L&T’s order flows surprise even as infra business copes with macro challenges

• Barring the power segment, infra, defence, heavy engineering and hydrocarbons clocked good revenue growth
• L&T’s robust project execution skills played out in its favour despite challenging macroeconomic times

CBDT extends deadline to file income tax returns for FY19

• The earlier deadline was 31 July
• The extension was mostly in the offing because CBDT had extended the deadline for employers to give Form 16 to their employees

IMF lowers India’s growth outlook for FY20 on weaker demand

• The Indian economy is now expected to expand 30 bps slower in FY20
• IMF said multilateral and national policy actions are vital to place global growth on a stronger footing

HUL does well on profit margins, but demand outlook remains dull

• HUL’s volume growth moderated to 5%, suggesting that slowdown is the new normal
• Company’s Ebitda margin was better than the Street’s expectations, but sustainability is key

After losing trust vote, HDK resigns as CM; BJP to stake claim in Karnataka

• The confidence motion moved by Kumaraswamy got 99 votes as against 105 of the opposition
• BJP will stake claim to form the next government in Karnataka on Wednesday after meeting Governor Vajubhai Vala, state BJP leader R. Ashoka said

Saudi Aramco's talks to buy minority stake in RIL's refining assets stall

• Aramco is concerned about Reliance’s proposal to shift some debt of the wider group to its refinery business ahead of the transaction
• Reliance’s debt increased 20% over the past year as it spent $36 billion to disrupt India’s wireless market with cheap data and free calls

Snapdeal in talks for fresh capital, raises funds from Piramal

• The talks to raise a fresh round of funding are at a fairly early stage and investor names have not been finalized yet
• 'Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics,' said Piramal

RBI names Kanungo to run monetary policy portfolio after Viral Acharya quits

• Kanungo will also retain his currency management portfolio
• He would become the sixth member of the RBI's Monetary Policy Committee, which will next convene on 5-7 August

Boris Johnson wins race to be next British Prime Minister

• Johnson defeated his rival Foreign Secretary Jeremy Hunt by a landslide in a ballot of the Conservative Party’s roughly 160,000 members
• The incoming PM has just 100 days to negotiate a new divorce deal with the European Union before the UK is due to leave the bloc at the end of October

Diplomatic furore erupts in India over Donald Trump's Kashmir mediation remarks

• If Trump's claim that Modi had asked him to mediate on Kashmir issue is true, then Modi betrayed interests of the country, said Congress leader Rahul Gandhi
• With these remarks, Trump appeared to have reversed decades of US policy endorsed by a succession of Republican and Democratic administrations

Viral Acharya’s crowd management lessons involve showing true fiscal deficit

• In his last published speech, the outgoing deputy governor of RBI highlighted yet again the problem of crowding out by govt’s rising market borrowing
• Implications of crowding out are more serious now because household savings, main source of funding for both public and private sectors, are shrinking

SC cancels RERA registration of Amrapali group, orders ED to register case

• The apex court also directed ED to register a money laundering case against the Amrapali group and its directors
• Homebuyers had filed petition for the possession of approximately 42,000 flats of the Amrapali group

Discuss salary issue with lenders: NCLT to Jet’s RP

• The tribunal will hear the airline’s insolvency case again on 8 August
• Jet has held back salaries of a section of its staff, including pilots and engineers, since January

Chandrayaan-2 is in good health and moving in right direction: ISRO

• If successful, it will make India the fourth country after Russia, the US and China to pull off a soft landing on the moon
• An ISRO official said no updates on the mission have been made because there is no need for it at this juncture

HUL Q1 net profit up 15% at ₹1,755 crore

• Net profit for the quarter stood at ₹1,755 crore, up 14.86% from ₹1,528 crore a year ago
• In the June quarter, growth was driven by its homecare portfolio which grew 10% on a comparable basis

L&T Q1 consolidated PAT rises 21%, but says funding for projects is uncertain

• The company reported consolidated revenue of ₹29,636 crore, rising 10% year-on-year from ₹27,005 crore in the year-ago period
• L&T won new orders of ₹38,700 crore during the quarter, registering a growth of 11% year-on-year

Wasim Akram humiliated at Manchester airport for carrying insulin

• An important member of the 1992 World Cup winning team, Akram has 414 wickets to his name in 104 Tests and 502 ODI wickets in 356 matches
• Wasim Akram played 10 years for Lancashire and also had a stint with Hampshire in the 2003 season before it was cut short because of health reasons

