No tax recovery within three months of notice, says CBIC
The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty. Key Points
Economic TimesE-notice provision, other amendments to SARFAESI, DRTA in pipeline to streamline debt recovery
New Delhi [India], March 19 (ANI): The Ministry of Finance has constituted a committee to determine further amendments to the SARFAESI and DRT Acts, including providing legal cover to e-notice for expeditious debt recovery, sources in the ministry said. The committee held several meetings and discussions are in the “advanced stage,” sources told ANI. Show […] Key Points
ThePrintGovt contemplating changes in SARFAESI, DRT laws; to provide legal sanctity to e-notices
The Finance Ministry has set up a panel to propose amendments to the SARFAESI and DRT Acts, aiming to expedite debt recovery. E-notices were to be granted legal sanctity for faster recovery. Meetings were held, discussing enhancements to DRTs for efficient debt recovery. Key Points
Economic Timesrecovery via IBC eases to 26% in December quarter
Recovery rate under IBC dropped to 26% in December last year from 33% in previous months. Cumulative recovery since 2016 stood at Rs 3.21 lakh crore. Delays in resolution appear to have significantly impacted the realization in the December quarter, with only Rs 4,281 crore recovered from 79 firms due to long delays in resolution. Key Points
Economic TimesChina's manufacturing shrinks, signaling recovery still fragile
The official manufacturing purchasing managers index fell to 49.5 this month from 50.2 in September, according to a statement from the National Bureau Key Points
Times Of India
ARC Body calls for safeguards against filing of criminal cases
The Association of Asset Reconstruction Companies has appealed for the intervention of the finance ministry in order to issue an advisory that directs state governments to prevent the lodging of criminal cases against lenders and its officials. The current criminal cases against lenders have been seen as intimidation tactics which may lead to recovery efforts being stalled. Key Points
Economic TimesCreditors’ recovery via IBC surges to 36% of admitted claims in FY23
Data from the Insolvency and Bankruptcy Board of India (IBBI) showed that out of the total admitted claims of Rs 1.42 lakh crore, creditors realised rs 51,425 crore in FY23, compared to Rs 49,208 crore realised from admitted claims of Rs 2.14 lakh crore a year ago. Key Points
Economic TimesStability from US brings some relief to domestic markets; traders eye earnings for cues, could see consolidation
Nifty finally witnessed a trend reversal and a movement to 18,100+ is expected now. Bank Nifty has seen a swift recovery. Key Points
FinancialexpressIn H2, Bajaj Auto domestic biz showing signs of incremental growth; big opportunity seen in ASEAN: Rakesh
“Rather than V-shaped recovery, it is better for everyone, for the entire ecosystem, for the dealers, for the vendors, for the company, to see a robust if flatter recovery. We are seeing that happen. A 3-5% single digit positive is a nice recovery to see. The top half of the segment is growing in the higher single digits – 8-9%.” Key Points
Economic TimesFinMin wants PSU banks to enhance recovery rate from written-off accounts to about 40 pc
Public sector banks (PSBs) could recover only 14 per cent of the written-off loans worth Rs 7.34 lakh crore in the last five years ended March 2022. Key Points
Financialexpress
Industrial growth slows to a three-month low of 3.7% in June
“The sequential slowdown was led by the manufacturing sector, while the mining and electricity sectors witnessed an improvement in their growth performance amid deficient rainfall in the month,” said Aditi Nayar, chief economist, Icra. Manufacturing, which has a weight of 77.6% in the Index of Industrial Production, grew at its slowest pace of 3.1% in three months, even as electricity and mining outperformed, showed a government data release on Friday. Key Points
Economic TimesILO pegs global unemployment rate at 5.2 per cent in 2024
