How Israel, UAE and the US will benefit from the historic peace agreement. The most important diplomatic breakthrough in the Middle East in a generation meant so little to the man who first announced it on Twitter that within an hour he had moved on to tweeting about football and predicting the collapse of the United States under Joe Biden.
Donald Trump, in full reelection mode, plainly doesn’t think voters will care much about the normalization of relations between Israel and the United Arab Emirates. He’s probably right about that: In an American election cycle, foreign policy success gets only desultory attention. At the most, Trump might be able to use Thursday’s announcement to score a minor point against Biden in one of their debates. But the first peace treaty between Israel and an Arab nation since 1994 has profound, perdurable implications for both countries — and for the U.S. Covid-19: Even as second wave looms, Europe is opening its nightclubs. Europe has been praised for keeping the pandemic in check while reopening its economy.
Unlike in the US, a combination of responsible individual behaviour and smart public policy has delayed a resurgence of the new coronavirus. However, economies and citizens can only take so much of closures and extreme social distancing. From Germany to Greece, an increase in new cases is threatening to turn into a more serious second wave of Covid-19. Some of this is inevitable as shops and businesses reopen, and the younger profile of the newly infected means the latest cases have been less serious. But Europe can’t afford to let the pandemic overwhelm its hospitals, especially in the autumn and winter when more of life is forced indoors.
More serious thought must be given to what activities are acceptable. Europe doesn’t have to face a second round of full draconian lockdowns, which would be disastrous for the economy. How Biden chose Harris: A search that forged new stars, friends & rivalries. Telecom stocks trade flat ahead of today's SC hearing on AGR payments. Telecom stocks were little changed on Friday as investors remained cautious ahead of the Supreme Court hearing in the adjusted gross revenue (AGR) case later in the day.
Among individual stocks, Bharti Airtel was trading almost flat -- 0.08 per cent higher -- at Rs 536.10 on the BSE, at 1 PM. The stock hit an intra-day high and low of Rs 542.55 and Rs 534.75, respectively. Vodafone Idea was trading 1.33 per cent higher at Rs 9.16 and had hit an intra-day high of Rs 9.33 and an intra-day low of Rs 8.91. Reliance Industries, meanwhile, rose as high as Rs 2,156.50 ( up 1.6 per cent). Bharti Infratel was last trading 0.55 per cent lower at Rs 200.35. The S&P BSE Telecom index advanced 0.2 per cent as compared to the benchmark S&P BSE Sensex's 0.32 per cent gain. The amount recoverable from RCom is Rs 31,000 crore, while that from Aircel is Rs 12,389 crore. In an affidavit filed with the Supreme Court, Sistema Shyam Teleservices (SSTL) had said RCom was liable to pay its AGR dues.
July WPI at -0.58%, in negative zone for fourth month on the trot. The Wholesale Price Index continued to be in the deflationary territory for the fourth straight month in July.
Data released by the Commerce Ministry on Friday showed that WPI inflation came in -0.58 per cent year-on-year, compared with -1.81 per cent in June and a 4.5-year low of -3.37 per cent in May. The steep fall in deflation from June to July slightly reduced the gap between WPI and Consumer Price Index-based inflation. On Thursday, official data had shown that retail inflation came in above the monetary policy committee’s target band of 4 per cent (with a margin of +/-2) for the fourth consecutive month in July. CPI inflation rose to 6.93 per cent year-on-year, up from 6.23 per cent in June, mainly because of a rise in food and petroleum prices. Wholesale food prices continued to rise. Latest LIVE: Rajasthan Assembly session underway; Trust vote tabled.
Russia's Sputnik coronavirus vaccine gamble is all about Vladimir Putin. There was no clearer way of signaling how Russia sees its coronavirus vaccine: Moscow named it Sputnik, after the satellite whose launch in 1957 marked the start of the space race, and forced the West to confront an unexpected, and terrifying, technology gap.
