Action Financial News

MMRDA to evaluate settling the Rs 1,700 crore debt owed by Mumbai Metro One Pvt Ltd (MMOPL) to its creditors through a one-time settlement. Metro 1, the oldest in Mumbai which currently serves 4.6 lakh passengers daily, is the only corridor executed through a public-private partnership. It is run by a special purpose vehicle, the Reliance Infrastructure-promoted MMOPL. MMRDA has a 26 per cent stake in the SPV, while Anil Ambani's R-Infra holds 74 per cent. There are six lenders in all: State Bank of India, IDBI Bank, Canara Bank, Indian Bank, Bank of Maharashtra, and IIFCL (UK).

staffing industry and human resources (HR) industry is anticipating significant tax breaks and increased investment in skill development from the upcoming budget for FY25, which union finance minister Nirmala Sitharaman is expected to present on July 22, 2024. Currently, the Goods and Services Tax (GST) on employment services in India stands at 18%, applicable to a broad range of services, including executive search and recruitment services, permanent placement services, and contract staffing services. According to Suchita Dutta, executive director at the Indian Staffing Federation (ISF), employment-related services should be considered under ‘merit services’ with a 5% GST.

The union representing WestJet’s aircraft maintenance engineers announced Friday that members have ratified a collective bargaining agreement following strike action that disrupted travel plans over the Canada Day long weekend.

Equity markets traded in a narrow range to close with minor gains on Thursday. Analysts said the release of pre-quarterly business updates is giving confidence in healthy Q1 earnings. «We expect this ongoing momentum to continue and the Nifty to consolidate in a broader range. Investors would watch for the US Non-farm payroll and Unemployment Rate,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.

Mallikarjun Kharge criticized the central government, claiming that the BJP-RSS administration has promoted an "education mafia" by taking control of the entire education system. Kharge also reiterated the demand for a re-examination of the NEET-UG. On 'X', Kharge wrote, «The Modi Government has told the honorable Supreme Court that no paper has been leaked in NEET-UG! This blatant lie is being told to lakhs of youth. Their future is being ruined. The Ministry of Education has said that 'irregularities/cheating have taken place only in a few places.' This is misleading. The BJP-RSS has promoted the education mafia by taking control of the entire education system.»

Three U.S. Senators are calling for action against a new practice big technology companies are using to swallow up the talent and products of innovative AI startups without formally acquiring them

shipbuilding and repair policy under the 100-day action plan, a top government official said on Thursday. Maritime India Vision 2030 (MIV 2030) aims to move India's shipbuilding and ship repair ranking into the top 10 globally while Amrit Kaal Vision 2047 sets an even more ambitious goal of reaching the top five. «The MoPSW (Ministry of Ports, Shipping, and Waterways) is steadfast in its commitment to revitalise the shipbuilding and repair industry in India.

National Commission for Women (NCW) initiated legal action against TMC MP Mahua Moitra for her remarks against NCW chairperson Rekha Sharma, she challenged Delhi Police to act immediately on suo moto orders. «Come on Delhi Police please take action immediately on these suo moto orders. Am in Nadia in case you need me in the next 3 days to make a quick arrest,» Mahua Moitra said in a post on X. «I Can Hold My Own Umbrella,» she added.

Rajya Sabha address in response to the Motion of Thanks to the President's address, Prime Minister Narendra Modi defended the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) actions against the opposition during the 2024 election campaign. Addressing allegations of political bias, Modi said that the government does not interfere with these agencies, stating, «Maine karwahi karne k liye khuli chooth dekh rahi hai, sarkar kahi pe tang nahi, par apna kaam imandari se kare» (I have given them full freedom to act, the government does not interfere, but they must do their work with honesty).

₹500-600 every day. The situation is worse for those who come from marginalized communities. Ajay Kumar Gautam, a researcher, in his work, ‘Unveiling Layers of Struggle: Caste, Gender, and Precarity Among Indian Street Vendors,’ reveals caste discrimination among street vendors.

Britain, the birthplace of the Industrial Revolution, erstwhile coal-burning imperial behemoth, wants to be a “clean energy superpower.” At least that’s the promise of the man poised to be the next prime minister, Keir Starmer. His Labour Party was projected to win the parliamentary elections Thursday, ending 14 years of Conservative Party rule. Labour made big campaign promises on climate. How that actually plays out will be felt not only in the daily lives of people in Britain, but also on the nation’s standing in the world.

regulator has issued a show cause notice to Religare Enterprises subsidiary, Care Health Insurance (Care), in relation to the grant of stock options to Rashmi Saluja, the Religare chairperson, said sources aware of the development. The board of Religare, which in turn owns Care, and the promoter family of Dabur are locked in a protracted battle over the control of Religare. The Burman family made an open offer to minority investors of Religare and has accused the board of giving Saluja stock options in alleged violation of rules. In the show cause notice, which was issued last month, the regulator has alleged Care failed to comply with the directions of the Insurance and Regulatory Development Authority of India (IRDAI), sources added.