The International Labour Organization (ILO) has projected a global unemployment rate of 5.2% in 2024, slightly higher than the 5.1% in 2023. The World Employment and Social Outlook Trends: 2024 report notes that working poverty will persist, and income inequality will widen, emphasizing the need for greater social justice for a sustainable recovery. Key Points
Economic TimesChina services growth softens in fresh sign of weakness
International Business News: China’s post-pandemic recovery may be slowing as the Caixin China services purchasing managers’ index fell from 57.1 in May to 53.9 in June, a six-mon Key Points
Times Of IndiaHow I quit drinking: Therapy for child abuse, sexual assault traumas
I developed an alcohol addiction and complex PTSD after a sexual assault. Trauma therapy helped me confront childhood abuse and quit drinking. Key Points
InsiderK-shaped recovery narrative flawed and baseless: SBI Research
The State Bank of India researchers stated that nearly half of India's consumption will be carried out by the lower-income segment, comprising 90% of the population, by the end of the next decade. This prediction highlights the country's progress in bridging the inequality gap and challenges the notion of a flawed K-shaped recovery. According to the researchers, the post-pandemic period witnessed a significant shift in consumption patterns, with an additional Rs 8.2 trillion of consumption now being directed towards the lower end of the economic pyramid. Key Points
Economic Times
5 midcap stocks that have beaten volatile markets can rise up to 31%, according to analysts
As the nifty is on a path of recovery, some segments of mid-cap stocks started to see recovery. From a logistics player to the first new age company which got listed close a decade ago and now belongs to India’s largest private sector group. ET screener powered by Refinitiv’s Stock Report Plus applies different algorithms & filters to all BSE and NSE stocks, and lists stocks which fulfill the various criteria as specified into the algorithms & filters to find those which might help navigate the stock market. Key Points
Economic TimesDon’t expect recovery in FMCG before FY25: Abneesh Roy
Abneesh Roy says: “In our view, in Q3, most of the companies will see flat to low-single digit volume growth in the rural areas while urban areas will be growing faster. Even in Q4, we do not see a big recovery in rural demand currently. Our sense is the recovery will happen in FY25, based on Rs 1 lakh crore election spending, government stimulus, freebies, etc.” Key Points
Economic TimesOver $400 million required for Afghanistan to recover from Oct earthquake: UN
The magnitude 6.3 quake on Oct. 7, one of the most destructive in the country's recent history, flattened entire villages in Herat province. | World News Key Points
Hindustan TimesCracking the Code: Q2 recovery under IBC rises to 33%
Improved investor interest in a broad range of small and medium enterprises and above-average realisation from the assets of a large company - Srei Group - boosted the recovery last quarter, showed the data. The realisation in the September quarter stood at ₹20,771 crore from about 85 stressed firms. Key Points
Economic TimesRupee recovers on offshore NDF, may avoid record low when onshore reopens
The Indian rupee on Wednesday managed to recover against the U.S. dollar in the offshore non-deliverable forward (NDF) market on likely intervention by the Reserve Bank of India and recovery in the Chinese yuan. Key Points
Reuters
Goldman Sachs sees Nifty holding its own even if China stocks rebound
Chinese stock market recovery is unlikely to lead to a massive fund outflow from India, according to Goldman Sachs Asia Pacific equity strategist, Sunil Koul. India's solid fundamentals will continue to attract long-term foreign investors. While India has been a key beneficiary of global investors' preference for Indian equities, there is concern that the recovery in China could hurt Indian stocks. Koul does not anticipate a sharp selloff even if China recovers but expects a recovery in China to be gradual, driven by underlying earnings, rather than a fast valuation recovery. Key Points
Economic TimesSoaring High! 132 BSE500 stocks hit 52-week highs in May. Do you own any?
