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Delhi on Tuesday saw 39 fresh coronavirus cases and zero fatality, while the positivity rate was recorded at 0.06 per cent, according to the city governments health bulletin. It said 112 cases pertaining to previous weeks were added on the ICMR portal by Mandoli prisons, it said. According to the bulletin, 114 people were discharged in the city in the last 24 hours. The cumulative number of cases stand at 14,37,485, of which 14,11,995 people have either recovered, been discharged or have migrated out. The COVID-19 death toll stands at 25,079 and the case fatality rate at 1.74 per cent, it added.
Even during COVID-19 pandemic times, Telangana grew positively at 2.4 per cent whereas the country registered negative growth, Telangana Finance Minister T Harish Rao said on Monday, attributing the credit to Chief Minister K Chandrashekhar Raos diligence and policies. Presenting Telangana growth picture, Harish Rao alleged contrary to tall claims being made by some BJP leaders and union ministers Indias economic growth is trailing behind Bangladesh. When compared to the national growth average, Telangana is growing every year. even in the year of corona, even in the difficult times, Telangana registered positive growth. It was 2.4 per cent (2020-21). Whereas Government of India, our GDP was minus three per cent, he said at a press conference. Telangana achieved an 11.7 per cent Average Annual Growth Rate (AAGR) of Gross State Domestic Product (at current prices) from 2014-15 to 2020-21, compared to Indias Average Annual Growth Rate of 8.1 per cent during the same time span, he said. According to provisional estimates, Telanganas GSDP at current prices in 2020-21 was over Rs. 9.80 lakh crore, an increase of 94 per cent from its 2014-15 value. The state achieved the third rank in the country in terms of the percentage increase in GSDP at current prices between 2014-15 and 2020-21, the minister said. At over Rs 2.37 lakh, Telangana per capita income is nearly double the average national per capita income of nearly Rs 1.29 lakh, the minister said. Telangana is the only state in the country supplying 24×7 free power to 24.87 lakh agriculture sector consumers from January 2018 and in terms of per capita energy consumption, the state stood in third position.
Bhartis rights issue is credit positive for the company, Moodys Investors Service has said as it noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR. For Bhartis 31.7 per cent shareholder, Singapore Telecommunications (Singtel), the transaction is credit neutral, it said. Bharti Airtel board had recently approved raising up to Rs 21,000 crore by way of rights issue, at a price of Rs 535 per share. In a statement, Moodys Investors Service said that the proceeds from the transaction are expected to be used for debt repayment and capital spending, including network upgrades, 5G investments and growth initiatives such as more aggressive subscriber growth to wrest market share from Indias struggling third-largest operator, Vodafone Idea. The transaction is credit positive for Bharti. Fresh capital will keep leverage relatively stable amid growing investments in 5G, ongoing cash payments for spectrum and a settlement payment related to the adjusted gross revenue (AGR) dispute with the government, it added. The fund raising also provides Bharti with more financial capacity to leverage its network in the Indian mobile space, as competition eases and tail winds from higher data usage and increases in average revenue per user (ARPU) benefit EBITDA and margins, Moodys noted. We view the transaction as credit neutral for Bhartis 31.7 per cent shareholder, Singapore Telecommunications Limited, it said and while observing that Singtel can subscribe to its portion of the rights without a significant increase in leverage. Singtels 31.7 per cent ownership includes a direct stake of 14 per cent and indirect ownership through Bharti Telecom Limited. Citing the terms of rights issuance, Moodys wrote that Singtel would need to pay only about USD 100 million as upfront payment for subscribing to rights from its direct stake in Bharti, and the remaining USD 300 million is callable over the next 36 months, which can be accommodated within the ratings for Singtel. In case Singtel has to make further debt-funded payments for BTLs portion of the rights, its leverage will weaken. However, in our view, the likelihood of that is low, it said. Bharti Airtels rights issue is a move that is expected to strengthen its competitive positioning in the market, and provide the telco with the necessary ammunition for aggressive 5G rollout. The promoter and promoter group of the company would collectively subscribe to the full extent of their aggregate rights entitlement. The company has informed that they will also subscribe to any unsubscribed shares in the issue. Promoter holding in the company stands at about 55.8 per cent, while public shareholding is about 44.09 per cent.
