Connect with us
Monday,25-October-2021

Business

Expected GST improvement due to traction in economic activity: SBI Ecowrap

Published

on

gst

The expected improvement in GST collections will occur due to traction in economic activity during the festive month of November, said a SBI Ecowrap report on Thursday.

According to the report, November GST collections are expected to come in at a 10-month high of Rs 1.08 lakh crore as compared to Rs 1.05 lakh crore in October.

“The Nov’20 collections will be very close to Jan’20 collections (Rs 1.10 lakh crore).

“The continued improvement in GST is mainly due to traction in economic activities and services in festive month of November,” it said.

Besides, the report pointed out that 62.3 per cent of incremental credit extended by the SCBs on a YoY basis was provided by the PSBs and 41.2 per cent by the private sector banks, while the share of the foreign banks turned negative.

“A throwback into the past shows that in FY09, the share of PSBs in incremental credit was at 86.4 per cent, while that of Private Sector Banks was 9.8 per cent,” the report said.

“In the post-crisis period (FY09-FY14), the share of PSBs declined marginally to 79 per cent, whereas for PBs, it jumped to 20 per cent.

The report cited that post FY14-FY20, the share of PSBs is at 30 per cent, whereas that of PBs is at 55 per cent with constraints in lending, lack of adequate frontloaded capital and asset quality.

“Clearly, in the era of growth in pre FY08, it was an anomalous case of private sector growth with mostly public sector bank financing and currently in the era of no growth post pandemic, growth will perhaps come back again with majorly public sector bank financing,” the report said.

In addition, the report highlighted that yearly SBI Composite Index has now reached 19-month high of 53.9 in November compared to 53 in October’20, and 50.8 in November’19.

“The monthly index touched the all-time high of 62.1 (High Growth) in Nov’20, compared to 59.3 (High Growth) in Oct’20 and 49.96 (Low Growth) in Nov’19,” it said.

“Based on the SBI index, we believe IIP & IIP manufacturing may grow 2-3 per cent in Oct’20 and 3.5-4.5 per cent in Nov’20. The SBI Business Activity Index, meanwhile, has jumped to the highest since March 9 for the week ended November 23.”

Business

Equity indices trade lower; Sensex down by over 300 pts

Published

on

By

India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded lower during Monday’s early-morning session.

At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

Continue Reading

Business

Nissan, Porsche face action over false emissions information

Published

on

By

South Korea’s antitrust regulator has decided to order Nissan Motor, Porsche AG and their two Korean units to take corrective steps for falsified information over gas emissions of their diesel cars.

Nissan Motor, Nissan Korea, Porsche and Porsche Korea are alleged to have stated false information about gas emissions of their diesel vehicles imported for sale in South Korea, according to the Korea Fair Trade Commission (KFTC).

The KFTC also decided to impose a fine of 173 million won ($146,700) only on Nissan Korea, reports Yonhap news agency.

Illegal software installed in their cars caused gas emission reduction devices to not fully operate during normal driving conditions.

The practice meant that the cars did not meet permissible emission levels, but the automakers falsified such facts in signs attached to their cars, according to the commission.

In September, the regulator fined Audi-Volkswagen Korea and Stellantis Korea a combined 1.06 billion won for similar allegations over gas emissions.

Continue Reading

Business

Fuel price hike paused after 5 days of increase

Published

on

By

The price hike of petrol and diesel paused on Monday after increasing for the last five days to reach their highest-ever levels across the country.

Accordingly, the pump price of petrol in Delhi remained at Rs 107.59 a litre, while diesel prices also stood at Sunday’s level of Rs 96.32 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, where petrol prices increased to Rs 113.47 per litre and diesel to Rs 104.47 a litre, the highest among all metros, there was no further hike in the retail rates on Monday.

The fuel prices remained static on October 18 and 19, but increased for a fourth straight day by 35 paise per litre previously before again rising for five consecutive days between October 20 to 24. There was no change in rates on October 12 and 13.

Diesel prices have now increased on 24 out of the last 31 days, taking up its retail price by Rs 7.80 per litre in Delhi.

Due to the sharp hike, the fuel is now available at over Rs 100 a litre in several parts of the country.

This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week.

The rates increased on 21 of the previous 27 days taking up the pump price of petrol by Rs 6.40 per litre.

Crude price has been on a surge rising over a three-year high level of over $86 a barrel as global demand remains firm while OPEC+ continues to move s lowly on increasing production.

Since September 5, wthe price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

Continue Reading

Trending