News update on 24th October,2017

Jan Dhan accounts see surge in cash inflows in past 3 months

There has been a spurt in cash flows into Prime Minister Jan Dhan Yojana (PMJDY) bank accounts in the past three months.The period between July and October witnessed a steep rise in the cumulative balances, of the order of ₹2,554 crore, substantially higher than the ₹400 crore or so between mid-May and mid-July. The total balance in these accounts now stands at ₹67,330 crore.Of the ₹2,554-crore inflows, the increase from July to August was ₹1,108 crore, whereas from August to September and September to October it was ₹722 crore and ₹724 crore, respectively.

Exporters can soon claim refund for GST paid in Aug, Sept: GSTN CEO

Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said on Monday.GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1.For August and September, while the initial return GSTR-3B has already been filed, the final return GSTR-1 has not yet been filed.

Mahindra Logistics IPO price band fixed at Rs 425-429 per share

Mahindra Logistics Ltd (MLL), part of diversified Mahindra Group, has fixed a price band of Rs 425-Rs 429 per share for its initial public offer, according to a regulatory filing.At the upper end of the price, the share sale would fetch little over Rs 829 crore.“The price band for the offer has been fixed at Rs 425 to Rs 429 per share of Rs 10 each of MLL with an employee discount of Rs 42 that will be offered to eligible employees,” Mahindra & Mahindra said in a regulatory filing.

N-E monsoon to hit peninsula on Thursday

As expected, the landfall of a weakened super-typhoon ‘Lan’ over southern Japan on Monday removed the last obstacle in the way of the North-East monsoon, headed for the Indian peninsula.The India Meteorological Department (IMD) declared that the ‘monsoon in reverse’ would set in over the South by Thursday after its predecessor — the South-West monsoon — signs out during the two intervening days

Mistry was in talks with Vodafone for Tata Tele deal: Nirmalya Kumar

Cyrus Mistry, the ousted chairman of Tata Sons, was working on a deal with Vodafone for Tata Teleservices Ltd (TTSL) and was close to sealing it, according to Nirmalya Kumar, a former member of Tata Sons’ Group Executive Council (GEC) member. He also told BusinessLine that Nano may not have a chance of survival given that the current Chairman of Tata Sons, N Chadrasekaran, is not emotional while taking decisions.“Mistry was working on a deal wherein Tata Sky, Tata Communications and TTSL would be bundled together and transferred to Vodafone in exchange for a substantial stake, but not a majority stake in Vodafone India. Following the deal, we would have had a company that would have been Number 1 in direct-to-home and enterprise business, and Number 2 in telephony,” Kumar told BusinessLine.

Rupee struggles to gain momentum

The recovery in the rupee witnessed in the first two weeks of this month, came to a halt last week. The currency traded on a weak note all through the truncated week and fell, breaking below 65 to a low of 65.16 on Wednesday. The currency managed to recover from this low and closed at 65.02 on Monday, down 0.5 per cent for the week

Govt on track to achieve fiscal deficit target of 3.2% in FY18: Report

The government is likely to achieve its fiscal deficit target of 3.2 per cent this financial year as the budgeted disinvestment receipts are on track to realise Rs 72,500 crore, says an SBI research report.According to the report, though there are predictions that the government is going to have a big revenue slippage in 2017-18, which may impact fiscal deficit numbers, “such projections flunk the test of logical reasoning and are grossly misconstrued”.

Telecom consolidation may not change bottomlines significantly

Consolidation has for long been advocated as the panacea for all evils plaguing the Indian telecom sector. Now that only three large players will be dominating the market, can they turn profitable? The answer is a big ‘no’. Unless regulatory policies are amended and tariff wars curbed, telcos will continue to bleed, feel experts.

“Consolidation is one of the key factors towards profitability of telcos. As the competition in the market decreases, operators will have more control over a larger consumer base, pricing and tariffs,” says Jayanth Kolla, Partner at tech research firm Convergence Catalyst. However, it is, in itself, not enough to turn the operators profitable.

The battle for a boardroom seat

Corporate governance takes centre-stage as the appointment of independent directors comes under scrutiny, Last month, when BJP national spokesperson Sambit Patra was appointed as an independent director on the ONGC board for three years, it caused a furore. Such appointments are not new. In August 2014, a few months after the Narendra Modi government came into power, independent directors on the boards of a slew of public sector enterprises (PSEs) were changed.

There are several reasons for the growing rumblings on board appointments now, within PSEs and in the private sector. These range from whether the person is a right fit to political interference to how the candidates are decided.