South Korean electronics major Samsung has launched the Galaxy M32 5G smartphone in the Indian market. The company has positioned the phone as a mid-tier 5G offering. Powered by an octa-core MediaTek Dimensity 720 SoC processor, the Galaxy M32 5G includes a quad-rear camera setup. While the device features a notched display, it is surrounded by thick bezels, especially at the bottom. The Galaxy M32 comes with support for 12 5G bands and has Samsungs proprietary Knox security built in. Samsung has priced the Galaxy M32 5G at Rs 20,999 for the 6GB RAM and 128GB storage variant. A version with 8GB RAM and 128GB storage will set you back by Rs 22,999. The company is offering the Galaxy M32 5G in two colour variants The phone will go on sale from September 2 across Samsung.com, Amazon, leading online portals and select retail stores. The dual-SIM phone runs Android 11 with the companys OneUI 3.1 on top. The Galaxy M32 5G comes with a 6.5-inch HD+ TFT Infinity-V display. It is powered by the octa-core MediaTek Dimensity 720 SoC. The 128GB inbuilt storage can be expanded up to 1TB via microSD card. The headline feature of Galaxy M32 5Gs quad-rear camera is the 48-megapixel primary sensor, which is accompanied by another 8-megapixel sensor with an ultra-wide-angle lens. The camera setup also features a 2-megapixel depth sensor, and a 2-megapixel macro shooter. The front camera features a 13-megapixel selfie shooter in the notch for crisp photos and videos. The phones connectivity options include 5G, Bluetooth, Wi-Fi, and GPS. It also features a fingerprint scanner mounted on the side. The Galaxy m32 5G packs a 5,000mAh battery with support for 15W fast charging.
BSE Sensex and Nifty scaled fresh record closing highs on Monday, making the investors richer by Rs 4 lakh crore. The total market capitalisation of BSE-listed companies rose to Rs 247 lakh crore from Rs 243 lakh crore on Friday. The 30-share Sensex surged 765 points or 1.36 per cent to 56,889.76, and Nifty 50 closed the day at 16,931, rising 1.35 per cent or 226 points. Index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, Axis Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), contributed the most to the indices gain. The broader market outperformed the equity benchmarks. SP BSE MidCap index gained 1.72 per cent or 401 points to 23,656, and BSE SmallCap index added 1.55 per cent or 406 points to finish at 26,690 levels. S Ranganathan, Head of Research, LKP Securities Indices and stocks surged through the day on positive global cues buoyed by the US Fed commentary. The rally today was pretty much broad-based as expectations on the first quarter GDP numbers slated to be released tomorrow aided investor sentiment. Afternoon trade witnessed the rally gathering momentum as indices rose 1.5 per cent with several stocks across sectors in the broader markets participating including exchanges. Vinod Nair, Head of Research, Geojit Financial Services Following a strong gap-up opening, equity benchmark indices maintained the trend throughout the day in line with the strength in global markets. Global markets strengthened as the anxiety over the Jackson Hole symposium subsided following the dovish tone of the Fed Chair. Jerome Powell stated to stick with the wait-and-see approach giving reassurance that the easy money policy will continue this year with a smaller rate of tapering. Rohit Singre, Senior Technical Analyst, LKP Securities Strong move has been witnessed on the first day of the week and the index closed a day on fresh highs at 16931 with gains of nearly one and a half per cent forming a strong bullish candle on the daily chart. The index reached its immediate targets of the 17k mark so traders are suggested to lock some gains near the 17k mark also fresh buying will be suggested on a dip near 16850 zone not here as risk rewards will not be in favour, immediate support for nifty is coming near 16850-16770 zone if managed to hold above-said levels we may see the index to breach 17k mark and resistance is coming near 17k mark. Sachin Gupta, AVP Research, Choice Broking On the daily chart, the nifty50 index has breached the prior resistance of 16700 and moved towards the new milestone of 17000 marks. Moreover, the index has also closed above the upper band of the Bollinger formation, which suggests a bullish presence in the counter. The index has been trading above all the important key indicators, which adds positive strength further. At present, the nifty index has immediate support at 16700 levels while resistance may come around 17000 levels.
Choreographer and filmmaker Farah Khan has announced that she tested positive for Covid-19. Farah shared the news of her diagnosis on her social media handles and urged everyone who had come in contact with her to get tested. In an Instagram story, Farah wrote she tested positive despite being fully vaccinated and working with mostly fully vaccinated people as well. She added that she had already informed everyone that she had come in contact with to get tested for Covid-19. Farah had been keeping busy with shoots for the reality show Singer Mika Singh is set to replace Farah on the show till her recovery. She had also recently made a guest appearance on She has also shot a special Friday episode of At the peak of the second Covid-19 wave during March-May, several big names from Bollywood had tested for the virus. The likes of Aamir Khan, Ranbir Kapoor, Alia Bhatt, Katrina Kaif, Vicky Kaushal, Tara Sutaria, and Fatima Sana Shaikh had to self-isolate following their diagnosis. Breakthrough infections (infections in fully vaccinated, like Farah) have become common in several countries, with research suggesting that such cases are inevitable. However, while preliminary data suggests breakthrough infections do not require hospitalisation and are less severe, there is no data on how long the symptoms can linger. Several recent studies have highlighted the waning efficiency of vaccines. The US Centers for Disease Control and Prevention (CDC) recently released data from three studies that said while the vaccines reduced the severity of infection and chance of death, the protection was progressively declining. The likes of Israel and the US have approved a booster shot for the fully vaccinated to arrest waning vaccine efficiency.