L&T Q1 net profit rises 21% to ₹1,473 crore on overall strong growth

• Consolidated gross revenue for the quarter rose 9.74% to ₹29,636 crore
• However, the net profit was lower than the Bloomberg estimates of ₹1,560 crore

Riding on anti-govt protests, Congress sees a boost in Kerala

• Taking up a series of anti-government agitations recently, the party has received a boost in the public eye in Kerala
• Kerala is the only southern state where the party won significantly in parliamentary polls, no less than 19 out of 20 seats

Companies seek clarity on buyback tax from finance ministry

• Some companies have sought clarity on the applicability of the buyback tax on their offerings, which had been announced before the Budget proposal
• In the past three years, publicly traded firms bought back shares worth ₹1.43 trillion

Huawei to introduce Mate 20 X 5G on July 26

• Since the phone is 5G, one can expect unveiling of the 5G network in China that should appear first in major cities like Shanghai, Beijing and Shenzhen
• The device is powered by Kirin 980 processor with 7nm Balong 5000 5G multi-mode chipset that also supports 4G/3G/2G networks

Huawei inks distribution pact with Micromax

• Huawei said the partnership is "aimed at a long-term association under a commercial agreement, primarily driven by sales and purchases"
• The move assumes significance as Huawei faces a ban from the US government

The rocket science behind the bullock cart in India’s space story

• APPLE was India’s first geostationary experimental communication Satellite Project during 1977-83
• The pioneering mission was facing setbacks on various fronts

India captain Virat Kohli remains number one ranked batsman in Test cricket

• In the Test team rankings, India remained in top position followed by New Zealand (2) and South Africa (3) with England (4) and Australia (5)
• Virat Kohli is on 922 points with New Zealand skipper Kane Williamson (913) just behind him and Cheteshwar Pujara (881) third in the rankings

Consumer confidence recovers marginally in July: Survey

• The India Primary Consumer Sentiment Index has shown recovery in July 2019, and has moved up by 0.6 points
• The recovery comes as the consumer confidence for the month of June fell by 2.9% as the high cost of living and general gloom around state of economy weighed heavy on Indian households

Trump wants to mediate on Kashmir issue, PM Modi did not ask US Prez, says India

• 'No such request has been made by PM Narendra Modi to US President,' said Indian foreign ministry spokesperson Raveesh Kumar
• 'I honestly don't think Trump has the slightest idea of what he's talking about,' said Shashi Tharoor

IndiGo founders said to ready compromise deal

• Independent directors may vet every related party transaction under new accord
• The AoA of InterGlobe will be amended to expand the board to 10 directors from six

Monsoon may gain strength over Central India Wednesday onwards, says IMD

• At present, the major rainfall activity has been mainly confined to south peninsular India and northeast India
• Part of Haryana, Chandigarh, Delhi and West UP are also likely to witness significant increase in the rainfall activity

Panel favours cryptocurrency ban in India

• It has suggested that the government establish a standing committee to revisit the issues addressed in the report
• Implementing the ban may not be easy, though

Small eateries log on to food delivery apps, discover new customer base

• In small cities, the apps are helping outlets expand their business and in metros, iconic joints are getting new customers
• India’s food services market is pegged at ₹4.2 tn, 65% of which comprises unorganized and unlicensed joints

‘Value investing hasn’t worked in past 8-9 years, but then cycles change’

Value investing focuses on the price at which a stock is bought; growth focuses more on returns and cash flows, says Vetri Subramaniam, group president and head of equity, UTI Asset Management

SoftBank fund says in no hurry to exit firms in India portfolio

• SoftBank Vision Fund has no immediate plans for IPOs in India, says managing partner Munish Varma
• SoftBank, led by Masayoshi Son, recently said it plans to invest $2-4 billion in India

Supreme Court cancels registration, lease of Amrapali group

• The court directed ED to investigate the alleged money laundering by Amrapali CMD Anil Sharma and other directors of the group
• The apex court also directed Noida and Greater Noida to handover a completion certificate to the flat buyers who are already residing in various projects

Gold rallies as global, local factors align in its favour

• Gold prices in India too soared to over ₹36,000/10gms recently, touching its life-time high
• With equity valuations remaining expensive, gold seems to be regaining its safe haven status

Mid-cap mayhem: Long road to recovery

• Mid- and small-cap stocks have gone through a free fall. To make matters worse, large-caps are now in trouble
• The large-cap-based BSE Sensex has been masking the pain. The bellwether gained 12% since Jan 2018, but within the large-cap universe, only a handful are driving the surge

