Name: Markets close at 2-month low, Sensex slips 195 points
Uploaded: 2019-07-29T15:46:00.0+05:30
Duration: T00M10S
Channel: editorji
Description: Domestic markets ended at 2-month low on continued sell-off. Sensex and Nifty closed in red dragged by Indiabulls Housing and Vodafone Idea on weak first quarter earnings.

Domestic markets ended at 2-month low on continued sell-off. Sensex and Nifty closed in red dragged by Indiabulls Housing and Vodafone Idea on weak first quarter earnin

Markets close at 2-month low, Sensex slips 195 points

Domestic markets ended at 2-month low on continued sell-off. Sensex&nbsp;and Nifty closed in red dragged by Indiabulls&nbsp;Housing and Vodafone&nbsp;Idea on weak first quarter earnings.

Domestic markets ended at 2-month low on continued sell-off. Sensex and Nifty closed in red dragged by Indiabulls Housing and Vodafone Idea on weak first quarter earnings.

Bankruptcy resolution court NCLT has approved the plan which allows Jet Airways to fly again. India's oldest private airline Jet Airways' insolvency plan as proposed by

Bankruptcy resolution tribunal&nbsp;NCLT has approved the plan which allows Jet Airways to fly again. India's oldest private airline Jet Airways' insolvency plan as proposed by the consortium of&nbsp;Kalrock Capital and entrepreneur Murari Lal Jalan. NCLT&nbsp;has given aviation regulator&nbsp;DGCA, Aviation Ministry given 90 days from June 22 to allot slots to Jet Airways. Jet Airways was grounded in April 2019 after a shortage funds, after which an SBI-led consortium referred it to the NCLT for resolution under the insolvency and bankruptcy code.

Petrol prices have breached the century-mark across many regions as the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise pe

Petrol prices have breached the century-mark across many regions&nbsp;as the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros.
Petrol prices are already at or above the ₹100-mark in cities across&nbsp;Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.&nbsp;Mumbai&nbsp;was the first city where petrol prices crossed the ₹100-mark at the end of May and are now retailing at ₹103.63/lt.
Since May 1 petrol prices are up by ₹7.11 per litre in Delhi. Similarly, diesel price has increased by ₹7.50 per litre in the&nbsp;national&nbsp;capital in the same period.
&nbsp;
&nbsp;

Asian markets gained following a stunning recovery rally in the US Markets as Wall Street saw the best single day gain since March 5. The 30-stock Dow Jones

Indian equity markets&nbsp;rallied on Tuesday with&nbsp;Sensex&nbsp;hitting a&nbsp;fresh all-time high as it breaks above 53,000-marks. Nifty edged higher towards 15,900 pushed by auto stocks.
Asian markets gained following a stunning recovery rally in the US Markets as Wall Street saw the best single day gain since March 5.&nbsp;
The 30-stock Dow Jones&nbsp;jumped 587 points, or nearly 1.8% while the broader gauge S&amp;P 500 gained 1.4% to 4,224.79, sitting within 1% from its record high after Monday&rsquo;s comeback rally.&nbsp; All 11 S&amp;P 500 sector indices rose, with energy jumping 4.3% and leading the way, followed by financials, up 2.4%.

Edtech giant Byju's has raised $50 million this time led by IIFL's private equity fund and Maitri Edtech as per reports. This is the second round of

Edtech giant&nbsp;Byju's has raised $50 million this time led by&nbsp;IIFL's private equity fund and Maitri Edtech&nbsp;as per reports.&nbsp; This is the second round of fund raising for the e-learning platform, it had reportedly raised&nbsp;$340 million from investors such as UBS Group, Zoom founder Eric Yuan, Blackstone earlier in June. The fund raising by the group had pivoted&nbsp;Byju's&nbsp;to the top of the value chain for Indian startups, outpacing IPO-bound&nbsp;Paytm.&nbsp;
Byju&rsquo;s valuation remains $16.5 billion after the latest round of funding.
&nbsp;

Finance Ministry officials & Infosys team to meet today to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed

Finance Ministry officials &amp;&nbsp;Infosys&nbsp;team to meet today to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Sunil Bharti backed Bharti Airtel has entered into a strategic partnership with Tata Group for 5G network solutions taking on Mukesh

