India’s manufacturing PMI hits 8-month high in July
India’s manufacturing activity grew at its fastest pace in eight months in July, driven by better demand conditions and a pick-up in sales, showed a private survey on Monday. Read more
GST revenue collection for July second highest ever at ₹1.49 lakh crore
GST collections for July remained above ₹1.4 lakh crore for the fifth straight month. Gross GST revenue collected in the month of July 2022 at ₹1,48,995 crore, which was the second highest collection ever since the introduction of the Goods and Services Tax. The July revenue figure is 28% higher than the revenues in the same month last year of ₹1,16,393 crore, as per the data by the government released on Monday. Read more
SpiceJet, confident of scaling up, says all flight operations normal
After receiving a directive from the Director General of Civil Aviation (DGCA) ordering SpiceJet to reduce its approved fleet by 50 percent this summer for eight weeks due to safety concerns, the budget carrier declared on August 1 that flight operations were continuing as planned and normally. Read more
This Rakesh Jhunjhunwala-backed stock has jumped 16% after Q1 results
After hitting fresh 52-week low of ₹475.05 on NSE in July 2022, online gaming stock Nazara Technologies shares have rebounded strongly from its lows. Nazara Technologies share price today opened with a big upside gap and went on to climb to its intraday high of ₹625.50 apiece levels, logging more than 16 percent jump from its Friday close price of ₹530.10 per share. Read more
HDFC Bank to raise ₹2.7 trillion for merger
HDFC Bank Ltd is likely to raise at least ₹2.2 trillion from public deposits and corporate bonds, and an additional ₹50,000 crore from similar papers to meet capital requirements and other pre-requisites stipulated by the regulator for its merger with India’s largest mortgage lender and parent Housing Development Finance Corp. Ltd, two people directly familiar with the bank’s plan said. Read more
Repo rate may go up by 50bps: Mint poll
The Reserve Bank of India’s monetary policy committee (MPC) may raise the benchmark repo rate by 35-50 basis points at its meeting this week, a Mint survey of economists showed, amid central banks worldwide raising borrowing costs to cool prices. Read more
RIL’s retail arm on a hiring overdrive
Reliance Industries Ltd’s retail arm is scouting for as many as 200 senior executives, vice-president level and above, with annual salaries of ₹1 crore or more and thousands of other junior and mid-level executives, recruiters said. Read more
India’s indigenous bullet train plan on track
Indian Railways plans to increase the speed of the new version of the Vande Bharat Express train to 180kmph this year from 160kmph. The train is expected to run at speeds of 220kmph by 2025 and subsequently faster at 260kmph, on par with the speed of most European high-speed trains. Read more
Your bank may refuse to clear cheques after today
Beginning August 1, 2022, many banks will need the Positive Pay System (PPS) for cheques issued for ₹5 lakh or more. Such cheques will be turned down by your banker if you don't offer Positive Pay confirmation. The banks may refuse to clear such cheques if the PPS rules are not followed. Read more
