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Reliance tears into govt affidavit, says no final arbitration award due Financial Express
Reliance Industries has mounted a strong counter to the government petition in the Delhi High Court seeking to block its USD 15 billion deal with Saudi Aramco, saying ?the petition is an abuse of process as no arbitration award has fixed any final liability of dues on the company.
Sensex struggles in early trade, RIL falls 2% Surajit Dasgupta, Mint
Indian markets struggled in early trade today amid some selling pressure in Reliance Industries or RIL shares. The Sensex was down 72 points at 41,609 while Nifty traded lower at 12,264. Titan Company, UltraTech Cement, Nestle India have been added to BSE Sensex from today whereas Tata Motors, Tata Motors DVR, Vedanta, and Yes Bank have been removed. Titan shares were up 2% in early trade.
RBI goes for ‘Operation Twist’ to bring down long-term rates George Mathew, Indian Express
On December 19, the Reserve Bank of India decided to conduct its version of ‘Operation Twist’ through simultaneous purchase and sale of government securities under Open Market Operations (OMOs) for Rs 10,000 crore each on December 23. Operation Twist is the name given to a US Federal Reserve monetary policy operation, which involves the purchase and sale of government securities to boost the economy by bringing down long-term interest rates.
Glitches in ITR processing lead to bloated tax liability on capital gains Sugata Ghosh, Economic Times
Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies.
RBI's Operation Twist has just delivered a windfall to some MF investors Ami Shah, Economic Times
Long-duration and dynamic bond funds are likely to be the biggest beneficiaries of the Reserve Bank of India’s (RBI) surprise decision to emulate the Federal Reserve’s ‘Operation Twist’. RBI on Thursday said it will conduct a simultaneous sale and purchase of bonds, in a move seen by market participants as an attempt to bring down long-term yields.
Anand Mahindra to become non-executive chairman, M&M board approves transition Money Control
The board of Mahindra & Mahindra (M&M) has approved the transition of Anand Mahindra's role from chairman to non-executive chairman, the automajor said in a statement. Pawan Goenka has been re-designated as the managing director and CEO up to November 11, 2020.
Public sector bank unions to join January 8 general strike: Report Money Control
The latest entrant in the January 8 national general strike are bank unions, according to a report in Business Standard. The call in the banking sector has been jointly given by five unions -- All India Bank Employees Association (AIBEA), All India Bank Officers Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees' Federation (INBEF) and Indian National Bank Officers Congress (INBOC).
RBI says govt’s counter-cyclical measures beginning to play out Economic Times
The Reserve Bank of India (RBI) remains concerned about the slower pace of rate cut transmission in the economy while the sudden spurt in food inflation, though seasonal, seems to have put policy makers at the central bank on alert.
RoC may soon classify Tata Sons as ‘public company' Kala Vijayaraghavan & Rashmi Rajput, Economic Times
The Registrar of Companies (RoC) is studying Wednesday’s judgment by the National Company Law Appellate Tribunal (NCLAT) on the Tata-Mistry dispute, and may soon change Tata Sons’ classification to a ‘public company’ from a ‘private company’.
Tata weighs options after NCLAT shock, will move Supreme Court in January Jayshree P Upadhyay, Mint
The Tata group is likely to approach the Supreme Court in the first week of January to obtain a stay against the immediate reinstatement of Cyrus Mistry as the director of three Tata group companies from which he was ousted, two people with direct knowledge of the matter said. The three group companies are Tata Consultancy Services Ltd (TCS), Tata Industries Ltd and Tata Teleservices (Maharashtra) Ltd. The appeal will also seek a stay on the other directions laid down in the NCLAT order.
We are killing telecom industry in a way that is not conducive: Sunil Mittal Mint
Billionaire Sunil Bharti Mittal on Thursday said a combination of rock-bottom tariffs and high consumption is killing the telecom industry and sector regulator Trai needs to urgently intervene to strike a balance between the needs for protecting investments and consumer interest.
Gold price unchanged at Rs 38,112 per 10 grams, silver down Rs 75 to Rs 44,200 per kg Money Control
Gold prices remained unchanged at Rs 38,112 per 10 grams in Mumbai's bullion market as investors await details on the trade deal between the US and China.
