1. PM Modi to launch new tax scheme tomorrow
Indian Prime Minister Narendra Modi will launch a new tax scheme – “Transparent Taxation – Honoring the Honest” tomorrow as the nation welcomes 74th Independence Day. The focus of this scheme will be on the simplification of direct tax laws. A reduction in taxes is also expected as the businesses need some space to breathe. The government is also looking to expedite the process of refunds to benefit honest taxpayers.
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2. Saudi Arabia ends a loan and associated oil supply to Pakistan
Saudi Arabia has terminated a loan and its oil supply to Pakistan. This comes after the Pakistan government deteriorated its relationship with the Saudis on the Kashmir Issue. As part of the termination, Pakistan has to pay back $1 billion of the loan amount. Pakistan officials alleged that the Organisation of Islamic Cooperation (OIC) which is led by Saudi Arabia is not doing enough for the Muslims oppressed in Kashmir. Islamabad has even threatened to split OIC if Riyadh fails to initiate a stand-alone session on Kashmir issue.
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3. UK dives into recession with 20% fall in GDP
Economic output of the United Kingdom shrank by 20% YoY for the April-June quarter. This value has fallen below expectations of every analyst. The dual-threat of Brexit and the pandemic induced slowdown is blamed as the reason for the huge fall. The UK economy is highly dependent on its services industry, and the reduced household spending due to shelter at place norms have badly hurt the economy. An estimated 7.5 lakh employees have lost their jobs. This may affect sentiments of markets around the world tomorrow.
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4. Deutsche Banks pumps money into Indian branches
Amid COVID-19, Germany based, Deutsche Bank announced the infusion of Rs 2,700 crore into its Indian operations. This is the second time in as many years that Deutsche Bank has pumped up its Indian branches. This fresh investment shows the confidence it has in the potential of the country. The new capital will aid the bank to expand its operations as it celebrates 40 years since opening its first branch in Mumbai.
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5. NHAI plans to build 22 expressways, projects worth Rs 3.3 lakh crore.
The National Highways Authority of India (NHAI) has decided to boost Indian robust infrastructure dream by building 22 expressways. This project will undertake investment worth Rs 3.3 crore. Special Purpose Vehicles (SPVs) will be formed by NHAI to fund this high requirement. This is done with the perspective that an SPV will have easier access to funds from financial institutions, banks and insurance firms.
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6. TATA Power Q1 results; Double-digit growth in net profits
Tata Power declared their Q1 FY21 results today. They reported a 10.3% rise in net profits at Rs Rs 268.1 crore. Their revenue from operations dropped to Rs 6,453 crore, 17% lower than what was accumulated in the previous year. Though the revenue has fallen, their net profit rose because of lower tax cost and exceptional gain.
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7. Bharat Forge Q1 Results, Revenue down 50%
Bharat Forge on August 12 reported a consolidated loss of Rs 127.32 crore for the June quarter of FY21, against a profit of Rs 171.92 crore in the corresponding quarter a year ago.Bharat Forge on August 12 reported a consolidated loss of Rs 127.32 crore for the June quarter of FY21, against a profit of Rs 171.92 crore in the corresponding quarter a year ago.
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8. Gold prices fall 10% below Rs.50,000 mark
Extending the losses from the previous sessions, gold prices fell nearly Rs 2,000 per 10 grams on Wednesday. From an all-time high of Rs 56,191, gold prices have climbed off Rs 6,236, breaching the Rs 50,000-mark on the downside. Gold prices were seen below Rs 50,000 last time on July 21. With today’s crash in the prices, it is the third consecutive fall today, mirroring the plunge in international rates.
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9. Cummins India announces Q1 Result, consolidated net profit falls ~65% YoY
Cummins India Ltd. announced its quarterly results on August 12, 2020. Consolidated net revenue in Q1FY21 stood at Rs502.82cr, which declined by 62.8% YoY from Rs1,351.72cr in Q1FY20. The consolidated net profit in Q1FY21 came in at Rs53.02cr that declined by 65.25% YoY, as compared to Q1FY20, when it reported Rs152.56cr
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10. Thermax Q1 results: Posts net loss of Rs 15 crore
Thermax Ltd NSE 0.70 % on Wednesday reported a consolidated net loss of Rs 15.27 crore for the quarter ended June 30. It had posted a Rs 62.76 crore net profit during the corresponding quarter of the previous financial year, Thermax Ltd said in a BSE filing.The company during April-June 2020 reported a total income of Rs 685.86 crore. It had posted a total income of Rs 1,414.01 crore in the year-ago quarter.
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11. Labour ministry to soon relax eligibility conditions for those awaiting unemployment benefits
The labour ministry will soon move a proposal to significantly relax the eligibility criteria for availing unemployment benefits under the Employees’ State Insurance Corporation scheme besides enhancing the quantum of benefits to 50% of last drawn wages and double the support period to six months.It will also propose to do away with the condition that the benefit can be availed only once in a lifetime and enhance the tenure of benefit.
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