Announcing the world’s first regulatory approval this week, President Vladimir Putin sought to repeat the propaganda masterstroke. Yet the rushed endorsement, after just two months of small-scale human testing, is less an affirmation of Russian scientific prowess than it is an expression of Putin’s hankering for Soviet-era international clout. It’s a premature victory lap that suggests a worrying need for affirmation at home too. Russia has been in a hurry to win the vaccine race from the start, spotting the political benefit of being first with the inoculation the world is waiting for.
It said in July that one of its prototypes, developed by the Gamaleya Institute, had completed the initial phase of tests. Covid-19 LIVE: Maha, Karnataka among 5 states with most deaths in 24-hours. MARKET: Sensex slips 433 pts ahead of AGR hearing; Nifty Bank down over 2% SC holds Prashant Bhushan guilty of contempt for tweets against judiciary. Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens. Did you spend over Rs 20,000 on a hotel stay or took a domestic business class fight?
You could well come under the income tax scanner as the government plans to widen the list of reportable financial transactions to plug tax evasion and widen the tax base. The government proposes to include payments over Rs 50,000 on life insurance, health insurance premium payment over Rs 20,000, foreign travel and donations and payment of school/ college fees over Rs 100,000 a year in the list of Statement of Financial Transactions (SFT). Other transactions proposed to be included are purchase of white goods, jewellery and paintings over Rs 100,000 and demat accounts and bank lockers.
With a list of proposed measures to widen the tax base, in a tweet, government said no taxpayer should be left behind in the drive to ensure better compliance and transparency. July WPI at -0.58%, in negative zone for fourth month on the trot. RBI's payout unlikely to plug the huge govt revenue hole created by Covid. India’s Finance Minister Nirmala Sitharaman can expect another payout from the central bank in coming weeks, but it’s unlikely to plug a huge government revenue hole created by the pandemic.
The Reserve Bank of India’s board, led by Governor Shaktikanta Das, is meeting Friday, and since August is typically the month the central bank makes its annual transfer to the government, expectations are running high that the RBI will disclose its dividend payout. Last year the RBI’s board approved a record payment of Rs 1.76 trillion ($23.5 billion) to the government, which included Rs 1.23 trillion as dividend and Rs 526.4 billion from its surplus capital.
This year, New Delhi has budgeted for a Rs 600 billion transfer, but local media has speculated authorities are expecting more. Analysts and economists are forecasting anything between 400 billion to 1 trillion rupees. CPI-based inflation above MPC comfort range for fourth straight month. Consumer Price Index (CPI)-based inflation came in above the monetary policy committee’s target band of 4 per cent (with a margin of +/-2) for the fourth consecutive month in July.
The official data released on Thursday showed that retail inflation rose to 6.93 per cent year-on-year, up from 6.23 per cent in June, mainly because of a rise in food and petroleum prices. Consumer Food Price Index-based inflation (CFPI) rose to 9.62 per cent in July, compared to 8.72 per cent in the previous month, the data by the National Statistical Office (NSO) showed. Last week, the Reserve Bank of India’s (RBI’s) monetary policy committee kept key policy rates unchanged, deciding to use the future rate cuts “judiciously to maximise the beneficial effects”.
China's Huawei, ZTE set to be shut out of India's 5G roll out plans. China’s Huawei Technologies Co and ZTE Corp are set to be kept out of India’s plans to roll out its 5G networks as relations between the two countries hit a four decade low following deadly border clashes.
India will apply investment rules amended on July 23 that cite national security concerns to restrict bidders from nations it shares land borders with to keep out the companies, people familiar with the issue said, asking not to be identified citing rules. The Ministry of Communications will restart pending discussions on approvals for 5G trials by private companies including Bharti Airtel Ltd, Reliance Jio Infocomm Ltd, and Vodafone Idea Ltd that were delayed by the nationwide lockdown, they said. India’s decision echoes actions by the US, UK and Australia, which have raised red flags about the companies’ Chinese government links. The US Federal Communications Commission has officially declared both companies national security threats. Border Tensions. Benchmarks settle flat, Nifty ends at 11,300; Bharti Airtel slips over 2%
Aster DM Healthcare tumbles 7% on Rs 83 crore loss in June quarter. Shares of Aster DM tumbled 7 per cent to Rs 128.25 apiece on the BSE on Thursday after the healthcare services reported weak set of numbers for June quarter of FY21 (Q1FY21).
