COST Financial News

NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP. A three-member NCLAT bench observed that Supertech Realtors submitted an one-time settlement (OTS), and the lead bank principally agreed with the proposal and the proposal is under consideration by the consortium of banks. «In the meantime, we direct that the Committee of Creditors be not constituted. However, the ongoing project may be continued under the supervision of the IRP and the IRP shall extend all cooperation by the Corporate Debtor, its officers and employees in carrying out the construction,» said the 8-page NCLAT order.

Zhejiang province on China’s eastern coast, two mounds of discarded cotton clothing and bed linens, loosely separated into dark and light colours, pile up on a workroom floor. Jacket sleeves, collars and brand labels protrude from the stacks as workers feed the garments into shredding machines. It’s the first stage of a new life for the textiles, part of a recycling effort at the Wenzhou Tiancheng Textile Company, one of the largest cotton recycling plants in China. Textile waste is an urgent global problem, with only 12% recycled worldwide, according to fashion sustainability nonprofit Ellen MacArthur Foundation. Even less — only 1% — are castoff clothes recycled into new garments; the majority is used for low-value items like insulation or mattress stuffing.

SBI) has sought income tax parity on bank fixed deposits (FDs) in line with other asset classes in Budget 2024. «In line with mutual funds and equity markets, we propose that the government should tweak the 'tax on deposits interest' and make flat tax treatment across maturity ladder,» Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, said in his suggestions for the Union Budget 2024 which would be presented by Finance Minister Nirmala Sitharaman in the Parliament on July 23.

₹19.49 lakh and going up to ₹24.99 lakh (ex-showroom, Delhi).The new pricing structure is designed to boost sales and make the feature-rich AX7 trims more accessible to buyers. Here is a detailed look at the revised pricing:The AX7 Petrol-MT 6-str is now available at ₹19.69 lakh, down from ₹21.54 lakh, offering a reduction of ₹1.85 lakh. The 7-str variant of the same sees a ₹1.90 lakh reduction, priced at ₹19.49 lakh.

Our best friendships can withstand everything. Except, maybe, a surprise Venmo request.

Amazon Prime Day 2024, the retail giant has said that there would be hundreds of thousands of items that can be purchased. But it has also come out with many items to sell on discount before that date and it has been called Early Prime Day Deal. Amazon has offered electrical appliances, laptops, phones, tablets and more from brands such as Samsung, Fitbit, Bose, Sony, GHD, Oral-B and Ninja. The retail giant has also said that many of these products will be available at record-low prices for Amazon Prime members, and anyone can avail of the discount by signing up to Amazon Prime.

The new BEP-20 cryptocurrency Bitnance (BTN), a Bitcoin (BTC) alternative on the Binance-blockchain, is close to US$18,000 in token presales. Recently featured for a “ Ask Me Anything ” on BeInCrypto, the numbers could see a big surge in coming weeks.

Kenya has an affordable housing problem

₹164999.Galaxy Z Flip 6 comes with Snapdragon 8 with slim and sleek design, and features a pro-level 50MP camera.Z Flip 6 will be available in Blue, Yellow, Mint and Silver Shadow. Crafted Black, White and Peach colours will be available on only on Samsung website.

Reliance, while Investec and Morgan Stanley have a 'buy' and 'overweight' call on M&M, respectively. Axis Capital has downgraded ICICI Bank to 'add' from 'buy', while Ambuja Cements received a double upgrade from Nomura. Morgan Stanley has maintained an 'overweight' call on IndiGo. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

₹3 lakh to ₹4.8 lakh per annum, and for LIG from ₹6 lakh to ₹9.2 lakh per annum, aligning with Consumer Price Index (CPI) adjustments. These revisions are crucial to ensure the relevance and accessibility of housing schemes. Expand affordable home dimensions: Current size limits for EWS and LIG homes are inadequate for dignified living.

Nearly 40 per cent of recent immigrants to Canada are considering moving to another province or leaving the country altogether due to a lack of housing affordability, a recent poll conducted by the Angus Reid Institute suggests.

₹11,000 crore container PLI scheme to be spread over a nine-year period, beginning 2024-25. The plan was to manufacture 20 feet and 40 feet length containers of various configurations. The aim of this scheme was to raise domestic manufacturing of containers so that India could potentially compete with China over it and garner at least 10% of demand from global liners.

Bajaj Finance added 4.47 million new customers, marking a healthy 16% year-on-year increase and a multi-quarter high. This compares favourably to the 3.23 million new customers added in the March quarter.

An important person in the government requested me to write about how the subsidy from Union budgets for second-class AC train seats in India has grown since 2014, given that these fares haven’t been adjusted for rising fuel costs. I haven’t managed to figure out if there is a subsidy on these fares, let alone how fast it may be growing. Happy to be corrected, but it seems that the outgo towards this subsidy and the figures needed for computing it are not being reported in the Union Budget.

₹1.5-lakh exemption under Section 80C of the Income Tax Act and, two, funds in the fixed deposit have to stay locked in for five years. There is now a demand to further liberalize this category of deposits. The other reason for slow deposit growth has been the banking sector’s near-stagnant physical presence.

Budget 2024 scheduled in the coming weeks, the Finance Minister is expected to make announcements that will set the path for India to achieve the vision. Towards this, the government may look to providing various incentives to taxpayers, especially on capital gain taxation boosting investment and in providing stimulus to the housing sector, alleviating procedural complications and differing operations mechanics based on asset classification, holding period, etc. Now, all eyes are on the upcoming Budget. Budget 2024: Here is the list of expectations an individual taxpayer would have with respect to a property sale transaction.

Budget 2024: With anticipated economic growth and energy transition, India’s power sector is at the forefront of the government’s focus. The country aims for 500 GW of renewable energy by FY30 and 85 GW of additional thermal capacities by FY32. ET looks at the challenges and budget wish list of the sector. State of Play India’s current installed power capacity is 444.75 GW of which 54.6% is thermal, while the rest are clean sources of energy.

Plans are in place to write to the new economic secretary to the Treasury «as soon as they are appointed», according to an AIC release last week (5 July). The trade body has called for the reforms since 2018, when investment trusts were brought under the current scope of regulated cost disclosure. Richard Stone, CEO of the AIC, reiterated the trade body's demands for this to be reversed to the new Labour Treasury. House of Lords condemns FCA's application of cost disclosure regime for investment trusts The issue stems from the UK's application of two pieces of European Union-der...

₹79,900, the 128GB variant of the iPhone 14 Plus is now available at a reduced price of ₹55,999, a substantial 29 percent markdown. But the savings do not end there; additional promotions can further slash the price.Customers using HSBC Credit Cards can enjoy an additional ₹4,500 off, a limited-time offer valid only from July 5 to July 6, 2024. For those with HDFC Credit or Debit Cards, there is a discount of up to ₹5,000 on EMI transactions throughout July.