Nifty around 12,200, Sensex in the red; Yes Bank slips 4% Money Control
CARE Ratings Limited (CARE) has placed the ratings on commercial papers of JSW Energy Limited, JSW Energy (Barmer) Limited and JSW Hydro Energy Limited on ‘Credit Watch with Negative Implications’.
GST Council Meeting: No rate hike, vote for single lottery rate Nikhil Agarwal, Mint
The all-powerful GST Council, in its 38th meeting here on Wednesday, voted for uniform rate of 28% on lotteries across the country. Despite pressure to boost revenues amidst a shortfall, the GST Council chose not to tamper with the rates. It was decided to extend the annual date of GSTR 9 filing to January 31, 2020 and waive waive late fee for all taxpayers who have not filed GSTR1 from July 2017 to November 2019.
GST Council likely to leave tax rates unchanged Gireesh Chandra Prasad, Mint
Federal indirect tax body, the Goods and Services Tax (GST) Council, is likely to leave tax rates unchanged at its meeting on Wednesday and instead, will explore maximising the realisation of revenue by checking tax evasion, three people aware of discussions between union and state governments said.
Big relief for Airtel, Vodafone Idea! Zero-IUC regime put off for a year Financial Express
The Telecom Regulatory Authority of India (Trai) on Tuesday avoided a disruption in the telecom sector by retaining the current termination rate of 6 paise per minute for another year — January 1, 2020, to December 31, 2020 — after which the rate will become zero.
Uday Kotak best suited to acquire Yes Bank, says two top bankers Mint
Two of India's top bankers on Tuesday opined that Kotak Mahindra Bank (KMB) is best suited to acquire smaller and capital-starved rival Yes Bank. Yes Bank's capital buffers have dipped on accelerated non-performing assets recognition under new chief executive Ravneet Gill earlier this year.
Ahead of key meet, Centre releases ₹35,298 cr GST compensation to states and UTs Mint
Ahead of the crucial GST Council meeting, the Centre on Monday released about ?35,000 crore to states and Union Territories as pending compensation. The GST Council, the highest decision making body of the indirect tax regime, is slated to hold its meeting on December 18.
Housing sales may rise marginally by 4% in 2019: Report Economic Times
Housing sales are estimated to rise by mere 4 per cent to 2.58 lakh units across seven major cities during this calendar year on subdued demand because of liquidity crunch and overall economic slowdown, according to property brokerage firm Anarock.
Essar deal to expedite recoveries: Rajnish Kumar, SBI chairman Joel Rebello, Economic Times
State Bank of India is set to get about Rs 12,161 crore as the largest acquisition through the three-year-old Insolvency and Bankruptcy Code (IBC) is completed on Monday. Essar Steel’s sale to the Arcelor Mittal-Nippon Steel consortium will also allow two of the world’s top three steel makers to gain a foothold in the growing Indian market, giving tough competition to incumbents Tata Steel and JSW Steel.
Four factors behind Sensex's 428 point rally Economic Times
The benchmark equity index BSE Sensex advanced 428 points in Friday's session following firm global cues and buying in select blue chips counters. Vedanta, Tata Motors and YES Bank were up over 3.50 per cent each. The 50-share Nifty ended near the 12,100 mark.
Yes Bank stake sale: CEO Ravneet Gill clears air on potential investors Business Today
Yes Bank Chief Executive Officer (CEO) Ravneet Gill has cleared the air on the issue of potential investors in the private lender, saying major European financial institutions who are well-regulated, have shown interest in buying stake and that it would reveal their names soon.
Ujjivan Small Finance Bank gains 51% on the first day Money Control
Shares of Ujjivan Small Finance Bank closed with a gain of 51 percent on the listing day, December 12, on the back of buying interest from investors and strong subscription seen during IPO.
Bharat Bond ETF opens for subscription, aims to raise up to ₹15,000 crore Mint
The ambitious Bharat Bond ETF, through which the government seeks to collect up ?15,000 crore, opened for public subscription on Thursday. Edelweiss Asset Management Company (AMC) is managing the issue of Bharat Bond ETF, the first corporate bond exchange-traded fund in the country.
India’s growth, inflation dynamics becoming as complex as an onion Aparna Iyer, Mint
Pricing power is a thing of the past in India, unless you are growing onions. A glance at the latest retail inflation shows that core inflation, which captures manufacturing and services activity, remained modest at around 3.5% for the third straight month in November.
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