Markets end with modest gains; financial stocks extend rally
August 25, 2020 16:12 ISTEquity benchmarks Sensex and Nifty closed in the green for the third straight session on Tuesday, propelled by financial stocks amid firm global cues.
Equity benchmarks Sensex and Nifty closed in the green for the third straight session on Tuesday, propelled by financial stocks amid firm global cues.
The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.
The Reserve Bank of India (RBI) on Tuesday announced that it will again conduct simultaneous purchase and sale of government securities under the open market operation (OMO) for Rs 20,000 crore in two tranches of Rs 10,000 crore each. The auctions will be conducted on August 27 and September 3.
Drug major Lupin on Tuesday said it has received approval from the US health regulator for its Albuterol Sulfate Inhalation Aerosol, used for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
Petrol prices have been on the rise for the sixth consecutive day on Tuesday, while diesel held on to its price line that it has maintained since July 30.
Bharti Airtel founder and Chairman Sunil Bharti Mittal on Monday hinted at an increase in mobile services rates while stating that the average revenue per user is expected to cross Rs 200 in the next six months. He said 16 GB data consumption a month for Rs 160 is a tragedy.
The Delhi High Court on Monday sought the response of the Central government, the Reserve Bank of India (RBI) and others on a petition seeking action against UPI payment app Google Pay for allegedly violating RBI guidelines related to data localisation, storage and sharing norms.
The report further said UPI as a digital payments platform increases efficiency towards tax compliance, and provides overall convenience for public good.
Domestic equity benchmark Sensex rallied 364 points on Monday, driven by strong buying in financial counters amid a positive trend in global equities and sustained foreign fund inflows.
Paytm has grabbed 50 per cent share in the payments to merchants (P2M) segment in India and the financial services platform has emerged as the most integrated payments provider in the fintech space, a new report said on Monday.
Maruti Suzuki India (MSI) on Monday said its multi-purpose vehicle (MPV) XL6 has crossed the 25,000-unit sales milestone in a year of its launch and helped the company take a leadership position in the segment.
In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax (GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent.
The BSE benchmark Sensex jumped over 200 points in early trade on Monday, led by gains in financial stocks amid firm cues from global markets. The BSE index was trading 201.64 points or 0.52 per cent higher at 38,636.36; while the NSE Nifty was up 65.05 points or 0.57 per cent at 11,436.65.
The government's Chief Economic Adviser K.V. Subramanian on Sunday said that India's banking system is proportionately smaller than the size of the economy and it needs to grow for the country to become a $5 trillion economy.
Qualified Institutional Placement (QIP) would be the most preferred way and public sector banks are likely to take a call on taking this route after finalisation of their second quarter results, merchant banking sources said.
In Delhi and Mumbai, price of the fuel increased by 14 paise to Rs 81.49 and Rs 88.16 per litre respectively on Sunday.
The Employee Provident Fund Organisation (EPFO) has made significant progress in Updating KYC of its Subscribers During July 2020 despite the coronavirus pandemic. In a big success that is likely to make things easier for people availing employee provident fund services, the EPFO has updated 2.39 Lakh Aadhaar Nos, 4.28 Lakh Mobile numbers & 5.26 Lakh Bank Accounts in the UAN of its subscribers.
The factory and registered office of the company in Morena, residences of Garg and another director Saurabh Garg and its office at Barakhamba Road, New Delhi were searched by the agency on Friday, they said.
A 8,100-km long submarine optical submarine cable project will connect Singapore, Malaysia, Myanmar, Thailand and India (Mumbai and Chennai) to build MIST Cable System (Myanmar/Malaysia India Singapore Transit).
The board of ICICI Lombard General Insurance "at its meeting held on August 21, 2020, considered and approved a 'scheme of arrangement' amongst Bharti AXA General Insurance (demerged company) and former company and their respective shareholders and creditors", the ICICI Bank promoted non-life insurer said in a late night filing on Friday.
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