Pakistan's Foreign Ministry says authorities will expel hundreds of thousands more Afghans who have been living in Pakistan for years, the latest in a monthslong government clampdown on undocumented migrants

HCLTech, India's third largest software exporter, reported a 6.8% sequential growth in net profit at ₹4,257 crore, beating ET's analyst poll estimates of ₹3,745 crore. A fatter bottom-line came largely on the back of a spike in non-core income in the June quarter otherwise marked by sluggish demand. Revenues and margins declined sequentially. The company's EBIT came at ₹4,795 crore, down 4.4% QoQ & up 7.5% YoY.

Stocks that were in focus include names like Persistent Systems, which rose 3.63%, Mazagon Dock, which gained 20%, and Orient Cement, whose shares gained 0.082% on Thursday.

Arvind Kejriwal in a case related to the now-scrapped excise policy. Reacting to this, Bhagirath Choudhary, Bharatiya Janata Party (BJP) Union Minister of State for Agriculture and Farmers Welfare, affirmed that action will be taken against all corrupt individuals, regardless of their party affiliation. Choudhary stated, «Those who are corrupt will not be spared. PM Modi's vision is to make India corruption-free. Action will be taken against the corrupt from any party.» He criticized Kejriwal, alleging a stark transformation from his activist days with Anna Hazare to his current lifestyle. «Kejriwal, who once walked in slippers protesting against Congress, has now spent a fortune on his luxury residence. Be it the liquor scam or Janata clinics, his corrupt practices are evident,» Choudhary added. Choudhary reminisced about the anti-corruption protests led by Anna Hazare and Kejriwal, expressing disappointment in Kejriwal's alleged shift from those ideals. «He may have received interim bail, but once a corrupt leader, always a corrupt leader. These corrupt individuals will face justice. Till they are rooted out, our country cannot progress,» he asserted.

e-Pay Tax service allows the e-Filing site to facilitate direct tax payment-related actions, including challan (CRN) production, payment, and payment history tracking. Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. Penalty for missing ITR filing last date: Who has to pay and who doesn't

US Green Card applications: The August 2024 Visa Bulletin has been released, revealing slight progress for India's EB-2 and EB-3 categories. Meanwhile, other employment-based (EB) categories see no change. In the first preference category (EB-1, Priority Workers), the dates hold steady across all countries. For EB-1 India, the cutoff date remains February 1, 2022. This update is particularly significant for Indian applicants in the EB-2 (Advanced Degree Professionals) and EB-3 (Skilled Workers) categories, as any forward movement in priority dates can impact their green card application process. While the advancements are minor, they provide a glimmer of hope for many waiting in line. The unchanged status of the EB-1 category suggests that demand remains high, and the backlog continues. The steady date of February 1, 2022, for EB-1 India indicates that applicants will have to wait longer for their priority dates to become current.

Central Consumer Protection Authority (CCPA) has ordered online travel agency Yatra to speed up pending refunds for flight cancellations during the COVID-19 lockdown, the consumer affairs ministry said on Tuesday. In its June 27 order, the CCPA directed Yatra to establish five dedicated seats at the National Consumer Helpline to contact remaining passengers about their pending refunds. The company will bear the costs of this arrangement. This action follows a 2020 Supreme Court ruling mandating immediate refunds for tickets booked during the lockdown period. The CCPA initiated suo-moto action against Yatra following numerous grievances lodged through the National Consumer Helpline regarding non-refund of cancelled air tickets.

Agniveer named Shrikant Kumar Choudhary from Ballia district in Uttar Pradesh took his own life on Tuesday night, reported The Times of India. He used his INSAS service rifle inside the technical area of the Indian Air Force complex at Agra's Tajnagari under Shahganj police station. The reasons behind his actions are currently unknown as no suicide note was found. The Indian Air Force (IAF) has initiated an inquiry to ascertain the circumstances leading to Shrikant's death. His cremation took place on Thursday in his native village Narayanpur, with a ceremonial guard of honour.

Novak Djokovic, the 24-time Grand Slam champion, created a stir at Wimbledon 2024 when he abruptly walked out of a BBC interview after being repeatedly questioned about his outburst at the Centre Court crowd. The incident occurred following his fourth-round win against Holger Rune, where Djokovic accused the crowd of being disrespectful. The controversy began when Djokovic, visibly upset by the behavior of some spectators, lashed out at the crowd during his on-court interview. He claimed that the fans were booing him, although the presenter suggested they were actually cheering for Rune. Despite the presenter’s attempt to clarify the situation, Djokovic remained adamant about the perceived disrespect. During the subsequent BBC interview, Djokovic's frustration grew as the reporter focused solely on the crowd incident. After answering three questions about the crowd, Djokovic snapped, asking if there were any questions about the match or other topics. When the reporter prepared to ask about his upcoming quarter-final match against Alex de Minaur, Djokovic walked out of the interview, accompanied by his representative.