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Mar 08, 2018 09:02 AM IST | Source: Moneycontrol.com
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highlights
GST Council may further delay rollout of e-way bill by 5-6 months
PE investments scale all-time high of $21bn in 2017
CCEA nod to Rs 1,151.80cr scheme to address stubble burning
Tata Steel bags Bhushan Steel; Liberty House gets Amtek Auto
Cabinet approves relief measures for telcos
TDP to pull out of NDA govt, keeps door for alliance with BJP ajar
Trump is the biggest risk facing Asian stocks, say fund managers
GST Council may further delay rollout of e-way bill by 5-6 months
The GST Council meeting on Saturday will consider proposals to further delay rolling out the e-way bill system by five to six months and levy GST on a concentrated form of alcohol. The 26th GST Council meeting will also try to reach a consensus on simplifying tax returns. The GST Council meeting is expected to make it easier to explore consensus on technical issues relating to tax rebates that are proving to be a stumbling block in simplifying tax returns, sources told Mint.
PE investments scale all-time high of $21bn in 2017
For private equity (PE) investments in India, year 2017 was a milestone clocking $21 billion, the highest yearly value, across 735 transactions, the sixth edition of Grant Thornton's The Fourth Wheel 2018 report states. "The year recorded a 54% jump in values at $21 billion in 2017, despite a 24% decline in volumes. This indicates significant jump in average deal sizes," it said
The report reveals that 2017 saw six $500 million plus investments compared to only three in 2016. It witnessed 25 investments valued between $100 million and $400 million compared to 19 in 2016, signalling the revival of big-ticket investments and larger stake acquisitions.
CCEA nod to Rs 1,151.80cr scheme to address stubble burning
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a new scheme worth Rs 1,151.80 crore to provide subsidised farm machineries to farmers in Delhi and adjoining states to address stubble burning and curb air pollution in the national capital. The new central scheme will be implemented for two years.
Out of the total approved funds, Rs 591.65 crore will be spent in FY19 and the balance Rs 560.15 crore in the next financial year, an official statement said. The new scheme 'Promotion of agricultural Mechanization for in-situ management of crop residue' with 100% central share will be executed with the Delhi government along with neighbouring states Uttar Pradesh, Punjab and Haryana.
Tata Steel bags Bhushan Steel; Liberty House gets Amtek Auto
Two of the high profile auctions under National Company Law Tribunal took a definite step towards culmination on Wednesday. While Tata Steel’s bid was formally identified as the “highest evaluated compliant resolution” for Bhushan Steel, Liberty House was chosen as the preferred H1 bidder for Amtek Auto. To read the complete story, click here…
US trade deficit hits nine-year high on falling exports
The US trade deficit swelled in January to its largest level in nearly a decade as oil prices rose and the world's biggest economy sold fewer aircraft, government data showed. In the first month of the year, the US trade gap rose 5% over an upward-revised December to $56.6 billion, its highest level since October of 2008. This put January up 16.2% over January of 2017, with exports trailing imports.
Commerce Department figures showed January exports fell 1.3% to $200.9 billion, the largest decrease in 16 months, as aircraft exports decreased in value by $1.8 billion and international sales of industrial supplies like crude oil and other chemicals fell by $1.3 billion. Imports were unchanged at $257.5 billion, which is still 5% over their level in January of 2017.
Cabinet approves relief measures for telcos
In a bid to provide relief to financially stressed telecom sector, the Cabinet on Wednesday allowed telcos to pay for spectrum over 16 years instead of 10 years and permitted them to hold more airwaves. It also relaxed caps on holding spectrum, helping ongoing mergers like that between Vodafone and Idea as the combined entity would have breached the current limits in certain circles.
The spectrum cap relaxation would also help billionaire Mukesh Ambani's Reliance Jio to acquire spectrum of Reliance Communications in certain bands. An official statement issued after the Cabinet meeting stated that the government will receive Rs 74,446.01 crore more as a result of deferring spectrum payments till 2034-35.
TDP to pull out of NDA govt, keeps door for alliance with BJP ajar
The TDP on Wednesday night decided to pull out of the NDA government at the Centre and asked two of its ministers in the Modi government to tender their resignation on Thursday, but kept the door for ties with the BJP ajar. The TDP took the ‘painful decision in the interest of the state’ as it was left with ‘no other option’, party chief and Andhra Pradesh Chief Minister N Chandrababu Naidu said.
The two ministers in the Modi government are Civil Aviation Minister Ashok Gajapathi Raju and Minister of State for Science and Technology YS Chowdary. In a tit-for-tat action, the two BJP ministers in the Naidu government - K Srinivasa Rao and T Manikyala Rao - too announced their decision to quit.
Trump is the biggest risk facing Asian stocks, say fund managers
When it comes to betting on Asian equity markets this year, it seems all roads lead to the White House. As regional markets continued to suffer the consequences of Donald Trump’s proposed steel and aluminium import tariffs, fund managers like BlackRock’s Helen Zhu and Janus Henderson Investors’ Wee May Ling expressed concern that trade tariffs could broaden to other sectors, reports Bloomberg That, in turn, could lead to a further deterioration in the US-China trade relationship and impact stocks across Asia.