Sunil&nbsp;Bharti&nbsp;backed Bharti&nbsp;Airtel&nbsp; has entered into a strategic partnership with Tata Group for&nbsp;5G network&nbsp;solutions taking on Mukesh&nbsp;Ambani's Jio's aggressive&nbsp;5G plan head on.&nbsp;
Airtel&nbsp;plans to&nbsp;deploy Open-RAN-based 5G radio and core solutions, which has been developed by TCS for the 5G rollout&nbsp;looking to make a pilot run in January 2022. By partnering with software giant Tata, Airtel&nbsp;hopes to quash the Jio&nbsp;'Made In India' 5G campaign by also using locally developed network solutions.&nbsp;
&nbsp;

E-Commerce giants like Amazon and Walmart backed Flipkart are likely to be hit by the new e-commerce norms that will call for an end for the 'popular' flash s

E-Commerce giants like Amazon and Walmart&nbsp;backed Flipkart&nbsp;are likely to be hit by the new e-commerce norms that will call for an end for the 'popular' flash sales and also demand for stricter compliances&nbsp;from the e-commerce platform.&nbsp; The draft regulation is likely to include mandatory appointment of a chief compliance officer, giving preference to the sale of locally produced goods, mandatory registration of e-tailers with Department for Promotion of Industry and Internal Trade (DPIIT). In an attempt to level the playing field for sellers on these foreign e-commerce platforms the new norms will insist that the sponsored listings are clearly identified and cross-selling also be disclosed.&nbsp; Commerce Ministry has sought feedback on norms by July 6 from stakeholders.&nbsp;

Ministry of Consumer Affairs (MCA) suggested amendments to the Consumer Protection (E-commerce) Rules, which may impact large online platforms like Flipkart and Amazon.

The Ministry of Consumer Affairs&nbsp;on Monday suggested amendments to the Consumer Protection (E-commerce) Rules, 2020, which may tighten the functioning of large online marketplaces in the country. The new suggested rules impose a blanket ban on &lsquo;flash sale&rsquo; of goods and services conducted by e-commerce companies in the country. The MCA defines flash sale as a sale event organised by e-commerce entities at significantly reduced prices and high discounts for a predetermined period. E-commerce firms are also expected to establish adequate redressal mechanisms and appoint a Chief Compliance Officer, the MCA proposed as a part of the new rules.
These rules would impact a large swathe of players, especially companies like Flipkart and Amazon. The Department of Consumer Affairs has&nbsp;sought feedback&nbsp;from the public on the proposed changes by July 6.&nbsp;

Asia’s richest man, Mukesh Ambani, told the Qatar Economic Forum that he plans to transform Reliance Industries aims for net-zero carbon emissions by 20

Asia&rsquo;s richest man,&nbsp;Mukesh Ambani,&nbsp;told the Qatar Economic Forum that he plans to transform Reliance Industries, aiming&nbsp;for net-zero carbon emissions by 2035. Ambani said that every unit making up Reliance would have to pivot as the conglomerate moves toward net-zero. He said Reliance India no option, as a society, as a business, but to really adopt a sustainable business model. Asked if this green push will require dialing back on some of Reliance&rsquo;s businesses, Ambani said &ldquo;it means transforming our businesses and integrating that with the future," without sharing more details. The three-day event kicked off with Qatar&rsquo;s ruler calling on countries to avoid hoarding vaccines to the 'detriment of others'.&nbsp;

An Economic Advisory Council to the Tamil Nadu Chief Minister would be constituted with leading experts including Nobel laureate Prof Esther Duflo and former

An Economic Advisory Council to the Tamil Nadu Chief Minister would be constituted with leading experts including Nobel laureate Prof Esther Duflo&nbsp;and&nbsp;former RBI Governor Raghuram Rajan Tamil Nadu Governor Banwarilal Purohit said on Monday in his customary address to the Assembly that the Council is to prepare a roadmap for "rapid" and inclusive economic growth of the state.
He said the DMK government will make all out efforts to reverse the economic downfall and usher in a period of rapid economic growth.
Besides Duflo&nbsp;and&nbsp;Rajan, former chief economic advisor to the centre, Arvind Subramanian, development economist Prof Jean Dreze and former union finance secretary S Narayan would be part of the Economic Advisory Council.