Draft Act has little room for owner-tenant fights

• Draft Model Tenancy Act tries to balance the rights and interests of owners, tenants
• The draft Act proposes to cap security deposit to a maximum of two months’ of rent for residential houses

How travel loans help open up new horizons

People across age groups are using different payment options to see the world and gain new experiences, without hurting their savings

Vistara to launch new flights. Check routes, fares here

• The tickets can be booked through all channels
• Vistara is a joint venture between Tata Sons Ltd and Singapore Airlines Ltd (SIA)

Air India plans to bring all 17 grounded aircraft back into operation by Oct-end

• Air India plans to use these aircraft on the new routes where it will start flying soon
• These eight aircraft include four from A320 family, one B747, one B777 and two B787s

Piramal’s real estate fund seeks extension

• Launched in 2013, the fund has a tenure of six years which is extendable by another two years
• The group firm said cash flow in a residential project in Pune was hit due to liquidity issues and inability to carry out sales and development activities

Move over Elon Musk. Satya Nadella-Microsoft to invest $1 billion in OpenAI

• OpenAI will use Microsoft’s Azure cloud services to train and run the group’s AI software
• Microsoft CEO Satya Nadella said the goal is to 'democratise AI – while always keeping AI safety front and center'

Double-decker buses running on alternative fuel to be reality soon

• The proposed double-decker bus will have economy and executive class seats
• These buses will run on alternative fuel or electricity, which will save cost and make ticket prices cheaper

Security forces kill top Naxal commander in Chhattisgarh

• Madkam Hidma had allegedly masterminded the 2017 attack in the district that killed 25 CRPF personnel
• With the Naxals operating under a new chief commander, officials said the cadres will now focus on inflicting greater casualty/damage on security forces

RTI stands at the brink of extinction: Sonia Gandhi

• Her strong remarks come a day after the Lok Sabha passed the Right to Information (Amendment) Bill, 2019
• The bill seeks to empower the central government on deciding the terms of chief information commissioners and information commissioners

Paytm customers to get instant digital loan as company partners Clix Finance

• Clix Finance to offer instant digital loans to customers and merchants on Paytm
• Clix and Paytm will introduce several new products to further enhance customer experience

Karnataka floor test may be concluded today

• The situation threatening to escalate into a full blown constitutional crisis in Karnataka
• Proceedings began on a fiery note on Tuesday, with only a handful of legislators from the coalition being present when the session began

Dubai's real estate slump catches up with the city's finance hub

• Dubai’s financial district has also been impacted as global banks retreat to their home markets
• Dubai's real-estate market has been hit by a slump brought on by oversupply and slower economic growth

IndiGo announces new routes, offers flight tickets from ₹1,999

• Jodhpur will be IndiGo's 56th destination
• IndiGo will also start daily non-stop flights on Mumbai-Singapore route and Mumbai-Bangkok route from 22 August

Kanwar Yatra app for pilgrims in Meerut

• Kanwar Yatra app provides all information about the routes, temples, hospitals, police and camps in Meerut zone
• The app can be downloaded from Google play store

Streaming sites a haven for niche films while blockbusters take to TV

• Video streaming services have become a haven for experimental films that are unlikely to find theatrical draw
• Impressions, a term used by the viewership measurement agency BARC, refer to the number of individuals in thousands of a target audience who viewed an event, averaged across minutes

Gold prices fall sharply after touching record high, silver follows suit

• Profit-taking weighed on gold prices
• Gold and prices have risen sharply this year

Delhi Metro Magenta Line hit by snag near IGI Airport's Terminal 1 station

• The Magenta Line connects Janakpuri West station in Delhi to Botanical Garden in Noida
• DMRC also tweeted about the delay to caution passengers

No new changes in online ITR forms, says CBDT

• Online ITR forms were changed and updated on 1 April itself, while utility forms meant for partial online filing were updated with the changes in May
• Updating of utility does not hamper filing of ITR as taxpayers can use utility available at any given point, said CBDT

HDFC Bank revises fixed deposit (FD) rates. Check out the latest rates here

• HDFC Bank has revised its fixed deposit interest rates effective 22 July
• The bank is offering an additional 50 basis points in interest rates to senior citizens on fixed deposits

Apex court stays NCLAT verdict in Essar Steel insolvency case

• The top court put on hold the sale of Essar Steel and said the NCLAT order should not be given effect to as of now
• The court said it would resolve issues arising from the Essar verdict expeditiously and fix an early date for hearing the case