1. Apple's India Manufacturing Plans Hang in the Balance
The second phase of Apple Inc’s plan to make the iPhone in India is hanging in the balance as the firm awaits government approvals and tax breaks that it says are key to making a profit, a person aware of Apple’s plans for the market said.
“Else, it doesn’t make sense for Apple to import components by paying heavy duties from other parts of the world to assemble and sell here,” the person said on condition of anonymity.
In the first phase of its India plan, Apple started working with Taiwanese contract manufacturer Wistron Corp to assemble the iPhone SE in Bengaluru.
Source: Livemint
2. Companies Fear Losing Credit over GST Filing Errors
A company with Rs 100-crore credit in lieu of taxes paid in the past regime, risks losing it now under the goods and services tax (GST) reign simply because of the 'fat finger,' as it is popularly called.
With the 28 August deadline looming for filing returns and ensuring GST compliance, corporates are a deeply concerned lot. The offline utility for GST TRAN 1 form – to be used to claim input tax credit for the pre-GST regime – was not available till Sunday, leaving just a day for filing returns and causing a weekend rush.
In absence of the utility, details had to be filed online with higher chances of error. Tax practioners struggled to meet the deadline, having had to deploy additional manpower to manually key in invoices, some running into thousands.
Source: Economic Times
3. Vodafone CEO Flags Concerns Over Further Cut In Mobile Termination Charges
Vittorio Colao, chief executive officer of Vodafone Group Plc, has written to Telecom Minister Manoj Sinha seeking a cut in interest rate on deferred spectrum payment, and raising concerns over a reduction in mobile termination charges.
Following the crunch in telecom sector, the CEO is looking forward to the Inter Ministerial Group meeting for certain reforms.
He stated in the letter that his hopes are pinned upon the IMG recommending a reduction in interest rates for deferred spectrum payment to 6.25 percent.
Furthermore, calling the reports on reduction in mobile termination charges (MTC) by the Telecom and Regulatory Authority of India (TRAI) as alarming, Colao said it will harm the company’s vast investment in rural and urban spaces.
Source: BloombergQuint
4. Petrol Price up by Rs 6 per Litre Since July, Diesel by Rs 3.67
Petrol price has been hiked by Rs 6 per litre since the beginning of July and is now priced at its highest rate in three years with rates being revised in small dosages daily. Diesel price has increased by Rs 3.67 a litre and now costs Rs 57.03 a litre in Delhi, the highest in four months, according to data from state-owned oil companies.
A litre of petrol costs Rs 69.04 a litre in Delhi, the highest since second-half of August 2014 when it was priced at Rs 70.33. State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost. Prices of petrol and diesel have been revised at 0600 hrs everyday since 16 June.
Rates during the first fortnight dropped but have since 3 July been on the rise. Petrol price was at Rs 65.48 a litre on 16 June in Delhi and it dropped to Rs 63.06 by 2 July.
Source: Livemint
5. Sebi May Bring in Rules for Merger of Mutual Fund Schemes
India’s capital markets regulator intends to introduce rules that will force mutual funds to merge schemes in the same investment categories, driving long-pending consolidation in an industry that has hitherto ignored informal requests for ending the surfeit of plans.
Broadly put, if a mutual fund has two equity schemes with mandates to invest in large-cap stocks, the asset manager will have to merge the investment products once the new rules proposed by the Securities and Exchange Board of India (Sebi) kick in. The step is aimed at improving transparency and reducing the clutter for investors.
The Sebi-appointed mutual fund advisory panel, scheduled to meet 1 September, will discuss the matter, said three people familiar with the development.
Source: Economic Times
6. PSU Banks Take Recovery Action Against 5,954 Wilful Defaulters
Public sector banks have taken loan recovery action under Sarfaesi law against 5,954 wilful defaulters owing about Rs 70,000 crore to the lenders.
At the end of 31 March 2017, 21 banks together have taken action against 5,954 wilful defaulter under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, as per data collated by the Finance Ministry.
The country's largest lender State Bank of India Ltd. has taken action against 1,444 such defaulters with outstanding loan of Rs 20,943 crore.
Remaining 20 banks have taken action against 4,510 wilful defaulters with outstanding loan of Rs 48,496 crore.
Source: BloombergQuint
7. IPOs Worth Rs 2,000 Crore Set for September
At least four companies plan to go public to collectively raise upwards of Rs 2,000 crore in September, four people aware of the development said.
The companies that have firmed up initial share sale plans for the next month include online matchmaking company Matrimony.com Ltd, road developer Bharat Road Network Ltd (BRNL), electronics maker Dixon Technologies (India) Ltd and real estate services provider Capacit’e Infraprojects Ltd, the four people said on condition of anonymity.
So far this year, 15 companies have raised Rs 12,589.94 crore through the IPO route, data from primary market tracker Prime Database shows. In 2015 and 2016, 47 companies raised a total of Rs 40,107 crore through IPOs, the data shows.
Source: Livemint
8. Jio Feature Phone Pre-Booking Suspended on High Demand
Reliance Industries (RIL) has suspended the pre-booking of its newly launched 4G VoLTE feature phone, JioPhone, till further notice after demand for the device far exceeded the target of making available 5 million phones a week.
“The customers can, however, register their details but we are not taking any pre-booking as of now,” said a person familiar with the matter. A message on Jio’s website – uploaded on Sunday – reads that the customers will be informed when the company resumes pre-booking.
RIL and Reliance Jio Infocomm didn’t respond to an email seeking comment. The Mukesh Ambani-led firm had also offered customers the option of booking the device through the offline channels through Jio retailers and multi-brand device retailers, including the Reliance Digital stores network. Sources say pre-booking has stopped across those offline outlets as well.
Source: Economic Times
9. Higher Airport Charges, Taxation Shackle Industry: Naresh Goyal
Raising the issue of increasing airport charges and levies along with high taxation, Jet Airways Chairman Naresh Goyal has said such factors continue to "shackle" the airline industry.
Goyal, in the airline's annual report for 2016-17, sent to the shareholders ahead of the company's AGM next month, also said the existing airport infrastructure has not been able to match with the rapid growth in passenger volumes and aircraft movement.
The Jet Airways Chairman, however, maintained that the domestic aviation sector remains robust and holds out significant opportunities to the players in the space.
"For aviation to truly realise its potential, several areas must be addressed. Escalating airport levies, surcharges and high taxation continue to shackle the industry, " Goyal said.
Source: BloombergQuint
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