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Wednesday, July 31, 2024

Ransomware strike hits bank services: 200+ cooperative, rural banks face outage after malware attack

Over 200 cooperative and regional rural banks faced outages due to a ransomware attack on their core banking provider, C-Edge Technologies. NPCI temporarily isolated C-Edge from its payment system to mitigate the impact. Restoration efforts are ongoing, with security reviews and forensic audits being conducted to ensure a swift resolution.

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Infosys under scanner for over Rs 32,000 crore GST evasion

Infosys faced scrutiny from the Directorate General of GST Intelligence (DGGI) for allegedly evading Rs 32,400 crore in GST on services imported from its overseas branches between July 2017 and March 2022. DGGI argued that these expenses should attract Integrated GST under the reverse charge mechanism. Infosys contested the allegations citing compliance with current regulations and recent guidelines.

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Fed hints at rate cut as inflation nears 2% target, keeps rates steady at 5.25% - 5.50%

The Federal Reserve indicated progress towards its 2% inflation target and hinted at a potential rate cut. Despite the rise in unemployment and moderated job gains, the benchmark interest rate was kept unchanged. This decision came amid pressure from various quarters, including political figures. Financial markets had anticipated a rate cut announcement next month.

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Tuesday, July 30, 2024

GAIL net profit vaults 77% to 3,183cr in Q1



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Adani Energy raises $1bn in share sale



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Duty on chemicals up from 10% to 150%; research labs lose work

India's recent budget decision to increase customs duty on laboratory chemicals from 10% to 150% has impacted research centres and labs, significantly straining their financial resources. Academic institutes have seen a surge in costs, prompting calls for exemption from the new tax to avoid jeopardizing the country's research environment.

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Monday, July 29, 2024

Ola Electric eyes Rs 6,000 crore in 1st auto IPO since Maruti

Ola Electric's Rs 6,146-crore IPO, the largest this year, opened on Aug 2 and closed on Aug 6. The company sought to raise Rs 5,500 crore through a fresh share issuance, with the rest coming from existing shareholders. Despite a lower-than-expected valuation of $4 billion, founder Bhavish Aggarwal remains optimistic about the EV market's growth.

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Digital push is driving out mid-level banking staff: RBI

The digital era significantly altered the financial sector job landscape. Automation and AI-fueled digital channels have displaced mid-tier jobs, creating HR challenges. RBI highlighted the need for reskilling staff as AI skills gain importance. Despite increased digitalisation aiding affordable banking, there's concern over rising data breach costs and high turnover in private banks.

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Sunday, July 28, 2024

UltraTech to buy Srinivasan stake in India Cements

Kumar Mangalam Birla cemented his position as India's top building materials maker by acquiring N Srinivasan's cement business for Rs 3,954 crore. UltraTech Cement's move includes a 33% stake in India Cements. This deal, pending regulatory approval, aims to expand UltraTech's reach in southern India, especially Tamil Nadu, enhancing its capacity and market presence.

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CrowdStrike outage: Fortune 500 companies lose $5.4 billion



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Banks told to speed up IBC resolutions

The government monitored top 20 insolvency cases under Insolvency & Bankruptcy Code (IBC) due to slow action taken by banks. Following the intervention, movements in Jaiprakash Associates and Amtek Auto were observed. Bankers were found discussing loan settlements despite ongoing IBC issues. Finance Minister Nirmala Sitharaman reviewed multiple cases to expedite the process and improve debt recovery mechanisms.

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UltraTech Cement to acquire majority stake in India Cements

UltraTech Cement has agreed to acquire a 32.72% stake in India Cements for Rs 3,954 crore. This move, raising UltraTech's total stake to over 55%, aims to boost its market presence in southern India. The acquisition supports UltraTech’s broader strategy of dominating the Indian cement market. Completion is pending regulatory approvals and is expected within six months.

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RBI imposes penalties on 3 payment system operators

The Reserve Bank of India has fined Visa Worldwide, Ola Financial Services, and Manappuram Finance for failing to comply with regulatory requirements. Penalties included Rs 2.4 crore for Visa, Rs 41.5 lakh for Manappuram Finance, and Rs 87.55 lakh for Ola Financial Services. The breaches involved non-compliance with Know Your Customer (KYC) norms and other regulatory provisions.

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Friday, July 26, 2024

Government to reassess interest of bidders in SCI, BEML, others



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Apple goes Pro in India by bringing in assembly of most-sophisticated iPhone models



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India's forex reserves jump $4 billion to record high of $670.857 billion: RBI

India's foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week ending on July 19, according to the Reserve Bank of India (RBI) on Friday. This rise follows an earlier jump of $9.699 billion, bringing the reserves to an all-time high of $666.854 billion for the week concluding on July 12.

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Tuesday, July 23, 2024

Budget 2024: Formula one; focus now on getting jobs done

The effect of 2024's Lok Sabha election results was writ large on the first Budget of Modi 3.0, with employment creation given pride of place and keeping allies happy too very much in focus. The fact that the Budget comes at a time when the govt’s finances are relatively comfortable meant that finance minister Nirmala Sitharaman could afford to address these concerns with targeted schemes while keeping the fiscal deficit under a tight leash relative to recent years.

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Taxes: Change of track to bring some cheer, but cost others dear

Sweeping changes in direct taxes gave the urban middle class plenty of reason to cheer, but also hit the wallets of others. The clear plus is in the form of an increase in standard deduction under the new regime for salaried employees from Rs 50,000 to Rs 75,000, which saves Rs 7,500 a year for those with annual incomes of Rs 10 lakh or more.

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New Tax Regime 2023 vs 2024 After Budget: How Much Income Tax Will Salaried Taxpayers Save & How Do New Tax Slabs Compare To Old Regime? Top 10 Points You Must Know



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Sunday, July 21, 2024

Import curbs hurt garment export growth: GTRI



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Banks rejig deposit plans as savers turn investors



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7th Budget: Striking a balance key challenge for Sitharaman

Sitharaman's Budget balances spending, tax cuts, and fiscal path. Rs 2 lakh crore dividend aids solar scheme; funds needed for PM Modi's housing subsidy, Aayushman Bharat expansion. Modi 3.0 seeks job creation, private sector investment. BJP allies demand focus on women, farmers. Addresses leaks. 2047 target set, sector hand-holding stressed.

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Hard to implement IMF deal as political pressure surges in Pakistan: Experts

The current fiscal year's tax-laden budget and the Supreme Court's ruling on reserved seats have shifted the focus of politics to the economy, further posing doubts over Pakistan's ability to meet the new International Monetary Fund (IMF) conditions for a USD 7 billion loan, reported Dawn.

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Wednesday, July 17, 2024

Salary hikes at IT cos drop to single digits



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SC upholds NPPA's Rs 4.6 crore penalty on Sun Pharma

Sun Pharmaceutical Industries Ltd, the sixth-largest generic pharmaceutical manufacturer in the world, had questioned NPPA's demand notice of 2005 for payment of Rs 4.6 crore "to recover the higher price charged in relation to Roscilox, a brand of a Cloxacillin-based drug formulation, than that fixed by the govt under Drugs (Price Control) Order (DPCO)".

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Dow soars over 1,300 pts, Sensex 900 pts

Indian markets surged on Tuesday, with the Sensex closing above 80,000 points, fueled by a global rally following Donald Trump's victory...