May 04, 2018 03:07 PM IST | Source: Moneycontrol.com
News Live: GST Council agrees to buy 51% stake held by private entities in GSTN, defers decision on levying sugar cess
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
Top
highlights
Sebi keeps HDFC AMC's IPO in abeyance
India tops list of fastest growing economies for coming decade: Harvard study
Rupee at 65-66 against dollar reflects 'fair valuation': DEA Secretary
SoftBank plans to pump $1tn into solar in India
Lenders fret as insolvency cases miss deadlines, hope delays yield better returns
Coca-Cola launches new nutrition drink priced at Rs 5
Technology can help India leapfrog into inclusive growth: Bill Gates
US warns China of 'consequences' of military buildup in South China Sea
Bank deposit growth falls to five-decade low
Hawaii's Kilauea Volcano erupts, forcing evacuations
Jack Ma's Ant Financial adds two new money market funds to its platform
Coca-Cola to launch over 10 products a year through incubation
Dish TV may retain Videocon brand for next 2 years: Report
India services growth picks up pace in April as demand improves
Welfare of farmers is our priority, says BS Yeddyurappa
GST Council meet: Govt may simplify tax return filing
Indian Railways to lease goods sheds to Amazon, Coca-Cola to boost revenue
Berkshire Hathaway bought 75 million more Apple shares in first quarter: Report
BJP govt approved 33% reservation for women in police force: PM Modi
Ex-Volkswagen CEO Winterkorn charged in US over diesel scandal
20 feared dead as Delhi-bound bus skids off highway in Bihar
Axis Bank gives clean chit to its officials in WhatsApp leak case
Bharti Airtel plans to sell 25% in Africa unit to raise up to $1.5 billion
Twitter urges all users to change passwords after glitch
Flipkart’s Sachin Bansal may exit if Walmart deal goes through
Railway registers worst punctuality in 3 years, 30% trains running late in 2017-18
Trump has all but decided to withdraw from Iran nuclear deal
Finance Minister Arun Jaitley says the GST Council has agreed to buy the remaining 51 percent stake held by the private entities in the GSTN. Moneycontrol had earlier reported that the GST Council will increase the government's stake in GSTN to 100 percent in today's meeting.
Here are the top headlines as of now with Moneycontrol's Sakshi Batra.
JUST IN | Bombay High Court has granted bail to the former Maharashtra Deputy chief minister Chhagan Bhujbal in PMLA case.
Sugarcane farmers are in deep distress. A separate group of five ministers within two weeks will make a recommendation to meet contingency of this kind when the cost of a commodity is higher than its selling price. Committee will be announced with in the next two days: FM Arun Jaitley.
Eventually, the Central government should hold 50 percent and state governments will hold 50 percent collectively. The collective share of state governments will be pro-rata divided among the states as per their GST ratios: FM Jaitley
In the original structure of GSTN, 49 percent stake was held by the government while the balance 51 percent by other entities. "I had made a suggestion that this shareholding of 51 percent should be taken over by the government and divided equally between states and Center," FM Jaitley said.
There were several items on the agenda and detailed discussion on the first year's revenue collection. Members expressed satisfaction over revenue growth: Union finance Minister Arun Jaitley said.
Stressing on the urgency on sugar cess matter, Finance Minister Arun Jaitley said that viewpoints on sugar cess was extensively discussed during the meeting.
JUST IN | GST Council’s meeting has just ended and the council has deferred the decision on levying sugar cess. Most sugar stocks have recovered from the day’s low.
Sebi keeps HDFC AMC's IPO in abeyance
Sebi has kept HDFC Asset Management Company's proposed IPO in abeyance "for examination of past violations," the latest update with the markets regulator showed. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The fund house had filed preliminary papers with Sebi in March, seeking approval to float an initial public offering.
Here are the top headlines as of now with Moneycontrol's Anchal Pathak.
Emami: An excellent play on a recovery in rural demand
Emami's Q4 FY18 sales were up 8 percent YoY (like for like 12 percent adjusted for GST) led by 9 percent domestic volume growth (vs.