The positive momentum in the country's markets helped their case. Some big names on the list include IndusInd Bank, Hindustan Aeronautics, Titan, Ultratech, Kotak Mahindra Bank, and Indian Oil Corp. In contrast to the three consecutive months of decline beginning in January, the S&P BSE Sensex index gained approximately 2% in May 2023, helped by consistent FII buying despite mixed global cues. Key Points
Economic TimesTata Motors’ JLR trumps FY23 volume guidance on robust Q4
While JLR put up a weak show in the half-year ended September, the solid performance in H2FY23 led to the luxury carmaker surpassing FY23 volume guidance by nearly 4%. On a y-o-y basis, JLR’s FY23 volume was up 9% at 321,362 units. Key Points
mintJapan ends Covid-19 travel curbs to bring shoppers, tourists back
Japan's service mood rebounds as Covid curbs end. The outcome offers some relief for policymakers fretting that rising living costs could discourage households from shopping and travelling, thereby derailing Japan's delayed recovery from the scars of the pandemic. | Travel Key Points
Hindustan TimesZerodha co-founder recovering from stroke; lifestyle tweaks for stroke survivors
Zerodha co-founder Nithin Kamath revealed he suffered a ‘mild stroke’ 6 weeks back. Here are dietary and lifestyle changes for stroke survivors. | Health Key Points
Hindustan Times
Sensex, Nifty end higher as Dalal Street bulls drive recovery rally
The S&P BSE Sensex gained 358.79 points to close at 70,865.10, while the NSE Nifty 50 rose 104.90 points to settle at 21,255.05. The broader market indices outperformed the benchmarks, contributing to the recovery rally on Dalal Street. Key Points
India TodayMatthew Perry felt that his Friends co-stars weren't battling addictions as hard as he was
Friends co-star Mathew Perry shared his battles with addiction to alcohol and drugs. He lost almost 128 pounds because he was addicted and took almost 50-55 tablets a day. He claimed to have gone to 15 different recovery facilities, attended roughly 6,000 sessions of Alcoholics Anonymous, and calculated that he had spent about $9 million on his sobriety. Key Points
Economic TimesIndian shares gain as dip in crude, US bond yields lift mood
India Business News: The NSE Nifty 50 index was up 0.49% at 19,531.55, as of 10:09 a.m. IST, and the S&P BSE Sensex climbed 0.54% to 65,579.94. Asian equities edged higher Key Points
Times Of IndiaHigh Court dismisses govt plea to enforce arbitral award against RIL
The high court rejected the petition holding it to be premature and not maintainable . The 2016 FPA is not an executable arbitral award as it does not award any amount to the government, it said in the order on Friday. Key Points
Economic TimesChina's holiday tourism rebound to pre-Covid levels boosts outlook
China's tourism rebounded to pre-Covid 19 levels in the May Day holiday. Travel-hungry Chinese made 274 million domestic trips during the five-day break that began on Saturday, a rise of 70.8% from a year earlier, and 19% more than during 2019, the Ministry of Culture and Tourism said on its website Key Points
India Today
In QSRs, Devyani International, Restaurant Brands should see a good recovery from Q3: Kaustubh Pawaskar
Kaustubh Pawaskar, DVP, Fundamental Research at BNP Paribas, predicts that Q2 will be a weak quarter for consumer goods companies, with no significant improvement in demand. However, higher margins may contribute to decent bottom line growth. Pawaskar expects a recovery in volumes from Q3, driven by stable urban consumption and increased government spending in rural markets. The QSR space has been impacted by inflationary pressures, but burgers and sandwiches will perform well from Q3. Key Points
Economic TimesAPAC chemicals sector navigates toward recovery amidst destocking shift: Fitch Ratings
New Delhi [India], December 18 (ANI): Fitch Ratings anticipates a gradual recovery for rated APAC chemicals companies as they approach the end of the destocking cycle, signalling positive revenue growth in the years 2024-2025. According to Fitch Ratings, this outlook suggests a potential upturn in the financial profiles of these entities. Show Full Article The […] Key Points
ThePrintET Explains: What is the significance of personal guarantee and what will change for a guarantor after SC
In a landmark ruling, the Supreme Court upheld the constitutional validity of the personal guarantor provisions found in the Insolvency and Bankruptcy Code (IBC). This opens the door for lenders to pursue recovery against individuals such as Kishore Biyani of Future Retail, Venugopal Dhoot of Videocon Industries, and Anil Ambani of ADA Group. ET explains how the sequence has implications Key Points
Economic TimesRealtors' bank details set to be included in recovery warrants
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it compulsory for real estate developers to include their bank account details in recovery warrants sent to the revenue department. This move aims to streamline the compensation recovery process for homebuyers facing delays or discrepancies in property transactions. By disclosing developers' bank account information, MahaRERA aims to enhance accountability and ensure timely compensation for affected parties. The authority has recovered over ₹125 crore in the last 14 months and appointed a retired additional collector for compensation recovery. Key Points
Economic TimesQ3 Preview: PI Industries preferred pick of Jefferies from chemical sector; Anupam Rasayan to see strong recovery
Q3 Results Preview: Amidst weak expectations from chemical sector during the quarter, PI Industries remains preferred pick of Jefferies on volume outlook, valuations. Anupam Rasayan may see see strong recovery during the quarter while Navin Fluorine may see sequential recovery on HPP plant ramp-up. Key Points
mint
India reports 752 new Covid cases, 4 deaths in 24 hours
The number of people recuperated from the disease has increased to 4,44,71,212, and the national recovery rate stands at 98.81%, health ministry said. Key Points
ThePrintStarting out in tech stocks? Start with small tranches within midcap IT, says Mayuresh Joshi
“Anybody who is not invested to answer your questions can start with small tranches within the midcap IT space. We like a couple of names which we hold in our global list. Cyient we continue to like because of its diversified book, expectations of stable revenue growth and Firstsource Solutions meets a lot of our criteria in terms of revenue expectations, capacity utilisations, decent amount of DSO days and a decent amount of diversified book.” Key Points
Economic TimesMy eating disorder recovery was challenged during solo trip to Ireland
She was in eating disorder recovery for a decade, so she wasn't expecting her ED voice to reappear while in Ireland. She resolved to take up space. Key Points
InsiderKushboo Sundar hospitalised after suffering from high fever, ‘killing’ body ache, says ‘Do not ignore signs when your body..’
