Top headlines: Customs, excise mop-up, 42 companies approved for PLI & more

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

The Centre is staring at a combined shortfall of up to Rs 1 trillion in excise and Customs revenues in the current financial year (FY23) compared to the Budget estimates (BE), mainly because of duty cuts on edible oil and petroleum products.

The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February. Read more

Registration of electric passenger, motor vehicles doubles this year

Electric passenger and motor vehicles (light, medium and heavy) which includes motor cars and buses have seen their registrations more than double in the calendar year 2022 till October 31 with another two months still to go.

They have hit registrations of 31,281 vehicles compared to 13,884 for the full year of 2021 a growth of over 125 per cent according to data from VAHAN. Read more

Nokia, Samsung, Tejas among 42 firms approved for PLI scheme

The department of telecom (DoT) has approved 42 companies, including Nokia, Samsung and Tejas Networks, for receiving benefits under the design-led production-linked incentive (PLI) scheme for manufacturing telecom and networking products.

The latest list also includes Flextronics, VVDN, Jabil and HFCL, apart from 28 micro, small and medium enterprises. Read more

Bain Capital likely to sell stake in Axis Bank through a block deal

Private investment firm Bain Capital is likely to sell a portion of its stake in Axis Bank on Tuesday through a block deal, according to media reports.

Media reports suggested and were conformed by some industry sources that Bain Capital will dilute a 1.24 per cent stake in the lender worth Rs 3,350 crore. The floor price is likely to be Rs 888 per share, a 2 per cent discount to Axis Bank's closing price on Monday. Read more

Railways extends round-trip freight discounts for six months, say officials

Two years after Indian Railways launched the round-trip traffic (RTT) policy to compete with road transport, it has extended it for a mere six months amid mediocre outcomes in freight augmentation, officials told Business Standard. The policy incentivises booking goods orders for both to and fro journeys of a goods train, in exchange for discounted rates. Read more