a source in the know.
‘Let public, not foreigners, own public sector banks’ (10-08-2022)
‘What we have to think about is, how to improve the efficiency of public sector banks.’ ‘You have to make decision-making more prudent, and free from government intervention.’
Revenue dept plans to plug capital gains tax leakage (09-08-2022)
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F and O) trade data and pre-initial public offering (IPO) transactions. “The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F and Os, variations in margins, fair market value versus IPO prices, etc. “The idea is to segregate and process the voluminous data on equity derivatives for effective use,” said a senior government official privy to the plan.
Air India’s load factor improves to 80% under Tata (09-08-2022)
Management and leadership changes, in addition to synchronising operations between all its airlines, are showing visible results for Air India. Data from the Directorate General of Civil Aviation (DGCA) show that there has been a marked improvement in key operational parameters of Air India after the Tata group took complete control of the national airline in January. One of the most dramatic improvements has been noticed in Air India’s passenger load factor (PLF) – a crucial metric of capacity utilisation of an airline’s fleet that shows how many seats it has been able to fill on every flight.
Airlines to share intl passengers’ info with customs (09-08-2022)
The government has asked airlines to share all international passengers’ details, including contact and payment information, with customs authorities 24 hours prior to the departure of flights. The move is aimed at preventing law offenders from fleeing the country. The Central Board of Indirect Taxes and Customs (CBIC), under the finance ministry, on August 8 notified the ‘Passenger Name Record Information Regulations, 2022’, which aims at “risk analysis” of passengers to prevent economic and other offenders from fleeing the country as well as check any illicit trade such as smuggling.
Falling paddy acreage sparks concerns (09-08-2022)
The area under paddy – the biggest foodgrain during the kharif season – was almost 13 per cent lower in the week ended August 5 as compared to the same period last year despite a slight pick-up in rains in the main growing regions, triggering fears of a 10-12 million-tonne drop in final output. Sources said with the peak sowing season for paddy almost coming to an end in the big-growing states, any uptick in coverage from here onwards may not give the desired yields. With 30 per cent of normal average area in which paddy is grown every year remaining unsown till early August, there is a limited chance of a big uptick in output, trade and market sources said.