Tuesday, Aug 20, 2019 | Last Update : 10:25 AM IST

Economy

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

Task force on Direct Tax Code submits report to FM

The details of the report, however, could not be known immediately.

Two-wheeler sales declined by 5 per cent to 13,32,384 units last month as compared with 14,03,382 units in the year-ago period. (Photo: File | PTI)

Passenger vehicle retail sales fall 11 pc in July: FADA

Passenger vehicle sales in July declined 11 per cent to 2,43,183 units.

Fitch observed that India's constant nudging of banks to lend more to the shadow banking sector is in contrast to the global trend of authorities trying to break the linkages between banks and NBFCs.

Risks in sector may rise when banks lend more to NBFCs: Fitch

It said that if banks direct more funds to the sector, mostly the strongest NBFCs are likely to be benefited.

The domestic trade, which comprises over 6 crore business enterprises, contributes around 15 per cent of the country's gross domestic product (GDP). (Representional Image)

Govt announces welfare board for traders

The central government will nominate chairman and up to 15 members to the Board, said notification of DPIIT.

The 125 percent risk weight is much higher than what Basel requires us to maintain. It was fixed at a time when credit growth in this segment was excessively high, RBI deputy governor NS Vishwanathan said.

RBI cuts risk weight on consumer loans to 100 per cent

On a review, it has been decided to reduce the risk weight for consumer credit, including personal loans, RBI statement said.

Market

After rallying 369 points during the day amid positive cues from global markets, the 30-share Sensex settled 52.16 points, or 0.14 per cent, higher at 37,402.49.

Sensex, Nifty end marginally higher; bank, auto stocks restrict gains

A sense of caution prevails among investors who are awaiting some measures from the government to arrest demand slowdown.

Globally, spot gold was trading 0.98 per cent lower at USD 1,499 an ounce in New York, while silver was down 0.18 per cent to USD 17.00 an ounce.

Gold slips Rs 100 to Rs 38,570 on muted demand, weak overseas trend

Gold is trading at Rs 38,570 per 10 gram in the national capital, tracking weak trend overseas and lacklustre demand from jewellers.

According to the depository data, foreign portfolio investors (FPIs) sold equities worth Rs 10,416.25 crore on a net basis during August 1-16 period. (Photo: Representational)

FPIs pull out Rs 8,319 cr in Aug amid persisting negative sentiment

FPIs, however, invested a net Rs 2,096.38 crore in the debt securities during the period.

TCS, HDFC Bank, Hindustan Unilever Limited (HUL), HDFC, Infosys, ITC, Kotak Mahindra Bank, ICICI Bank and SBI closed the week with losses.

Nine of top-10 firms lose Rs 84,354 cr in market valuation

Reliance Industries Ltd (RIL) was the only firm among the top 10 companies to post a gain in its market valuation.

Companies

Nxtra operates 10 large data centres along with 120-plus data centres located across India and is building four new large data centres.

Airtel appoints Rajesh Tapadia as CEO of data-cloud biz

Tapadia has earlier worked with Trimax, Global Cloud Xchange, Genpact and Reliance Infocomm.

According to the report, strong investment activity in infrastructure and real estate asset classes drove the overall deal tally as there were USD 4.7 billion worth of mega deals in the infrastructure sector in July 2019. (Photo: Representational)

PE-VC investment in India zooms to all-time high of USD 8.3 bn in July: Report

According to EY's private equity deal tracker, July 2019 recorded investments worth USD 8.3 billion across 106 deals.

RSS has been campaigning to keep Huawei Technologies out of India’s plans to install the next-generation 5G cellular network.

RSS' economic wing sees Chinese telecom firms as security risk for India

US President Donald Trump’s administration put the company on a blacklist in May, citing national security concerns.

Corporate Affairs Secretary Injeti Srinivas said discussions have been held with the microfinance industry regarding criteria for the proposed waiver for small distressed borrowers from the economically weaker section (EWS). (Photo: File)

Govt plans loan waiver for 'small distressed borrowers' under insolvency law

The proposed waiver would be offered as part of 'Fresh Start' provisions under the Insolvency and Bankruptcy Code.

ICICI Bank offers fixed deposits from maturities ranging from 30-45 days, 46-60 days and 1 year-389 days.

ICICI Bank reviews fixed deposit rates; here are the latest FD rates

Senior citizens continue to get higher interest rates than the general public.

Autos

The Harrier’s 6-speed automatic will be sourced from Hyundai.

Tata Harrier automatic spied testing

The Harrier will come with a 6-speed automatic that is likely to launch along with the BS6-compliant engine.

Maruti Suzuki Ertiga Petrol range now starts from Rs 7.55 lakh and goes up to Rs 10.06 lakh.

Maruti Suzuki Ertiga petrol updated; Now BS6-compliant

The 1.5-litre petrol has been updated to meet BS6 emission norms. CNG and diesel variants continue to come with BS4 engines.

The bookings for the new variants will start from Friday.

Royal Enfield launches six new variants of iconic bike Bullet

Royal Enfield announced launch of six new variants of its iconic bike Bullet at prices starting at Rs 1.12 lakh (ex-showroom).

NeuWai is a sub-brand of Chinese vehicle manufacturer Sunguo Motors.

Four NeuWai Electric two-wheelers showcased at Seoul Motor Show

The lineup includes an electric cruiser, a sportbike and two e-scooters.

In Other News

Latest data from the US Treasury Department showed that Japan was the largest holder, with holdings of American government securities worth USD 1.122 trillion, followed by Mainland China whose exposure stood at USD 1.112 trillion. (Representational Image/ Pixabay)

India's holding of US govt securities jumps to USD 162.7 bln

Among the major foreign holders of the Treasury securities, India was at the 13th position with holding to the tune of USD 162.7 billion.

CBDT said issuance of DIN is another step towards better delivery of taxpayer services while ensuring accountability in official dealings.

All communication from tax dept to assessees to carry DIN from Oct 1: CBDT

The CBDT has also specified exceptional circumstances where the communication could be issued manually.

The limit has been revised from 26 per cent.

Govt relaxes norms for shares with differential voting rights; to boost start-ups

According to the ministry, the initiatives have been taken in response to requests from innovative technology companies and startups.

India started exporting umbrellas on a small scale, and has huge potential.

India has great potential to export umbrellas

Indian umbrellas are exported to a good number of African countries. But the scope is huge.

Prime Minister Narendra Modi addressing the nation on Independence Day.

Tourism players say time to walk the talk

It’s been grand budget promises and little work on the ground.