Top headlines: Telcos get 10 yrs to pay AGR dues; Centre-states discuss GST

From SC verdict on payment of AGR dues to open-air cinemas aiming for revival in post Covid era, here are top headlines this morning

SC gives telcos 10 yrs to pay AGR dues, says 10% to be paid upfront

The Supreme Court on Tuesday allowed telecom companies to clear their adjusted gross revenue (AGR) dues in 10 years, ending an extended industry-versus-government dispute on the matter. A Bench headed by Justice Arun Mishra, who’s due to retire on September 2, directed telcos to give an undertaking that they would pay the AGR dues in compliance with the order. Read More

Covid-19 is a WhatsApp moment for healthcare, says Nandan Nilekani

The third book by Nandan Nilekani is expected sometime early next year, and, like his previous two, he is expected to prescribe in this methods and processes of using technology during the pandemic. But the Aadhaar architect, and co-founder and chairman of Infosys, knows that the country of over a billion people will have to go for massive vaccination much before that. Read More

From PMI to auto sales, August numbers send mixed signals on recovery

Key indicators of economic activity, including PMI, auto sales and digital transactions, show that growth is rebounding to pre-Covid levels. However, e-way bills, after showing an uptrend since April, stagnated in August. So did goods and services tax collections. Read More

RBI intent to check yields, bat for stronger rupee sparks bond market rally

The Reserve Bank of India’s (RBI) resolve to keep bond yields under check and the loud signal emitted in favour of a stronger rupee swiftly translated into rallies in the bond and currency markets on Tuesday. The rupee closed at 72.87 a dollar, up 1.03 per cent from its previous close of 73.62. The 10-year bond yields fell 18 basis points to close at 5.942 per cent from its previous close of 6.117 per cent. Read More

AGR verdict: Will Voda Idea survive? Answer lies in ability to raise funds

Now that the Supreme Court has allowed telcos to pay their AGR (adjusted gross revenue) dues over 10 years, will it be curtains for Vodafone Idea and the beginning of a duopoly of Reliance Jio and Bharti Airtel? Or will Vodafone Idea survive the bruises and become a much smaller player in terms of subscriber market share, albeit with a viable business model? It all depends on Vodafone Idea’s strategy going forward. Read More

Rating agencies up projection for India's GDP contraction in FY21

Major rating agencies have raised their projections of the contraction of India’s economy in the current fiscal year, with some anticipating a double-digit fall after gross domestic product (GDP) declined 23.9 per cent in April-June. They suggested the government come up with fiscal stimuli to spur demand. Read More

Centre, state finmin officials thrash out GST compensation gaps

Senior central government officials held a meeting on Tuesday with finance secretaries of states to clarify the two borrowing options given to them to make up for the goods and services tax (GST) compensation shortfall, Business Standard has learnt. The states were informed that if they take the option of borrowing Rs 97,000 crore under a special window, they will still get Rs 2.35 trillion minus Rs 97,000 crore from the compensation cess. Read More

Supreme Court to decide on moratorium interest waiver issue today

The Centre and the Reserve Bank of India (RBI) informed the Supreme Court on Tuesday that the moratorium on repayment of loans must be extendable to two years under certain conditions. And, the sectors most distressed by the economic slowdown are being identified. Read More

Decoded: Why Sebi's new margin pledge norms have rattled brokerages

Most brokerages are rattled by market regulator Securities and Exchange Board of India’s (Sebi’s) new margin pledging norms. Business Standard tries to explain why Sebi introduced this new system and why it is worrying the broking community. Read More

Open-air cinemas look to revival of past trend amid Covid-19 pandemic

In early May, The Guardian, on its website, published a photo essay that captured the newfound popularity of drive-in theatres. It had some lovely images: a family of four in Utah huddled together in their car, waiting for the screen to light up; the audience arriving for an open-air movie screening in Tehran for the first time since 1979; and a group enjoying a film while being seated on the edge of an airport runway, with planes taxiing in the backdrop, in Lithuania. Read More