The Central Bureau of Investigation (CBI) has accused Chief Minister Arvind Kejriwal of being the "sutradhar" in the excise policy scam. The CBI claimed that Kejriwal signed the excise policy, circulated it to his colleagues, and received their signatures within a single day during the COVID-19 pandemic. The CBI also filed its final chargesheet against Kejriwal, stating that he was present at the time Vijay Nair brought a copy of the excise policy to be entered into a computer.
The bench disposed of a petition filed by Mangalam Organics Ltd seeking contempt action against Patanjali for selling its camphor products despite a restraining order from the court.
The power and energy sector in India is projected to see a 9.01% workforce growth in the first half of 2024-25, driven by government initiatives towards a low-carbon future, according to a TeamLease Services report. The report indicates that 62% of organizations plan to expand their workforce, with Delhi, Bengaluru, and Mumbai leading in job locations.
Income tax payment: You can pay the income tax amount through net-banking, UPI, debit card, credit card and UPI QR. "Recently, the Canara Bank payment gateway on the Income Tax website began accepting American Express (AMEX) cards for tax payments. They are charging a fee of 0.9% plus GST for these transactions," as per Ankur Mittal, co-founder, cardinsider.com
The Supreme Court has requested responses from Ajit Pawar and his 40 MLAs regarding a plea from Sharad Pawar's faction challenging the Maharashtra assembly Speaker's decision recognizing Ajit Pawar's group as the legitimate NCP. The court will also address a similar petition from the Uddhav Thackeray camp.
He added that during the quarter, ATGL received approval from the regulator for the transfer of a Letter of Authorization for the Jalandhar geographical area (GA) which provides high volume growth opportunity to the company.
Tata International plans to increase its sustainable leather production from 27% to 50% by FY28. Manufactured under the Earthcare brand, including Phoenix Leather, the sustainable leather is produced in Dewas. Despite post-Covid challenges, demand is recovering in key markets. Tata collaborates with top global brands and benefits from India's reduced customs duty on certain leather types.
Union Labour Minister Mansukh Mandaviya assured that India's unemployment rate will drop below 3%, having already decreased from 6% to 3.2% since 2017-18. He credited the government's employment generation efforts. Finance Minister Nirmala Sitharaman introduced schemes to support new jobs, skill development, and higher education, aiming to create 50 lakh new jobs and benefit millions.
Now it is the third part, which is more important, growth and that too profitable growth. Is now the street getting ready to re-rate them because of loan book growth, which is showing green shoots due to the capex cycle starting back.
The Quad also said that it was working for early operationalisation of its South Asia programme through India's Information Fusion Centre for the Indian Ocean Region.
Ola Electric targeted a $734 million raise in India's largest domestic IPO this year, with a $4 billion valuation. The IPO will issue new shares worth $657 million and offload $77 million from existing investors. The funds will support capital expenditure and R&D, as the company shifts focus from electric cars to e-scooters and potential electric motorcycles.
Under the OFS, up to 8.5 lakh equity shares by Swapnil Jatinbhai Shah, up to 5.5 lakh equity shares by Ashokkumar Vijaysinh Barot, up to 3 lakh equity shares by Sangeeta Mukur Barot and up to 10 lakh by Prakash M Sanghvi will be offloaded.
Banks struggled with a backlog in debt recovery, expected to take seven years to clear at the current pace. Over 2 lakh cases pending at Debt Recovery Tribunals prompted government plans to boost DRT and NCLT capacity, strengthening the Insolvency and Bankruptcy Code. Initiatives aim to enhance debt recovery efficiency and reduce the burden on existing tribunals.
The government's debt, including external borrowing and other liabilities, is expected to rise to Rs 185 lakh crore (56.8% of GDP) this fiscal year, up from Rs 171.78 lakh crore (58.2% of GDP) in March 2024. India’s GDP reached USD 3.57 trillion in 2023-24. Private final consumption expenditure grew 6.8% in 2022-23 and 4% in 2023-24
India's Ashwini Ponnappa and Tanisha Crasto suffered their second consecutive group stage defeat in the women's doubles badminton competition at the Paris Olympic. They lost 11-21 12-21 to the world number four Japanese duo of Nami Matsuyama and Chiharu Shida in the 48-minute Group C match.
Infosys co-founder NR Narayana Murthy highlighted significant challenges India faces in its quest to rival China's manufacturing prowess at the ‘ELCIA Tech Summit 2024.’ He emphasized the need for improved public governance and government support to achieve manufacturing growth. Murthy also discussed the importance of market assessment for entrepreneurs and expressed confidence in human creativity's resilience against AI's rise.
The industry-wise distribution of cyber attacks shows that the automotive industry is the most vulnerable to such incidents, the report said.
SBI Innovative Opportunities Fund is an open-ended equity scheme focused on the innovation theme. The NFO is currently open for subscription and will close on August 12. The scheme is benchmarked against the Nifty 500 TRI and will be managed by Prasad Padala and Pradeep Kesavan. The minimum investment amount is Rs 1,000, with additional investments in multiples of Re 1.
Detection of fake input tax credit (ITC) claims by central GST officers rose 51% to Rs 36,374 crore in 2023-24, Parliament was informed. In 2023-24, 9,190 cases were booked, 182 arrests made, and Rs 3,413 crore voluntarily deposited. In 2022-23, Rs 24,140 crore in fake ITC was detected from 7,231 cases
Delhi police arrested Abhishek Gupta, CEO of Rau's IAS Study Circle, and coordinator Deshpal Singh after three UPSC aspirants died in the flooded basement of the coaching centre during heavy rainfall. The incident led to the sealing of 13 illegally operated coaching centre basements by the MCD. Investigations continue, with five more individuals arrested.
Bitcoin News: Cryptocurrency markets rose after former President Donald Trump’s speech at the Bitcoin Conference in Nashville. Trump announced intentions to establish the US as a crypto hub if re-elected. Bitcoin and other altcoins experienced substantial growth, reflecting investor optimism.
So, the direction of the market is really dependent on how these volatile components behave and the message we want to give out to investors is that they should expect markets to be volatile, markets to be cyclical. It is unlikely that markets will always be unidirectional.