Twitter has launched a Available to select users, the function is only operational in the US as of now. Through Super Follows, creators can set a monthly subscription of $2.99, $4.99 or $9.99 per month to give their Super Followers access to their unfiltered thoughts, early previews and subscriber-only conversations. As per the post, people in the US and Canada using iOS can Super Follow select accounts. The social media firm plans to roll out the feature globally for people using iOS in the next few weeks. Creators can share Super Follows Tweets on iOS only and Super Follows tweets can be viewed on iOS, with Android and twitter.com coming soon. Twitter claims that people can earn up to 97% of revenue through their Super Follows subscription, after third party in-app purchase fees, and until they reach $50,000 in lifetime earnings across all Twitter monetisation products. After $50,000 in lifetime earnings, they can earn up to 80% of revenue after third party in-app purchase fees. App store fees which can be as high as 30% will have to be borne by the creators selling the subscription. Twitter had recently added Ticket Jar feature for popular users to earn gratuities and Ticketed Spaces feature for users to host online events. This is in line with the company Read Also: It\u2019s raining ads! Spends to go up by 10-15% to Rs 27,500-34,500 this festive season Follow us on Twitter,Instagram,LinkedIn,Facebook
The Union government will be providing an additional two crore doses of Covid vaccines by the end of August to vaccinate school teachers. Mansukh Mandavia, Union health minister, said on Wednesday that two crore additional vaccines would be dispatched to the states to vaccinate school teachers and non-teaching staff in government and private schools on a priority basis. The minister has set a target of vaccinating all school teachers by Teachers Day on September 5. The additional doses will be dispatched to states from 27 August. The country crossed the 60 crore mark in cumulative immunisation with 60.15 crore vaccines administered as on Wednesday. Till late evening 69.17 lakh vaccine doses were administered on Wednesday The daily average vaccinations in August has been around 50-55 lakh jabs per day. The states and union territories (UTs) have a stock of 3.62 crore vaccine doses with them that are yet to be utilised. The average monthly vaccination in June was 38.89 lakh doses and went up to 43.41 lakh in July. Union health secretary, Rajesh Bhushan chaired a meeting on Wednesday with all States and UTs along with Union pharma secretary, S Aparna, and advised states to focus on enhancing second dose coverage as well as immunization of school teachers and staff. States and UTs have been asked to use the Unified District Information System of Education data and co-ordinate with state education departments, Kendriya Vidyalaya Sangathan and Navodaya Vidyalaya Sangathan for this vaccination programme. Citing the case of Kerala where the number of cases have increased post Onam celebration, Bhushan cautioned states over a possible surge in Covid cases during the upcoming festival season. The policy of maintaining buffer stock of Covid-19 medicines was reviewed during the meeting and states have been allowed to procure and maintain buffer stock of medicines other than the eight essential Covid drugs compulsorily mandated by union health ministry.
The government on Saturday issued a set of draft rules to implement the recent amendment to the Income Tax Act that scrapped retrospective application of a 2012 change in the law concerning taxation of cross-border transactions. As per the rules, in order for the government to revoke the tax demand and refund the amounts collected sans interest, the party concerned not only has to withdraw all pending litigation in domestic courts and arbitration under bilateral investment treaties filed abroad, but also ensure that cases filed by any separate interested parties, including beneficial owners, are withdrawn. This would mean that Vedanta has to undertake to withdraw the arbitration filed under India-Singapore tax treaty for Cairn Energy to avail of the facility offered by New Delhi. The draft rules also state that disputes with regard to the prescribed undertakings or orders under the rules would be governed by the Indian laws and that Indian courts would have the exclusive jurisdiction to decide on any disputes that might arise. Suggestions\/comments on the draft rules can be made till September 4. The amendment passed by Parliament in the monsoon session provided that the demand raised for offshore indirect transfer of Indian assets made before May 28, 2012 (including the validation of demand provided under Section 119 of the Finance Act 2012) shall be nullified on fulfillment of specified conditions. The move notionally involved a scaling down of New Delhis tax revenue ambitions by at least Rs 1.1 lakh crore. Also, the amendment legislatively sanctioned that no tax demand will be raised in future on the basis of the 2012 retrospective amendment for any indirect transfer of Indian assets. Of course, the capital gains tax on indirect transfer will continue to apply for all transactions post the 2012 amendment. In the Cairn case, Vedanta has sought compensation close to Rs 5,000 crore under the India – Singapore investment treaty for significant decline in share value owing to the Rs 10,250 crore tax notice to its the then subsidiary Cairn India. Cairn India later merged with Vedanta. Though there are as many as 17 retrospective tax cases, the most prominent ones are those involving Vodafone and Cairn. India