China has intensified its crackdown on cryptocurrency shutting down many crypto mining sites and also instructing Alipay and banks not involve crypto ope

China has intensified its crackdown on cryptocurrencies&nbsp;as the country's central&nbsp;bank urged banks and Alipay, the largest mobile payment platform in China with 1.3 billion users to refrain from crypto&nbsp;transactions.
The Chinese authorities recently directed govt-owned power companies to immediately stop power supply to crypto mining. More than 90% of China&rsquo;s bitcoin mining capacity is estimated to be shut down due to this, as per some reports. Many miners had moved to the Sichuan&nbsp;province as it is very rich in hydropower&nbsp;making mining more eco-friendly.&nbsp; Bitcoin&nbsp;prices dropped as this created panic among investors since China&nbsp;hosts&nbsp;around 70% of the world's&nbsp;Bitcoin&nbsp;mining capacity, called the hash rate, which fell to a six-month low.
As some experts pointed out that in a&nbsp;longer term&nbsp;most see the hash rate&nbsp;moving out of China as positive, but in the near term it may have already resulted in inventory sales. Thus putting pressure on Bitcoin's&nbsp;price.

Maruti Suzuki will hike the prices of its cars in the July-September quarter due to an increase in the input costs, the country's largest automobile manufacturer said i

Maruti Suzuki will hike the prices of its cars in the July-September quarter due to an increase in the input costs, the country's largest automobile manufacturer said in a regulatory filing on Monday.&nbsp;
The company, however, did not reveal the quantum of the proposed price hike. This would mark the third increase in car prices for India's largest automaker. Industry has been reeling under high input costs due to the huge rally in commodity prices. Globally steel prices are up from $500/tonne in September to $1500/tonne now adding pressure on margins in a low demand environment for automakers. Meanwhile even the price of plastic has gone up by 60%-80%.&nbsp;

Viacom18 Media and Zee Entertainment are reportedly in initial talks for a merger that could form a media firm with the largest market capitalization in India from

Viacom18 Media&nbsp;and Zee Entertainment are reportedly in initial talks for a merger that could form a media firm with the largest market capitalization in India from the industry.
Viacom18 is a joint venture between TV18 Broadcast Ltd (51%) and US-based ViacomCBS Inc. (49%). TV18 is a unit of Network18 Media and Investments Ltd, majority-owned by Mukesh Ambani&rsquo;s Reliance Industries Ltd (RIL).
Zee Entertainment Enterprises Ltd, founded by Essel Group&rsquo;s Subhash Chandra, is majority-owned by foreign institutional investors, including Investco Oppenheimer Developing Markets Fund and Ofi Global Fund China LLC. Essel Group&rsquo;s equity holding is down to 3.9%.

As SEBI asks for an Independent valuation of the Rs 4000 cr PNB Housing-Carlye deal putting the deal on hold. Veteran investor Samir Arora back

As SEBI&nbsp;asks for an Independent valuation of the Rs 4000 cr PNB&nbsp;Housing-Carlye&nbsp;deal putting the deal on hold. Veteran investor Samir&nbsp;Arora&nbsp;backs the shareholder rights and calls out the concerns in corporate governance in the mega deal.&nbsp; Samir&nbsp;Arora&nbsp;tweeted saying "&nbsp;Control transaction at a discount to market price where the acquirer pays 75% of the amount after 18 months - now that is a deal and shows how PE investors help worsen corporate governance if no oversight." He goes on to make the case for the share valuation to be assessed as Arora&nbsp;says "&nbsp;"A preferential issue of shares and warrants" and a "preferential issue of shares and warrants that also gives controlling interest" are not one and the same thing." PNB&nbsp;Housing-Carlye&nbsp;deal is set to offer shares to&nbsp; the 'acquirer' Carlyle for Rs 390/share vs the current market-price of over Rs 700/share or the share price of Rs 500/share at the time the deal was announced.&nbsp;

Indian banks may soon start leveraging blockchain technology for Letter of Credit (LC), GST invoices and e-way bills. Along with reduced processing time