Actor-turned-politician Kushboo Sundar shared her health update on social media. She also advised her fans to not ignore the signs of the body when it tells you to slow down. Key Points
The Indian ExpressApple iPhone users vulnerable to recovery key exploit. Here’s safety tips to protect your iPhone
It is crucial to implement safety precautions to safeguard your account. Here are some steps you can take to protect yourself from this threat. Key Points
mint
World Stroke Day 2023: What to do after a stroke? 5 tips for recovery
Post stroke, stay vigilant for signs such as facial drooping or slurred speech. Healthy lifestyle can significantly improve survivor's quality of life. | Health Key Points
Hindustan TimesSuzlon Energy, Tanla Platform among 8 Nifty smallcap stocks that surged over 100% from their 52-week low
Nifty Smallcap100 stocks show significant recoveries from their 52-week lows, including KEI Industries, Raymond, Cyient, Tanla Platforms, Jindal Stainless, RBL Bank, Kalyan Jewellers, and Suzlon Energy. The recoveries are a testament to the companies' resilience and growth potential, reflecting market participants' renewed confidence in their future prospects. Key Points
Economic TimesWorld Bank says Ukraine needs $411 billion for reconstruction and recovery
The latest evaluation expects Kyiv to require $14 billion for critical and priority reconstruction and recovery investments in 2023. A part of the reconstruction work has already been done. Key Points
India TodayStock picks of the week: 4 stocks with consistent score improvement and upside potential of up to 38 %
After remaining under pressure for the first three weeks of March, there was some recovery at least in the broader market indices in the last two trading sessions of FY 24. It might be too early to call it a recovery, because if one looks at the market breadth, while it was positive, the way it cracked in the last one hour of trade indicates that a part of the market is still very much witnessing profit booking. So, it would be worthwhile to get more confirmation about bulls getting back to different corners of the street. In such times, it would be better to stay with stocks where there has been improvement in score due to one or the other reason. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame. Key Points
Economic TimesChina's 2024 recovery to be 'slow and bumpy'
Retail sales and industrial output are also seen growing in December from a year earlier against a low base of comparison - in late 2022, the country was dealing with a massive Covid-19 outbreak. The start of the year has brought mixed news. Figures on Friday showed China's consumer prices falling in December for a third month, their longest deflation streak since 2009. Exports, though, are showing signs of stabilisation despite having dropped throughout 2023, a first since 2016. Key Points
Economic Times
'Deeply disturbed': US on Indian student stabbed in Indiana
Indian student Varun Raj Pucha was stabbed at a gym in Indiana. The US State Department has also wished full recovery to Varun and said that it defers to local law enforcement for any questions about this ongoing case. Key Points
Economic TimesIndia's TCS skids on demand recovery worries after Q2 revenue miss
Shares of India's Tata Consultancy Services (TCS.NS) fell as much as 1.8% on Thursday, as investors worried that a recovery in demand was still not within reach after second-quarter revenue missed estimates due to weak client spending. Key Points
Reuters