in January 2013 slapped Vodafone with a tax demand of Rs 14,200 crore, including principal tax of Rs 7,990 crore and interest. This was in February 2016 updated to Rs 22,100 crore plus interest. The country also slapped an assessment of Rs 10,247 crore on Cairn Energy in January 2014, which after including penalties came to Rs 20,495 crore. Both Vodafone and Cairn secured international arbitration orders in their favour in September and December 2020 respectively. While moving the changes in the recent Parliament session, the FM described the 2012 legislation as both bad in law and bad for the investors sentiments. She said the governments move was towards fulfilment of the promise made by the ruling BJP, PM Narendra Modi and former FM Arun Jaitley as early as in 2014, that the controversial piece of legislation introduced by the UPA-II government in 2012 would be reviewed, as In such cases, the taxpayer is required to indemnify and defend the Republic or Indian affiliates against any and all costs,
By Kanishk Maheshwari and Anuj Chaudhary It Regulatory bottlenecks faced by them continue to stifle their growth. MSMEs account for 99 per cent of all the firms in the country. As per the 73rd round of the National Sample Survey, there are approximately 63.4 million MSMEs in India employing 111 million people. 99 per cent of these firms belong to the Micro sector. The previous MSME census identified approximately 36.2 million MSMEs. While the number of MSMEs has almost doubled since then, the share of micro-units has remained the same. Most firms in India continue to stay small. This is primarily due to the limited opportunities to grow amid the regulatory burden of MSMEs that is restricting their size. MSMEs face their first obstacle during the incorporation stage itself. While the government has made significant progress with making incorporation itself paperless and faceless, opening a new bank account is still a key challenge. For opening a bank account in India, MSMEs still need a physical letterhead along with the traditional rubber stamp. The board members are then required to manually sign the letterhead. The same banks then will need MSMEs to go paperless while dealing back with them. Once incorporated, the MSMEs should get registrations (again not fully paperless) under diverse acts from the state government agencies. To circumvent these obstacles, MSMEs entities then prefer to run as Employees State Insurance Act (ESIC), 1948 requires that firms with 10 or more employees must mandatorily register and make monthly payments for the social security of their employees. While the process is online, monthly returns followed by unscheduled inspections discourage firms to hire more employees. If we look at the data on the number of employees employed by an MSME, one will find it converging towards 10 employees especially for micro-units. Similarly, firms must obtain registration within one month of employing 20 persons or more under the Employees MSMEs prefer to hire individuals on a contract or temporary basis to minimize their regulatory burden posed by ESIC\/EPFO requirements. There is very little incentive for firms to increase their size unless they are looking at significantly more than just 10 employees. The central bank in India has accorded MSMEs a priority sector and has directed banks to prioritize 40 per cent of the Adjusted Net Bank Credit (ANBC) to priority sector including MSMEs. The guidelines also require banks to allocate 7.5 per cent of the ANBC to micro-enterprises. Subscribe to Financial Express SME newsletter now: Perhaps mandated lending does not seem to work, and it seems that pursuing MSME is not at the core of commercial banks business strategy. The study also identified sudden changes in regulations and government policies as one of the primary reasons for MSMEs turning Non-Performing Assets (NPA). Therefore, MSMEs continue to be underserved in the country. The PSB MSME loans are still largely collateral-based. Commonly, banks require land\/property documents of the owner as the collateral for the loan. However, despite possessing these documents, loans are not granted in several cases owing to a mismatch with government records. The ownership details are either not updated or don MSMEs have to hire a lawyer to physically visit the land\/property records office to update the records as no lender is willing to underwrite the loan. While both NSE and BSE have introduced dedicated exchange for MSMEs, very few companies prefer to get listed. Out of 64 million MSMEs in India, only 342 are listed on the BSE SME exchange and 112 (less than 1\/3rd) have migrated to the mainboard. The number of companies on NSE Emerge is even lower than that on BSE Exchange. While the regulator, SEBI, has relaxed few compliance norms for SMEs such as half-yearly submission of results instead of quarterly, firms still elude capital markets. Listed SMEs need to comply with SEBI, RBI, and Companies Act regulations that encompass a high regulatory compliance cost. Obtaining Udhyam Registration and registering under Startup India does provide certain benefits to MSMEs. However, they are both voluntary and few have registered themselves under these initiatives. Approximately 3.5 million MSMEs (5 per cent of total MSMEs) have obtained the Udyam Registration as of June 30, 2021. For MSME development, government agencies must push digitalization and focus on regulatory easing to reduce the burden. Kanishk Maheshwari is Managing Director at Primus Partners and Anuj Chaudhary is Private Sector Development Specialist at multilateral Views are the authors