At 9:52 am, the stock was quoting at Rs 132 per share, down 4 per cent on the BSE, as against 107 points, or 0.34 per cent, gain in the benchmark S&P BSE Sensex. The company reported a standalone net loss of Rs 27.52 crore for the quarter udner review, as against Rs 17 crore loss in the year-ago period. Sequentially, the company had posted a profit of Rs 20 lakh in the March quarter of FY20. Besides, its revenue from operations declined from Rs 171.18 crore, reported in Q1FY20, to Rs 135.40 crore in the recently concluded quarter.
On a consolidated basis, the loss came in at Rs 83 crore, compared to net profit of Rs 3 crore in the year ago period. From its recent low of Rs 83.8, hit on May 21, the stock has surged 64.5 per cent on the BSE till Wednesday. Aurobindo Pharma declines 4% despite 23% YoY jump in June quarter profit. Shares of Aurobindo Pharma dipped 4.47 per cent to Rs 892.25 on the BSE on Thursday despite the company reporting a 22.81 per cent year-on-year (YoY) rise in its consolidated net profit to Rs 780.68 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in the US market. Consolidated revenue from operations of the company stood at Rs 5,924.78 crore for the quarter under consideration. It was Rs 5,444.60 crore for the same period a year ago, Aurobindo Pharma said in a filing to BSE.
"Amid challenging times, we have started the financial year by reporting a healthy performance. We have ensured the business continuity without compromising the safety and wellbeing of our employees," the company's Managing Director N Govindarajan said. This highway developer's Q1 nos beat estimates; analysts bullish on the stk. Shares of Ashoka Buildcon jumped 9.6 per cent to Rs 66.35 per share, in the intra-day trade, on the BSE on Thursday after the company managed to report rise in net profit for the June quarter of FY21, even as construction activity remained suspended for better part of the quarter due to on-going Covid-19 pandemic. The highway developer's standalone net profit rose 6.7 per cent to Rs 69 crore in the recently concluded quarter, as against profit of Rs 65 crore clocked in the year-ago period. It's revenue from operations, however, slipped 32 per cent YoY and 52 per cent sequentially to Rs 620.7 crore.
EBITDA, on the other hand, dipped 9.4 per cent on a yearly basis to Rs 130.2 crore from Rs 143.7 crore reported in Q1FY20. On a quarterly basis, the earnings' parameter skid 50.6 per cent from Rs 263.5 crore. It's EBITDA margin, however, improved from 15.8 per cent to 21 per cent YoY. Final exams crucial step in student's career, states can't cancel them: UGC. The UGC has told the Supreme Court that final examination is a crucial step in the academic career of a student and the state government cannot say that its July 6 directive, asking universities and colleges to conduct final year examinations by September 30 amid the Covid-19 pandemic, was not binding. The University Grants Commission (UGC) said the July 6 guidelines are based on the recommendations of experts and have been made after due deliberation and it is wrong to claim that it will not be possible to conduct the final examinations in terms of the guidelines.
That apart, the state govt (Maharashtra) avers that the next academic session must begin in the interest of students, while, at the same time, contending that the final examinations should be cancelled and degrees can be awarded without such examinations even though such a step would irreparably damage the future of students. The UGC has also filed its reply to the affidavit filed by Delhi government in the top court. World needs to spend at least $100 bn on new tools to fight Covid-19: WHO.
