1. Supreme Court Agrees to Hear PIL on NCLT's Insolvency Order Against Jaypee Infratech
The Supreme Court on Wednesday agreed to hear a public interest litigation by a homebuyer seeking a stay on an August order passed by the Allahabad bench of the National Company Law Tribunal (NCLT) which initiated insolvency proceedings against Jaypee Infratech Ltd.
Jaypee Infratech Ltd is a subsidiary of Jaiprakash Associates.
Homebuyers in Jaypee Infra projects are required to fill up forms to register their claims for the corporate insolvency resolution process against the company by Thursday.
The matter was brought by Chitra Sharma, a Delhi-based resident, before a bench headed by Chief Justice JS Khehar who said that it would be taken up for hearing on Thursday.
(Source: Livemint)
2. Finally, Uber Integrates UPI, BHIM Payment on Its App
Uber is touting itself to the Digital India movement initiated by Prime Minister Narendra Modi by integrating Unified Payment Interface – or UPI – to its app. The payment option would be available to riders from this week and available to those who’ve already signed up with either the UPI or the Bharat Interface for Money (BHIM) app.
With platforms like BHIM and UPI, the current regime was pushing for digital development, and digital payment was a crucial part of the move.
Uber, with over 4.5 lakh riders on its platform catering over 9.4 million trips per week, is hopeful that ease of payment would ensure more consumers opt for UPI as the go-to option.
Read the full story on The Quint.
3. GST And Upcoming Festive Season Augurs Well For Godrej Consumer
Godrej Consumer Products Ltd saw some slowdown in the first quarter as traders cut stock ahead of the rollout of the Goods and Services Tax but secondary sales for the company remained healthy.
The company is already seeing good traction in offtakes from distributors and expects demand to pick up ahead of the festive season, V Srinivasan, chief financial officer of Godrej Consumer told BloombergQuint on the sidelines of Emkay’s annual investor conference. Besides, GST is likely to add 1-2 percentage points to the country’s gross domestic product, which will in turn, benefit fast-moving consumer goods companies.
(Source: BloombergQuint)
4. No Ban on Rs 2000 Note, RBI to Decide on Rs 200 Note Release Date, Says Arun Jaitley
Finance minister Arun Jaitley on Wednesday said the government is not considering a ban on Rs 2000 notes, and that the Reserve Bank of India (RBI) will decide on the timing of the release of the new Rs 200 note.
The government has given the go-ahead to RBI to issue Rs 200 notes, a move that is aimed at easing the pressure on lower-denomination currency.
“The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing,” Jaitley told reporters in New Delhi.
When asked whether the government is considering to phase out Rs 2000 notes, he said: “No, there was no such discussion”.
(Source: Livemint)
5. Top Domestic Shareholders Seek Nandan Nilekani's Re-Entry to Infosys
Leading domestic institutional investors have written to Infosys board to bring former Chief Executive Nandan Nilekani back to the company, grappling with a leadership crisis after Vishal Sikka's exit.
The letter, signed by top officials of 12 mutual funds and insurance companies including ICICI Prudential Asset Management, HDFC Asset Management, Birla Sun Life AMC among others, has asked the Infosys to invite Nilekani to join the board in a "suitable capacity".
"In our opinion, he enjoys confidence of various stakeholders viz customers, shareholders and employees," the letter signed by the investors said.
(Source: Economic Times)
6. Government Grants In-Principle Approval to PSU Bank Mergers
The Union Cabinet on Wednesday gave its in-principle approval for the merger of state-owned banks. With this, the government seeks to consolidate 21 state-owned banks in the country. Details of the banks to be merged are yet to be announced.
The proposal to merge will come from respective PSU bank boards, Finance Minister Arun Jaitley told reporters during after the Cabinet meeting. A panel of ministers, whose members will be decided by the Prime Minister, will examine these consolidation plans. After an in-principle approval from this panel, banks will abide by Securities and Exchange Board of India and Reserve Bank of India regulations.
The alternative mechanism will help fast-track approvals, Jaitley said. The objective is to create strong entities and any decision regarding consolidation will be based on commercial feasibility, the finance minister added.
(Source: BloombergQuint)
7. Petrol & Diesel on the Rise Post Daily Price Revisions
State oil companies have raised prices of petrol and diesel by Rs 5.64 per litre and Rs 3.72 per litre respectively since 1 July through daily revisions that have largely gone unnoticed.
In Delhi, petrol was being sold for Rs 68.73 a litre and diesel for Rs 57.05 a litre on Wednesday, according to the website of Indian Oil Corp On 1 July, the prices of petrol and diesel were Rs 63.09 and Rs 53.33 a litre.
Prices in other states would vary due to local levies. Petrol, diesel as well as jet fuel, crude oil and natural gas are not in the ambit of the Goods and Services Tax (GST) and covers most goods and services, including petroleum products such as cooking gas and lubricants.
(Source: Economic Times)
8. Record Forex Reserves Become Costly Cash Pile for RBI
As India’s foreign-exchange reserves march toward the unprecedented $400 billion mark, its central bank faces a costly conundrum.
To keep the rupee stable and exports competitive, it is having to mop up inflows that’s adding cash to the local banking system. Problem is, banks are flush with money following Prime Minister Narendra Modi’s demonetization program last year, leaving them already struggling to pay interest on the deposits in an environment where loans aren’t picking up.
The resulting need to absorb both dollar – and rupee – liquidity is stretching the Reserve Bank of India’s range of tools and complicating policy. Costs to mop up these inflows have eroded the RBI’s earnings, halving its annual dividend to the government.
(Source: Livemint)
9. Coca-Cola, PepsiCo Hit Hard by Slow Growth in Soft Drinks Segment
Coca-Cola and PepsiCo plants for aerated sugary beverages are running at about half their capacities, underscoring a pronounced shift in consumer preference that has led to the slowest phase of growth for India's carbonated soft drinks industry.
"On an average, carbonated soft drink (CSD) lines at plants are running at half or 40 percent of their capacity. Earlier, this was the case only in off-season months such as December and January. Now, barring May and June, plants are running at half their capacity the rest of the year for aerated drinks," two industry insiders told Economic Times.
Buyer preference for non-sugary healthier beverages and a proliferation of B-brands have led to tepid demand, with growth falling to low single digits for seven quarters now. Further, levies of 40 percent on aerated beverages under the single producer tax GST have dented the profitability of both global companies
(Source: Economic Times)
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