Blockchain&nbsp;finds more backers in the Indian banks community with leading banks&nbsp;like ICICI, HDFC&nbsp;Bank and SBI&nbsp;along with 12 others have&nbsp; come together to form a company Indian Banks&rsquo; Blockchain Infrastructure Co Pvt Ltd (IBBIC) with each having equal shareholding.&nbsp; The newly formed blockchain&nbsp;company will&nbsp;widen the blockchain application to the processing of Letters of Credit (LCs/LoCs), GST invoices, and e-way bills. Along with reduced processing time and paperwork elimination&nbsp;due to&nbsp;blockchain&nbsp;technology, banks are expected to even prevent frauds like multiple issuances of LCs&nbsp;on a single&nbsp;invoice. This will also be a big boost to medium and small-scale enterprises (MSMEs) as tokenisation would make approvals, disbursements and settlements faster. Operation and disbursements&nbsp;which used to take four to five days, can be done in four hours, as some reports suggest
The project is expected to use Infosys&rsquo; Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes.

Reliance Jio has seen a big pick up in the subscriber numbers adding 7.9 million subscribers in May. This is the largest increase for Jio in the las

Reliance Jio&nbsp;has seen a big pick up in the subscriber&nbsp;numbers adding&nbsp;7.9 million subscribers in May. This is the largest increase for Jio&nbsp;in the last 17 months. The total subscribers are now at&nbsp;423 million. Analysts are attributing this jump due to Reliance's&nbsp;renewed push with it's new bundled 4G feature phone offer (Jiophone) in Mar 2021.&nbsp; Bharti Airtel gained 4.1 million reported subscriber to 352 million and VIdea reported an increase of 1.1 million subscribers to 284 million (vs a 3m monthly average loss over 12 months).&nbsp;

Aadhaar-PAN Linking: Last day to link the Permanent Account Number (PAN) card with the Aadhaar number is June 30.

Last day to link the Permanent Account Number (PAN) card with the&nbsp;Aadhaar number&nbsp;is June 30. Failure to do so will make your PAN inactive and you will also be liable to pay a penalty.&nbsp;
<h3>First one needs to check if their Aadhar&nbsp;and PAN are linked.&nbsp;</h3>
<ul>
<li>Go to&nbsp;<a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status">www.incometax.gov.in.</a></li>
<li>Under the Quick Links section option of&nbsp;&lsquo;<a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status">Link Aadhaar</a>&rsquo; will be displayed&nbsp;</li>
<li>Click on the Link Aadhaar &lsquo;Know About your Aadhaar PAN linking Status&rsquo; option under &lsquo;Link Aadhaar&rsquo;.</li>
<li>After filing your personal details it will display the current status of linkage.</li>
</ul>
If it confirms the two are linked then there is nothing more to be done, however if they are not linked one can do the same same via the website or via SMS&nbsp;(text message) as well.
<h3>How to link your PAN and Aadhar&nbsp;:</h3>
<ul>
<li>Via Website: Tax payer can just go onto the <a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status">income tax website</a>&nbsp;and fill the required details&nbsp;</li>
<li>Via SMS:&nbsp; Linking can be done by sending an SMS from the registered mobile numbers to 567678 or 56161. There is a specified format to send the SMS which is as follows -&nbsp;UIDPAN (12-digit Aadhaar Number) (10-digit PAN)</li>
</ul>
Linking of your PAN and Aadhaar&nbsp;is essential as failure to do so will make your PAN inoperative, which may result in one's inability to perform regular banking operations, redeem mutual funds amongst others.&nbsp;

The much awaited RIL AGM scheduled on June 24 has a lot on the agenda for shareholders including potentially an Aramco representation on the RIL boa

The much awaited RIL&nbsp;AGM&nbsp;scheduled on June 24 has a lot on the agenda for shareholders including potentially an Aramco&nbsp;representation on the RIL&nbsp;board.&nbsp; Reports state that&nbsp;Saudi Aramco&nbsp;Chairman&nbsp;Yasir Al-Rumayyan may be joining the&nbsp;board of&nbsp;Reliance Industries&nbsp;(RIL).&nbsp;Yasir Al-Rumayyan&nbsp;is also the Governor of&nbsp;of the Kingdom&rsquo;s wealth fund &mdash; Public Investment Fund (PIF) that has already&nbsp;picked up minority stake in Reliance Retail and Jio. Mukesh Ambani&nbsp;in 2019 has announced talks for the sale of 20% stake in the oil-to-chemical&nbsp;business to the world&rsquo;s largest oil exporter Aramco. The deal which has been delayed for undisclosed reasons was announced in the 2019 AGM.&nbsp; At the point the O2C biz was valued at $75 billion.&nbsp; &nbsp;