Tata Steel reports Rs 4,648 cr net loss in Q1 due to reduced income. SC allows registration of BS-IV compliant vehicles sold before lockdown. The Supreme Court on Thursday allowed registration of BS-IV vehicles that were sold in March but couldn't complete the process due to the coronavirus-induced nationwide lockdown, reported The Times of India. The ruling applies to vehicles whose details were uploaded on the government’s Vahan portal. The apex court had, two weeks ago, disallowed registration of BS-IV vehicles.
Modi unveils Taxpayers' Charter: Faceless assessment and faceless appeals. Promoting a transparent and fair tax regime, Prime Minister Narendra Modi on Thursday unveiled ‘taxpayers’ charter’ on Thursday, enshrining rights of assesses in a statute under the Income tax law. With this, India joined ranks with a handful of countries like the US, Australia and Canada that have such a provision in their law. With the launch of ‘Transparent Taxation — Honoring the Honest’ platform, Modi also unveiled faceless appeal and expanded the scope of faceless assessment, eliminating physical interface between taxpayers and tax authority. Legal heirs not bound to inform I-T dept about assessee's death, rules HC. The Delhi High Court on Thursday ruled that there was no obligation on the legal heir to inform the tax department about the death of a taxpayer.
“This Court is of the view that in the absence of a statutory provision it is difficult to cast a duty upon the legal representatives to intimate the factum of death of an assessee to the income-tax department,” the court ruled. CPI-based inflation above MPC comfort range for fourth straight month. China's Huawei, ZTE set to be shut out of India's 5G roll out plans. Coronavirus LIVE: India death toll rises to 47,149; global toll at 747,330. MARKETS: Indices range-bound; SC likely to hear AGR case at 3 pm on Friday.
Unlock BFSI 2.0: Rural India revival difficult to sustain, say economists. Some of the top economists of the country have cautioned against euphoria over Bharat sustaining India, and said it may not last as structural problems still afflict rural areas. 'Harvard Hyderabad': The future of US higher education could be in India. With much of U.S. higher education online only this semester, and its more long-term future deeply uncertain, now is a time to dream big. My own fantasy is based on the Indian government’s recent plan to encourage the top 100 universities in the world to operate in India. Trump or Biden? Global equity markets to chart their own course: Analysts. With Joe Biden picking India-born Kamala Harris as his running mate in the upcoming presidential elections in the US, most analysts say the outcome may not matter much in the long-term for most global equity markets, including India.
ByteDance in talks with Reliance for investment in TikTok: Report. Raiding RBI war chest, asking people to deposit gold needless distractions. Even if it proves to be a blip, this week’s volatility in gold may have its uses. PM Modi announces charter for 'fair, courteous' tax collection. Taxpayers won’t be harassed or treated with suspicion, said Prime Minister Narendra Modi on Thursday as he announced a charter listing their rights and responsibilities. The tax system will be "seamless, painless and faceless", said he in a televised speech. All interaction between the tax department and payers will be online to remove the scope of harassment and corruption. Foreign portfolio flows in 2020 turn positive on RBI's stimulus action. PM Modi to launch 'transparent' scheme tomorrow to honour honest taxpayers. Trump's TikTok ban to cut it off from app stores, advertisers: WH document. No more a tech firm: Softbank gives up pretending it isn't a hegde fund.
US inks $1.5 bn deal with Moderna for 100 mn doses of Covid-19 'vaccine' India's weak fuel demand drags on as coronavirus crisis worsens. Skyroot Aerospace first private company to test upper stage rocket engine. OPEC+ has tricky balancing act keeping $40/b oil price floor. Markets fixated about inflation but it is the wrong bogeyman to worry about.
