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Mint Evening Digest: Taxpayers to be excluded from Atal Pension Yojana and more

The rules, applicable only to RBI-regulated entities and lending service providers, mandate them to disclose the all-inclusive cost of digital loans to borrowers and bar lenders from automatically increasing credit limits without the borrower’s consent.  (Mint)Premium
The rules, applicable only to RBI-regulated entities and lending service providers, mandate them to disclose the all-inclusive cost of digital loans to borrowers and bar lenders from automatically increasing credit limits without the borrower’s consent.  (Mint)

Ahead of market opening read top business news, equity market precursors, and economic and banking news updates from India and across the world for 11 August, 2022.

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Mint Evening Digest

Tax payers to be excluded from Atal pension yojana

Income tax payers will not be eligible for the Atal Pension Yojana (APY), a universal social security scheme, from 1 October, according to an official order.

In case a subscriber of the scheme, who joined on or after 1 October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber, as per the order. Read more

Aakash Chaudhry buys 137 crore bungalow in Delhi’s Kautilya Marg

Aakash Chaudhry, co-founder and managing director of Byju’s-owned Aakash Educational Services Ltd (AESL) has bought a bungalow in Kautilya Marg, Diplomatic Enclave for 137 crore, in one of the largest individual property transactions in recent times. Read more

Jet Airways Q1 update: Net loss at 390.1 cr, revenue down 83%

Jet Airways on Thursday reported a standalone net loss of 390.1 crore for the three months ended June (Q1FY23) as compared to 129 crore in the year-ago period.

The full service carrier's revenue from operations declined 83% to 12.53 crore for the quarter under review. Jet Airways had posted a revenue of 73.83 crore in the same quarter last year, according to a regulatory filing. Read more

CEO of Nykaa's FSN Brands Reena Chhabra resigns

Reena Chhabra, the chief executive officer of Nykaa's private label division FSN Brands, has resigned with effect from 16 August, 2022, the company said in a regulatory filing. Chhabra had earlier worked with cosmetic brand Colorbar as COO. She has also led Lakme Beauty Services at Unilever and worked with Kaya Skin care, among other retail brands. Read more

What if you had bought Indian Hotels shares instead of taking a vacation

Tata Group-backed Indian Hotels Company (IHCL) has emerged as a multi-bagger as its shares hit a fresh 52-week high on Thursday. IHCL is into the Indian hospitality business. Imagine, if rather than taking a vacation, you would have invested the money in IHCL shares a year ago. By today, investors would be sitting on triple-digit growth in their wealth. Or better, if invested in the shares two years ago, then investors would be garnering more than a 3-folds jump in their wealth. Read more

US Jobless claims rise again, near highest since November

Applications for US unemployment insurance rose for a second week and held near the highest level since November, indicating continued moderation in the labor market.

Initial unemployment claims increased by 14,000 to 262,000 in the week ended Aug. 6, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 265,000 applications. Read more

Centre working with RBI to curb inflation

The Central Government is working with the Reserve Bank of India (RBI) to take measures and curb inflation, a top government source was quoted as saying by Reuters on Thursday.

Inflationary pressure has not eased yet but should do as prices of crude oil and food items like edible oil fall, the source said. Read more

Mint Morning Digest

RBI tightens rules for digital lending

The Reserve Bank of India on Wednesday issued guidelines for digital lending platforms to ensure orderly growth and protect borrowers following complaints that lending apps were charging usurious interest rates, pursuing aggressive recovery practices, and committing fraud and breach of data privacy. Read More Here.

Inflation seen at 6.78% in July

Retail inflation in India likely eased in July as food and commodity prices cooled but remained above the 6% upper limit of the central bank’s tolerance range for the seventh consecutive month, a Mint survey of 28 economists projected. Read More Here.

JSW Energy arm to buy Mytrah’s 1.75GW assets for 10,530 cr

JSW Energy Ltd on Wednesday said unit JSW Neo Energy has agreed to acquire solar and wind power assets totalling 1,753 megawatts (MW) from Mytrah Energy (India) Pvt. Ltd. The deal, struck at an enterprise value of approximately 10,530 crore, is JSW Energy’s biggest acquisition yet. Read More Here.

Neuberg Diagnostics aims IPO by end of FY23

Healthcare veteran G.S.K. Velu’s diagnostic chain Neuberg Diagnostics plans to spend as much as 500 crore to expand its network in India. The diagnostic chain is also looking to expand its overseas presence. In an interview, Velu, chairman and managing director of Neuberg Diagnostics, said that the company would look at an initial share sale by the end of June. Read More Here.

New fraud allegations against Srei

More trouble is brewing for Kolkata-based Srei Group, with the Reserve Bank of India-appointed administrator reporting instances of fresh fraudulent transactions. Two people aware of the matter said more skeletons are likely to tumble out of the cupboard. Read More Here.

What’s cheering up Airtel investors

After the recently concluded auctions, telecom investors will be keen to hear from companies about future prospects of 5G. For Bharti Airtel Ltd investors, the good news is that a spike in capital expenditure (capex) is unlikely. Read More Here.

Airfare caps to go from August end as sector revives

The civil aviation ministry on Wednesday removed price bands on airfares with effect from 31 August, freeing airlines from the specified minimum and maximum fares set more than two years ago as the sector recovers. Read More Here.

Disney beats Netflix on streaming subscribers, announces higher prices

Media giant Walt Disney edged past popular over the top (OTT) platform Netflix with a total of 221 million streaming customers, announcing that it will raise prices for customers who seek to watch Disney+ or Hulu without commercials. Read More Here.

Elon Musk sells $6.9 bn Tesla  stock  to  cavert Twitter fire sale

Elon Musk offloaded $6.9 billion worth of stock in Tesla Inc to accumulate cash ahead of a trial that could force the billionaire to follow through on an agreement to acquire Twitter Inc. Read More Here.

Corbevax can be used as booster for Covishield, Covaxin

In a first, Biological E’s covid-19 vaccine--Corbevax will now be available as precaution/booster dose for all adult individuals who are fully vaccinated either with Covishield or Covaxin, the union health ministry said on Wednesday allowing Corbevax has a heterologous covid-19 vaccine for booster dose. Read More Here.

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