QBiz: Bitcoin Posts Longest Rally in Aug; Cyrus Mistry Moves NCLAT
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1. Bitcoin Posts Longest Rally in a Month as Charts Turn Bullish
Bitcoin advanced for a fourth day, exceeding $7,000 in its longest winning streak in more than a month, and with momentum indicators suggesting the rally has further to run.
The biggest cryptocurrency climbed as much as 4.7% on Tuesday, 28 August, to $7,035, the highest since 3 August, on course for the first close above its 50-day average since July, according to composite weekday prices on Bloomberg. Other cryptocurrencies were swept up in the move, with Ripple, Ethereum and Litecoin also advancing at least 3.5%.
2. Reliance Jio Inches Closer to Bharti Airtel in Terms of Revenue Market Share
Reliance Jio Infocomm has dislodged Vodafone Indian and closed to the gap with market leader Bharti Airtel in revenue market share, helped by strong performance in the rural mobile markets and aggressive pricing that has left rivals struggling.
Less than two years since starting 4G services, Mukesh Ambani-controlled Jio’s RMS widened 253 basis points (bps) on-quarter to 22.4% at the end of June, financial data put out by the Telecom Regulatory Authority of India (TRAI) showed.
(Source: The Economic Times)
3. Gross NPAs of Banks May Improve to 10% in March 2019: Report
The gross non-performing assets (GNPAs) of the banking sector is likely to improve to 10 per cent in March 2019, from 11.52 percent as on June 30, 2018, as nearly 60 percent of the bad loans of the sector are under active resolution, a report said on Tuesday, 28 August.
The net NPA is also expected to decrease to 4.3 percent, from 5.92 percent as of June-end this year, ICRA said in its report.
The rating agency, however, cautioned that GNPA and NNPA may be higher at 12.2 percent and 5.6 percent, respectively, in absence of resolution.
(Source: The Hindu Business Line)
4. EESL to Get $220 Mn From IBRD for Green Projects
The International Bank for Reconstruction and Development (IBRD) will provide $220 million in funding for energy-efficiency projects run by state-owned Energy Efficiency Services Ltd (EESL), the World Bank said on Tuesday, 28 August.
The move, which is expected to help India’s efforts towards becoming a low-carbon economy, comes against the backdrop of the National Democratic Alliance (NDA) government working on a multi-pronged strategy for achieving its climate change commitments, with measures ranging from combating air and water pollution to global engagement along with managing energy demand.
5. Jet Airways Gets $300 Million as Lease Incentives and Debt from Banks
Cash-crunched Jet Airways today said it has received an additional equity of $ 300 million in the form of advance lease incentives and borrowings from domestic banks. The airline, which reported a second consecutive quarterly loss of over 1,300 crore in three months to June, also reiterated that both the airline and its auditors were on the same page and there was no difference of opinion.
The company got an additional equity of $ 300 million from lease incentives and bank borrowings, Jet Airways deputy chief executive officer and chief financial officer Amit Agarwal on Tuesday, 28 August, said during an analysts call post June quarter earnings.
Agarwal, however, did not give the breakup, but said, “A large proportion of it came from lease incentives.
(Source: The Indian Express)
6. Government to Vet GST, Income Tax and Transfer Pricing Filings to Find Leakage
The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter.
Goods and services tax (GST) returns, income tax filings and transfer pricing submissions will be analysed and synchronised in a manner that hasn’t been possible before, they said.
Multinationals including banks, fast-moving consumer goods (FMCG) companies, tech firms and automobile manufacturers fear that such cross-referencing of data will lead to increased scrutiny and eventually higher tax outgo.
(Source: The Economic Times)
7. 0.1% SIT Applies to Physical Settlement in Equity Derivatives, Clarifies CBDT
Delivery-based or physical settlement in the equity derivatives segment will attract securities transaction tax (STT) of 0.1 per ent, the Central Board of Direct Taxes (CBDT) told the Bombay High Court on Tuesday, 28 August.
The clarification comes after Mumbai-based stock brokers association ANMI dragged the NSE to court on the levy of STT on the newly-introduced physical settlement of equity derivatives trades. ANMI had in particular challenged the NSE’s 17 July circular that said the exchange reserves the right to collect more STT from brokers retrospectively if specified by the Tax Department.
A division bench of Justice BR Gavai and SM Karnik had last week directed Additional Solicitor General Anil Singh, appearing for the CBDT, to clarify the point.
(Source: The Hindu Business Line)
8. Ousted Tata Chairman Cyrus Mistry Moves NCLAT
Ousted Tata group chairman Cyrus P Mistry has approached the National Company Law Appellate Tribunal against the order of the Mumbai Bench of NCLT which upheld his removal as chairman of the company.
Mistry has filed the petition in his personal capacity, requesting the appellate tribunal to set aside the impugned order passed by the National Company Law Tribunal on 9 July.
Besides, Mistry has also requested the appellate tribunal to pass any other relief, which it deems fit by it. Mistry’s petition is listed tomorrow at the NCLAT for hearing.
9. LIC Begins the Acquisition Process of IDBI Bank; To Raise Stake by 7%
IDBI Bank on Tuesday, 28 August, said Life Insurance Corporation (LIC) will buy additional 7 percent stake in the bank, a move that will eventually lead to acquisition of 51 percent shareholding in the lender. The first round of stake sale will help the debt-ridden lender to meet immediate capital requirement, sources said. In August, the Union Cabinet had approved LIC’s proposed acquisition of up to 51 percent stake in debt-ridden IDBI Bank.
At present, insurance behemoth LIC holds 7.98 percent stake in the debt-ridden public sector bank.
(Source: The Financial Express)
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