Always in the lead: Why Kamala Harris is Biden's best bet as VP pick. Covid-19 impact: 50% of global youth depressed, 17% out of jobs, says ILO. Bengaluru violence LIVE updates: Section 144 in city; curfew in DJ Halli. Always in the lead: Why Kamala Harris is Biden's best bet as VP pick. Bank of Baroda slips 3% on surprise June quarter loss of Rs 864 crore. 4G to be restored on trial basis in one district each of J&K: Centre to SC. PM Modi discusses Covid-19 situation, says 10 states account for 80% cases. LIVE: Pranab Mukherjee critical after emergency surgery, kept on ventilator. Customs department asked to dispose of hazardous goods after Beirut blasts. Users in India can create virtual visiting cards on Google Search. EPFO sees three-fold rise in provident fund withdrawal claims through app. 4G to be restored on trial basis in one district each of J&K: Centre to SC.
PM Modi interacts with chief ministers of 10 states over Covid-19 situation. 'Experiment on me first': Duterte accepts Russia's Covid-19 vaccine offer. Coronavirus LIVE: India cases at 2,269,052; Russia vaccine launch tomorrow. India inflation likely edged up in July on higher food prices: Poll. MARKET LIVE: Indices regain momentum, Sensex up 300 pts, Nifty tests 11,350. New vehicle registrations plunge 36% in July; PV retail sales down 25.19% PNB calls for change in loan recast scheme, cites 'tough times' Mid, small-caps likely to outperform large-caps in 2020, say analysts. Prestige Estates surges 7% amid report Blackstone may acquire group assets. Toshiba announces exit from laptop business, sells Dynabook shares to Sharp. Don't want to launch Covid vaccine under pressure, says Bharat Biotech CMD. Lost generation: Covid-19 pushes millions of kids out of school, into work.
Latest News LIVE: PM chairs meeting over flood situation in several states. Bank of Baroda to report Q1FY21 earnings today; here's what analysts expect. Reserve Bank's silence on record India bond sales leaves traders baffled. Coronavirus LIVE: Former Prez Pranab Mukherjee tests positive for Covid-19. MARKET LIVE: Sensex holds gains, up 300 pts; Mahindra & Mahindra rises 6%
Vodafone-Idea's fate hinges on the Supreme Court's AGR verdict today. Facebook employees get $1,000 for home office, work from home until July. Eveready Ind., Delta Corp: BSE revises circuit limit for over 600 stocks. Hope force: India's army of 600,000 virus-hunting women goes on strike. Twitter labels state-controlled media outlets, govt officials' accounts. Latest news LIVE updates: Landslide in Kerala's Idukki kills 5 people. MARKET LIVE: Sensex, Nifty trade flat; mid, small-cap indices outperform. 'Rupture in digital world' as Trump orders ban on TikTok, WeChat in 45 days. Eveready Ind., Delta Corp: BSE revises circuit limit for over 600 stocks. Maggi noodles to chyawanprash: What India has been spending on in pandemic. NIIT Ltd up 3.5% as Massachusetts Institute Of Technology ups stake. Alkem Lab jumps 4.5% as it launches Favipiravir drug to treat Covid-19. Why did defence ministry take down report on Chinese intrusions: Congress. US TikTok ban: Why Facebook, Google should be worried by Trump's moves.
Apollo Tyres slips 4% as Co reports net loss of Rs 135 cr for June quarter. Adani Gas declines 4% after Q1 net profit falls 42% YoY to Rs 46 crore. Vodafone Idea Q1 losses rise to Rs 25,460 cr on provisioning for AGR dues. At least eight dead in Ahmedabad's Covid hospital fire, PM expresses grief. Novavax signs Covid-19 vaccine supply deal with India's Serum Institute. Pressure on officials to clear 740 tonnes of ammonium nitrate near Chennai. Samsung Galaxy Note20, Note20 Ultra pre-order begins: India pricing, specs. HDFC Bank's delayed reports to draw in Indian regulator. Debt restructuring to help India Inc to tide over Covid crisis: CEOs. Pragmatic view taken by the RBI; still expect rate cuts going ahead. India must look beyond what rating agencies think, says Raghuram Rajan.
RBI monetary policy review: Repo rate unchanged at 4%; stance accommodative. RBI loan restructuring option, hike in gold LTV sees Sensex end 362 pts up.