India tops list of fastest growing economies for coming decade: Harvard study
India tops the list of the fastest growing economies in the world for the coming decade. It is projected to grow at 7.9 percent annually, ahead of China and the US, according to a Harvard University report. The Centre for International Development at Harvard University (CID) said that countries that have diversified their economies into more complex sectors, like India and Vietnam, are those that will grow the fastest in the coming decade.
Rupee at 65-66 against dollar reflects 'fair valuation': DEA Secretary
The Indian rupee at 65-66 per US dollar is its "fair" value and does not require any intervention, Economic Affairs Secretary Subhash Chandra Garg said, allaying concerns of the impact of a dropping currency on the economy. With oil stabilising around USD 75 per barrel and India allowing foreign portfolio investors (FPIs) to invest in treasury bills, the rupee would be around 66-67 to a dollar for some time, Garg, who is here to attend a meeting of the Asian Development Bank (ADB), said.
SoftBank plans to pump $1tn into solar in India
SoftBank is reportedly planning to pour a whopping 1 trillion dollars in India by 2030, to develop solar power projects. The firm is demanding the government to fix electricity tariffs in dollars.
Rallis India: New products to drive future growth
Rallis India, a Tata group entity, reported a weak Q4 FY18 performance on the back of a challenging Rabi season. Earnings before interest tax and depreciation (EBITDA) margins contracted almost 320 basis points (bps).
Here are the top headlines as of now with Moneycontrol's Sakshi Batra.
Lenders fret as insolvency cases miss deadlines, hope delays yield better returns
The fate of a few of the 12 stressed accounts facing insolvency proceedings — including Essar Steel and Binani Cement — hangs in the balance as court cases are delaying the resolution process beyond the stipulated deadline of 270 days.
Read the full report here.
Honda narrows gap with Hero for #1 spot in two-wheeler space
Hero Motocorp's, lead was down to just 41,491 units in April over rival Honda.
Coca-Cola launches new nutrition drink priced at Rs 5
Coca-Cola launched two new products in the country on May 3, entering the enhanced hydration and nutritious dilutables segment. The company has priced one of the products as low as Rs 5. Aquarius Glucocharge, a fruit juice, costs Rs 10 for a 200 ml serving. Minute Maid Vitingo, a formulation that comes in dilutable sachets, will be priced at Rs 5 for an 18 gm sachet.
Technology can help India leapfrog into inclusive growth: Bill Gates
The use of technology coupled with bold decisions can help India leapfrog into inclusive growth and improve the quality of health and education, Microsoft co-founder Bill Gates has said. Appreciating Prime Minister Narendra Modi's 'Digital India' campaign along with the socio-economic reforms, Gates said that digitalisation could help monitor quality and eventually help the education system.
US warns China of 'consequences' of military buildup in South China Sea
The US today warned China that it would face ‘consequences’ for military buildup in the disputed South China Sea where Beijing has deployed anti-ship cruise missiles and surface-to-air missile systems. White House Press Secretary Sarah Sanders said that the Trump administration has raised the issue with the Chinese leadership.
Bank deposit growth falls to five-decade low
Bank deposit growth falls to a five-decade low to 6.7 percent in the fiscal year ended March 2018. Bankers say the reversal from the huge deposits post demonetisation and the steady movement of savings away from bank deposits has hit growth.
Here are the top headlines as of now with Moneycontrol's Anchal Pathak.
Hawaii's Kilauea Volcano erupts, forcing evacuations
The Kilauea Volcano on Hawaii's Big Island came to life on Thursday, belching ash into the sky and spewing fountains of lava in a residential area where people were ordered to leave their homes, officials said. The eruption occurred after a series of earthquakes on the island over the last couple of days, including a 5.0 tremor at about 10:30 a.m., the U.S. Geological Survey reported on its website.
Jack Ma's Ant Financial adds two new money market funds to its platform
Chinese billionaire Jack Ma's financial technology unicorn Ant Financial Services Group is adding two new money market funds to its online wealth management platform Yu'e Bao, which is already the world's biggest money market fund.
On Firefighters’ Day a look at fire fatalities across states. (Image: Network18 creative)