The government notified the Remission of Duties & Taxes on Export Product (RoDTEP) rates in a bid to help the export sector on August 17. Meanwhile, debt-laden telco, Vodafone-Idea is reported to be in discussions with bondholders to refinance debt worth Rs 6,000 crore. Internationally, the Afghanistan crisis is taking a new shape every day with US President Joe Biden standing by the decision to withdraw troops from the nation. For all these stories and everything in between, here is some top news of the day.
ECONOMY
Govt notifies RoDTEP rates in range of 0.3%-4.3%
The government has notified the Remission of Duties & Taxes on Export Product (RoDTEP) rates in the range of 0.3-4.3 percent. These rates will cover 8,555 tariff lines. RoDTEP support will be available to eligible exporters at a notified rate as the percentage of FOD value. Continue reading
Nomura sees GDP growth stabilising between 7-8% in 2022; expects reverse repo hike by CY21-end
Nomura's Business Resumption Index (NIBRI) has risen above 100 for the first time since the second wave of COVID-19 infections broke out in April. The index took 10 months to crawl back to 100 level after the first wave of coronavirus outbreak. But it took less than three months to climb to 100 after the second one. Experts say NIBRI corroborates with the hunch we had that there will be a second wave at the start of this fiscal year, but its economic impact is not going to be as high as the humanitarian impact. Continue reading
India's e-retail market to overtake modern trade in 5 years
India's e-retail market has reached $38 billion through FY21 despite the overall retail market shrinking by 5 percent and a 7.3 percent contraction in the GDP. Continue reading
MARKETS
Sebi asks NCDEX not to launch the Chana contract till further orders
The markets regulator has asked NCDEX, India's derivate index to not launch the new Chana contract till further orders. Investors cannot take any news position and can only square up the remaining positions, it said. Continue reading
Petronet LNG shares jump 5% amid high volumes
The shares of Petronet LNG, the country's largest gas importer, jumped over 5 percent after positive commentary from management. Continue reading
Sterlite Power files draft papers with Sebi to raise Rs 1,250-cr via IPO
Sterlite Power Transmission is looking to launch an initial public offering to raise over Rs 1,250 crore from the primary market. It has filed preliminary papers with the markets regulators. Continue reading
BUSINESS
Vodafone Idea in talks to refinance over Rs 6,000 crore debt
India's debt-laden telco, Vodafone-Idea is discussing with bondholders to refinance debt worth Rs 6,000 crore. The debt is due in the next six months. The company is also trying to raise fresh funding, over Rs 25,000 crore as company's promoters are not willing to put in more money in the venture. Continue reading
Amazon vs Future case: Delhi HC pushes for compliance directing attachment of FCPL, FRL, Biyani assets
Delhi High Court is pushing for compliance for its single judge behcn order, directing attachment of Future Retail Limited and Future Coupons Pvt Ltd. The court has also said that failure to secure a stay from the Supreme Court will cause HC to enforce its order instead. Continue reading
Grofers set for 10-minute grocery delivery in 10 cities
Online grocery delivery platform Grofers is looking to reduce the delivery time from 15 minutes to below 10 minutes for every customer in India. Grofers’ services are available in Delhi, Gurugram, Mumbai, Bangalore, Hyderabad, Kolkata, Jaipur, Ghaziabad, Noida and Lucknow. Continue reading
INDIA
Home Ministry introduces 'e-Emergency X-Misc Visa' for entry into India from Afghanistan
The Ministry of Home Affairs has introduced a new category of electronic visa called “e-Emergency X-Misc Visa” to fast-track visa applications for entry into India from Afghanistan. The visa provisions were reviewed in view of the situation in Afghanistan, said the spokesperson at the Ministry of Home Affairs. Continue Reading
India asks US court to reject Cairn's $1.2 billion suit
The Indian government has asked a federal court in Washington to dismiss Britain’s Cairn Energy suit seeking enforcement of a $ 1.2 billion arbitral award, saying it had sovereign immunity under US law. Continue Reading
INTERNATIONAL
Biden defends Afghanistan decision, blames Afghan army's unwillingness to fight
President Joe Biden said on Monday he stood "squarely behind" his decision to withdraw US troops from Afghanistan despite searing images of chaos in Kabul that exposed the limits of US power and plunged him into the worst crisis of his presidency. Continue Reading
China issues draft rules banning unfair competition in the internet sector
Chinese regulators on Tuesday issued a lengthy set of draft regulations for the internet sector, banning unfair competition and restricting the use of user data, the latest move in a crackdown on the country's powerful tech companies. Continue Reading
(Edited by : Abhishek Jha, Aditi Gautam)
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