Top headlines: All above 45 years to get Covid vaccine; 1 year of lockdown

From all above 45 years of age set to get Covid-19 vaccine from April 1 to a year of Covid induced lockdown, here are top headlines this morning

All above 45 years of age to get Covid-19 vaccine from April 1: Govt

The government has decided to open up its Covid-19 vaccination drive for all above 45 years of age from April 1, and requested that all eligible people should “immediately register and get vaccinated”. The rest of the population could be considered for vaccination coverage once the current stage is over. “Supply chains and supply lines are intact. We are going stage-wise on the advice of experts and doctors, and will do the same in the next phase as well. I am sure everyone will appreciate today’s decision and come forward to get the shot,” Union minister Prakash Javadekar told reporters after the Cabinet meeting on Tuesday. Read More

Let states come and discuss tax on fuel in GST Council meeting: FM

With the Opposition raising concern over high taxes on petrol and diesel, Finance Minister Nirmala Sitharaman on Tuesday invited states to discuss the issue in the next GST Council meeting. “Many of the states would be watching today’s discussions, and the next GST Council could begin discussions on the issue. I would be glad to be having this on the agenda and discuss it. I have no issues. Let the states come and discuss it,” she said in the Lok Sabha. Read More

Finance Bill gives relief on digital tax, provident fund threshold

Parliament on Tuesday cleared changes to the finance Bill 2021, doubling the minimum limit of employee contribution to provident fund to over Rs 5 lakh for the purpose of taxation with some riders, paving the way for the listing of Life Insurance Corporation (LIC), exempting Indian-owned assets sold on digital platforms from equalization levy, and giving tax holidays for the proposed development finance institutions (DFIs). However, the employee provident fund (EPF) relaxation may benefit only government employees who contribute to statutory provident fund and central provident fund, some experts said. Read More

SC lifts NPA standstill, rejects moratorium extension and interest waiver

The Supreme Court on Tuesday ruled that banks cannot charge interest on interest for accounts that sought moratorium relief during the pandemic period last year and the amount so collected must be refunded in the next instalment of the loan account. The cut-off for such moratorium, the apex court ruled, would be August 31, 2020, beyond which all loans that had not been repaid as per schedule can be declared as non-performing assets (NPA). Rejecting the pleas to extend the six-month loan moratorium period, the court said a complete waiver of interest during the moratorium cannot be granted either. Read More

Wait for car models gets longer as chip shortage deepens in industry

If you were looking to drive home a new set of wheels a year ago, it probably would have been delivered to your front door quicker than a takeaway pizza. Not anymore. Along with the slow and frustrating journey of recovering from Covid, so is the waiting period to get the keys to your dream car. For some models — a Mahindra Thar, for instance — the wait could extend up to 2022. A global shortage of the semiconductor or microprocessing chip, which started off by biting a few automakers in October, is now an industrywide phenomenon, impacting everyone. Read More

One year of lockdown: A roller coaster ride continues for India Inc

It has been a roller-coaster ride for India Inc over the past 12 months. While the lockdown shaved off revenues in most sectors, with the exception of financial services and IT, the decline in profits was even sharper. On an annualised basis, net profit plummeted 69 per cent in Q1, while revenues fell 7.5 per cent. After unlock, corporate profits recovered faster than top line growth, led by banks and commodity companies. On the operations side, a large part of the post-pandemic jump in profits came from lower operating costs and higher margins. Read More

Sales recovery, expansion in new markets key to Dr Lal Pathlabs' growth

The Dr Lal Pathlabs stock has gained 13 per cent on expectations that de-risking of the revenue profile, lower Covid-related contribution, and volume gains will improve its sales and margins. Sales of the company which had been impacted during the first half of FY21 have started recovering. Non-Covid test and walk-in volumes, which were down 38 per cent YoY in the June quarter, came back on the growth track in the December quarter and report­ed an 8 per cent YoY increase. Read More

India's military set to get its own version of the iconic US Army Humvee

India’s military is set to get its own version of the iconic US Army Humvee, the light tactical vehicle that came to symbolise battlefield mobility. “The Ministry of Defence (MoD) signed a contract with Mahindra Defence Systems (MDSL) for supply of 1,300 Light Specialist Vehicles (LSV) to the Indian Army, at a cost of Rs 1,056 crore, in New Delhi on March 22. The induction of vehicles is planned to be completed in four years,” stated an MoD press release on Monday. Read More