Sensex rises 489 points on Fed’s rate cut hint; Nifty ends above 11,800
The Indian benchmark indices rallied on Thursday following dovish statements by the Federal Reserve. The US central bank left interest rates unchanged on Wednesday, but indicated it would not hesitate to cut rates to boost the economy, amid growing uncertainties. Read more here
NCLT sets 90-day deadline for Jet Airways bankruptcy resolution
The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency petition moved by State Bank of India (SBI) — under section 7 of the Insolvency and Bankruptcy Code (IBC) — against Jet Airways, and instructed that the resolution process be wrapped up in 90 days as the matter is of national importance. Read more here
Auto, realty companies may not get relief at GST Council meet today
The Goods and Services Tax (GST) Council is unlikely to reduce tax on cement and automobile parts from the peak rate of 28 per cent in its meeting on Friday despite intense lobbying by the industry. Facing a severe slowdown, the two sectors — construction and automobile — have been seeking a demand boost from the government. Read more here
Govt to unveil new industrial policy soon, says President Ram Nath Kovind
Addressing a joint sitting of Parliament on Thursday, President Ram Nath Kovind said the Narendra Modi government would “shortly” announce a “new industrial policy” in view of “industry 4.0”. Industry 4.0 is a reference to the fourth industrial revolution characterised by increased automation and digitisation of manufacturing. The President’s speech to the joint sitting of Parliament is customary at the start of the first session of a new Lok Sabha, or the first day of the first session in a new year, and lays down the vision and road map of the government’s policies and programmes. Read more here
Big Four runs for cover: IL&FS effect may dim the halo around the auditors
The National Company Law Tribunal is taking up for hearing the Ministry of Corporate Affairs’ petition to ban the two auditors of Infrastructure Leasing & Financial Services (IL&FS) Financial Services, Deloitte Haskins and Sells, and BSR and Associates (a KPMG affiliate) for allegedly colluding with the management in dubious lending practices. Read more here
NTPC to expedite training of executives using machine learning, AI
One of India’s leading public sector giant NTPC is reorienting its employee management to prepare for impending leadership crunch that it’s about to face in a couple of years. It is also restructuring several divisions to boost operational efficiency. Read more here
Forex retail trading platform ready for rollout on August 5, says RBI
The Reserve Bank of India (RBI) on Thursday said the currency trading platform for retail trading is ready for roll-out by the Clearing Corporation of India (CCIL) on August 5 to enable transparent and fair pricing for retail users, such as individuals and micro, small and medium enterprises. Read more here
DHFL offloads loans worth Rs 2,000 crore to offshore investors
Mortgage lender Dewan Housing Finance Ltd (DHFL) has sold Rs 2,000 crore worth of its loan portfolio to offshore investors in a transaction led by SC Lowy, a privately-held banking group headquartered in Hong Kong, two people aware of the development said, reports LiveMint.
Customs officials likely to get more powers
Indian customs officials could soon get more powers to effectively deal with growing tax frauds of integrated goods and service tax credits, reports The Economic Times.
Centre in favour of mine auctions, but States seek more clarity in rules
The Centre wants States to auction mines without any delay. Some State governments, however, want to do it after getting more clarity on the mining lease area limit for fresh blocks. They also want more clarity on mining leases which are expiring in March, 2020, reports BusinessLine.