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QBiz: Govt Crackdown on Black Money, Maruti Stock Surges and More

QBiz: Read the top business stories of the day. 

Published
Business
3 min read
(Photo: iStock)

1. Govt Looks to Curb Domestic Circulation of Black Money

After cracking down on unaccounted money stashed abroad by Indians, the government is now working to curb domestic flow of black money, by plugging gaps in regulations.

At present, the Central Board of Direct Taxes is looking to rationalise income-tax rules; the move includes widening of coverage for mandatory quoting of permanent account number for specified transactions.

Also, it is considering expanding the scope of mandatory annual information returns for third-party agencies, to capture greater information, in line with the government’s efforts to build a large database for checking tax evasion and the flow of black money in the economy.

Read more here.

2. India to Grow Faster Than 7.5 Per Cent in Coming Years: PM Narendra Modi

Projecting India as a bright spot amid global slowdown, Prime Minister Narendra Modi said the country is “running at” 7.5 per cent and will grow “even faster” in the coming years.

“India is today the fastest growing major economy in the world…We are running at 7.5 per cent per year, but will grow even faster in the coming years,” he said while addressing the Indian diaspora on the second day of his three-day visit to Malaysia.

Read more here.

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3. Only Jabong Loss-Making in GFG Clan

Jabong, part of Rocket Internet’s Global Fashion Group (GFG) portfolio of 10 odd companies, which together reported revenues of $901.61 million in H12015, fared relatively poorly. Apart from the Indian outfit, all the others posted gross profits. Moreover, Jabong’s revenues grew at the slowest pace of 26.5% year-on-year in the six months to June.

The online fashion retailer has been in the news after co-founders Praveen Sinha and Arun Chandra Mohan exited and Nils Chrestin, chief financial officer at GFG was brought in to act as the interim CEO.

Read more here.

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4. SBI Tags Mallya, His 2 Firms as Wilful Defaulters

After a protracted legal battle, State Bank of India (SBI) has declared industrialist Vijay Mallya a ‘wilful defaulter’ for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines.

“SBI has declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings as wilful defaulters,” according to PTI.

Read more here.

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5. Centre to Give Rs 3,250 Crore for Decongestion, Development Work in Delhi

The Urban Development Ministry has decided to give a total of Rs 3,250 crore to the Aam Aadmi Party-led Delhi government, DDA and North Corporation to decongest the city and carry out several development projects, its minister M Venkaiah Naidu today said.

Naidu made the announcement here at the launch of ‘Swachch Delhi Abhiyan’ to be held from November 22-30 that seeks to clear the capital of garbage and construction waste.

Read more here.

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6. Sensex PE to Come Down With the Inclusion of Asian Paints & Adani Ports

Come December 21, the valuation of India’s stock benchmark Sensex may end up being cheaper. Reason: The exchange will replace lossmaking Vedanta and under performer Hindalco with profitable Asian Paints and Adani Ports & SEZ in the index.

The immediate impact would be seen on Sensex’s price to earnings ratio, a widely tracked valuation measure, which is expected to come down by at least 150 basis points.

Read more here.

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7. Maruti Stock Surges 28 Per Cent in Six Months

Maruti Suzuki has delivered a return of 28 per cent in the last six months – the highest stock return among global auto makers with more than $5-billion market capitalisation.

The median return of the global auto makers in this category was -10.43 per cent, according to data compiled by ETIG from Bloomberg.

Read more here.

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8. Rise in Oil Consumption Hints at Likely Economic Liftoff

A bunch of key barometers of economic health has shown steady improvement in the past months, an encouraging sign that growth may be finally picking up momentum.

Commercial vehicle sales, a key indicator to activity in the economy, have been buoyant of late. While passenger vehicle sales have also been up, consumption of petrol and diesel has surged as crude prices have remained soft. Sales of petrol by volume have been rising for three months in a row, diesel by two and passenger cars for seven.

Read more here.

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9. Investors Demand Higher Returns on Corporate Bonds

Despite the recent default by Amtek Auto, which failed to pay bond holders on the due date, investors aren’t really staying away from the corporate bond market.

To be sure they’re asking for more to compensate for what could be ‘perceived’ higher risk. That’s evident from the fairly sharp rise in yields on corporate bonds, that don’t command a top quality rating. But they’re buying nevertheless.

Read more here.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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