Saturday, May 08, 2021 | Last Update : 01:20 AM IST

  Business
ADVERTISEMENT
ADVERTISEMENT

Economy

Union Finance Miniter Nirmala Sitharaman (PTI)

Govt to bring amendments to two Acts to enable privatisation of PSU banks

Finance Minister announced privatisation of Public Sector Banks (PSBs) as part of disinvestment drive to garner Rs 1.75 lakh crore

Seen any lately? RBI says the number of Rs 2,000 currency notes in circulation has come down from 33,632 lakh pieces at the end of March 2018 to 27,398 lakh pieces at end of March 2020. (PTI file photo)

Don't jump, Rs 2000 currency notes slowly being phased out

As per RBI's latest annual report, the big note was not printed at all during 2019-20

After unearthing a rampant fake invoicing scam to evade goods and services tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) amended rules making it mandatory for businesses with monthly turnover of over Rs 50 lakh to pay at least 1 per cent of their GST liability in cash from January 1.  (ANI File)

Government launches crackdown on 7,000 GST evaders, 187 arrested

The government netted a record GST collection of Rs 1.15 lakh crore in December 2020, helped by the action against tax evaders

Representational image

With India's economy in a tailspin, Cabinet approves PLI plan for 10 key sectors

Under the five-year scheme that will continue till 2025, extra domestic production will be encouraged in 10 key sectors

 IMF chief Kristalina Georgieva. (AFP Photo)

Not out of the woods yet: IMF chief warns second wave of virus could disrupt economies

Activity has started to gradually strengthen, but we are not out of the woods yet, Georgieva said in a message to G20 finance ministers

Market

In total, 28 memoranda Zof understanding, cumulative investment were signed between the companies and the Government of Tamil Nadu on Tuesday (Twitter@TataCompanies)

Tata Electronics to set up component-making plant in TN

These industrial parks will create employment opportunities for more than one lakh people, the government said

 Volumes declined 4 per cent, but were compensated by prices that grew by 4.6 per cent and new launches which grew by 3.8 per cent. (Representational Image)

Pharma market reports growth in September

Anti-infectives therapy showed a good recovery of 1.4 per cent in September against 11 per cent y-o-y decline in August

 Sensex surges nearly 400 pts in early trade; Nifty tops 11,500. (PTI Photo)

Markets open in green, Sensex up 400 points; Nifty above 11,500

IndusInd Bank was the top gainer in the Sensex pack, surging around 4 per cent

 Representative Image. (AFP)

Oil prices slip after OPEC, allies agree to loosen supply curbs

OPEC+ agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic

Companies

Representational image (AFP)

When things go back to normal, pharma may come down to earth

The healthy performance in Q1FY21 is attributed to strong revenue growth in the API business

Currently, Bandicoot robot is being used in 11 states in India for cleaning sewers

Anand Mahindra invests in Kerala startup making manhole cleaning robots

In addition to Anand Mahindra, the startup has two more investors, Unicorn Ventures which made the initial investment in 2018 and Sea Fund

The firm is st to commence its manufacturing efforts with contract manufacturer Cloud Network Technology (AFP)

Amazon to make Fire TV sticks in India

India is poised to become a majorplayer in the global supply chain in the electronics and IT products industry

 The consolidated turnover of the Amul brand of products exceeded Rs 52,000 crore during 2019-20. (PTI Photo)

Amul brand registers record turnover of ₹52,000 crore

The federation said it aims to achieve a group business turnover of Rs 1 lakh crore by 2024-25

 Reliance to buy Future Group's retail arm for $3.38 billion. (PTI Photo)

Reliance to acquire Future Group's retail business for Rs 24,713 crore

Reliance’s retail operation runs close to 12,000 stores, including a cash-and-carry wholesale business, in over 6,700 towns and cities

Autos

 Daimler, the maker of Mercedes-Benz luxury cars and Freightliner trucks, lost 1.91 billion euros in the second quarter. (AFP Photo)

Daimler Q2 loss widens on weak demand

CEO Ola Kallenius said it had worked to preserve cash reserves during a difficult time and was seeing “the first signs of a sales recovery”

 Hydrogen champion Hyundai races to electric as Tesla takes off. (AFP Photo)

Hyundai vs Tesla: Hyundai race to produce electric cars as Tesla takes off

No traditional automaker has been successful yet in catching up with Tesla, which retains an edge in battery and software technology

 TVS Motor implements pay cuts for employees. (PTI Photo)

TVS Motor cuts staff salaries by up to 20% as sales plummet

There will be 5 per cent salary reduction at the junior executive level and about 15 to 20 per cent at the senior management level

 Mercedes gets big electric van order from Amazon. (AP Photo)

Mercedes-Benz joins 'The Climate Pledge', to deliver 1,800 electric vehicles to Amazon

Mercedes said it would also join a climate initiative established by Amazon founder Jeff Bezos

In Other News

 SBI's Q1 profit surges 81 pc to Rs 4,189 crore. (PTI Photo)

India's largest bank SBI net profit up 81% to ₹4,189 crore in Q1

Its gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year

 The IRDAI committee has also suggested that a Risk-based capital (RBC) approach should be adopted to enable the progressive growth of the microinsurance business while maintaining the highest prudential standards.

IRDAI panel bats for lower capital, liberal norms for floating microinsurance companies

The changes would require amendments to the Insurance Act, 1938 to bring the standalone microinsurance business under its purview

PTI representational image

SC asks Centre, RBI to file Kamath panel suggestions, decisions on loan moratorium

Kapil Sibal said that he wanted to file a detailed affidavit to the Centre's reply as there are certain facts which need to be dealt with

 IndiGo announces 'deeper' pay cuts of up to 35 per cent for senior employees. (AFP Photo)

IndiGo slashes pay up to 35% for senior employees

From May onwards, IndiGo had implemented pay cuts of up to 25 per cent for its senior employees

 FSSAI to soon issue order for reducing trans-fat in food items to 2 pc by 2022. (Representative Image)

FSSAI plans to limit trans-fat in food items to 2% by 2022

Currently, bakeries, sweet shops and other food business operators can voluntarily display 'trans-fat-free' logos on food products