SEBI has ordered the PNB-Housing Carlyle deal to be put on hold as the market regulator SEBI wants an independent valuation of shares to be conducted.&nb

SEBI&nbsp;has ordered the PNB&nbsp;Housing Carlyle deal to be put on hold as the market regulator SEBI&nbsp;wants&nbsp;an independent valuation of shares to be conducted.&nbsp; The Rs 4000 cr deal with Carlyle for the PNB&nbsp;backed mortgage lender involves&nbsp;issuing shares and warrants on a preferential basis to private equity firm&nbsp;Carlyle Group&nbsp;and associates to acquire 50% stake in the company.&nbsp;The price of each share and convertible warrant was set at Rs 390/share The stock of PNB&nbsp;Housing is up over 70% just tin the month of June, trading above the Rs 700/share mark at the time this report was written.&nbsp;
SEBI&nbsp;has stated the resolution about the issue of securities was &ldquo;ultra-vires&rdquo; of the Articles of Association (AoA). The resolution will not be acted upon until the company does the valuation of shares (for preferential allotment) by an independent, registered valuer.PNB HFC in a late night filing with the BSE said the company had acted in compliance with the laws, including pricing regulations prescribed by&nbsp;Sebi&nbsp;and the AoA.
PNB&nbsp;Housing was supposed to hold an extraordinary general meeting of shareholders on June 22 to consider the preferential allotment (shares and warrants).&nbsp;
&nbsp;

India's tech giant, Infosys on Saturday said the company been able to address several technological glitches on the new income tax filing platform and that nearly

India's tech giant,&nbsp;Infosys on Saturday said the company been able to address several technological glitches on the new income tax filing platform and that nearly one lakh income tax returns have been filed through the new portal so far.
Infosys chief operating officer Pravin Rao said the company will work with stakeholders over the next few weeks to resolve all the issues with the new portal. Several technical glitches raised initially in the&nbsp;Infosys' new Income Tax e-filing portal,&nbsp;&nbsp;with many users posting tweets tagging the Finance Minister.&nbsp;Infosys is set to meet with the government on the tax portal issues on June 22.
In 2019, Infosys was awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds.

explore newslists

Business

Jet Airways to fly again, NCLT gives nod to resolution

Petrol price surges to ₹100/litre across the country; Prices hiked again

Sensex breaks 53,000-mark; Nifty near record high

Fund raising alert! Byju's raises another $50 million

Finance Ministry officials & Infosys team to meet today on e-filing return portal issues

Airtel & Tata partner to counter Jio, plan to launch 5G network on TCS' platform

New e-commerce norms ban flash sales add stricter compliance, hit for Amazon & Flipkart

Govt to tighten rules on e-commerce, impose ban on 'flash sale'

Mukesh Ambani at Qatar Forum: Reliance aims for net-zero carbon emissions by 2035

Prof Esther Duflo, Raghuram Rajan in Tamil Nadu government's economic panel

China hardens stance on cryptocurrency, Bitcoin falls to 2-week low

Maruti Suzuki to hike car prices, third round of hike as costs surge

Viacom18, Zee Entertainment in talks for potential merger: Reports

Samir Arora speaks out on the PNB Housing-Carlyle deal, sides with SEBI & shareholders

SBI, HDFC, ICICI bank on blockchain technology, 15 lenders form a company

Jio connects: Reliance Jio gains most subscribers in 17 months

Aadhaar-PAN Linking deadline; Here is what you need to do urgently

Reliance AGM: Here is what to expect from $15 billion proposed Aramco-RIL deal

SEBI halts PNB Housing Finance- Carlyle deal, what is the holdup?

Infosys: most income tax portal glitches fixed, 1 lakh tax returns filed

follow editorji

download editorji