DAILY NEWS: OUR PICKS


Moneylife Digital Team 11 August 2022
Any citizen who is liable to pay income-tax (I-T) will not be allowed to join the Atal Pension Yojana (APY) scheme from 1 October 2022, the Union government says. The subscriber base of the APY scheme had grown to 37.4mn (million) as of 4 June 2022.   A Gazette notification issued by...

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Moneylife Digital Team 11 August 2022
Employees’ Provident Fund (EPF), also referred to as PF (provident fund), is a mandatory savings-cum-retirement scheme for employees of an eligible organisation. Employees can fall back on the corpus of this fund post-retirement.   As per the EPF rules, the employees must contribute...

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Moneylife Digital Team 11 August 2022
Barbeque Nation (BBQ) reported the highest-ever revenue in the history of the company in Q1FY22-23. On a sequential basis, sales were up by 25.49% to Rs315 crore, driven by strong volume and average realisation. Also, profitability was good, despite an inflationary environment. Gross margin...

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Moneylife Digital Team 11 August 2022
Syrma SGS Technology Ltd (SSTL) is into turnkey electronics manufacturing services (EMS) specialising in precision manufacturing for industrial appliances, automotive, healthcare, consumer products and information technology (IT) industries. SSTL primarily follows a ‘high-mix / low-volume’...

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Moneylife Digital Team 11 August 2022
Gokaldas Exports Limited (Gokaldas) came out with a good set of quarterly results, despite the headwinds. We covered Gokaldas, one of the best vertically integrated fibre-to-fashion textiles players, in detail here. Gokaldas is one of India’s leading apparel exporters with an annual capacity...

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Moneylife Digital Team 11 August 2022
Apar Industries (Apar) reported yet another record quarter, with sales above the Rs3,000-crore mark. In Q1FY22-23, sales jumped 71% year-on-year (y-o-y) to Rs3,093 crore, driven by volume growth and price increases across segments. Export revenue was up 76% y-o-y contributing around 42% to...

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Masayoshi Son-led SoftBank Group on Wednesday revealed plans to sell nearly 242 million American depository receipts (ADRs) of Chinese behemoth Alibaba, that will help it gain 4.6 trillion yen ($34 billion) in pre-tax gain from the sale.   The Japanese giant, which saw massive losses...

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More than half a billion dollars have been laundered in crypto assets originating from theft, fraud, ransomware and various other types of criminal activity since 2020, a new report has revealed.   The report by Blockchain analysis group Elliptic said one cross-chain bridge in...

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Yogesh Sapkale Yogesh Sapkale 10 August 2022
While public sector banks (PSBs) continue to refuse to share names of big defaulters citing 'confidentiality of customer data', information shared by the Reserve Bank of India (RBI), reveals that just 312 big defaulters owe more than 76% or Rs1,41,583.50 crore of the total bad...

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Moneylife Digital Team 10 August 2022
Paying heed to concerns raised by borrowers on digital loans, like the rampant engagement of third parties, mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates and unethical recovery practices, the Reserve Bank of India (RBI) has asked all...

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Moneylife Digital Team 10 August 2022
The Reserve Bank of India (RBI) on Wednesday said it has cancelled the licence of Rupee Co-operative Bank Ltd (RCB), Pune in compliance with the Bombay High Court order dated 12 September 2017. The order shall become effective after six weeks from today.    Consequently, the Bank will...

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Moneylife Digital Team 10 August 2022
While dismissing an appeal filed by a bank employee, the National Consumer Disputes Redressal Commission (NCDRC) clarified that terminal benefits, such as gratuity or provident fund (employer's contribution), would not fall under the jurisdiction of consumer courts.    In an order...

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Moneylife Digital Team 10 August 2022
NIIT Ltd (NIIT) declared results for Q1FY22-23. We had covered NIIT in detail here earlier. NIIT is a skills and talent development company that builds a manpower pool for global business requirements. It has two main business segments: CLG (corporate learning group) and SNC (skills and...

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Moneylife Digital Team 10 August 2022
Schaeffler India Limited, covered in detail here, came out with good quarterly numbers. Schaeffler (erstwhile FAG Bearings) supplies critical components to the automotive and industrial sectors. It has a presence through three famous product brands—FAG (Fischer’s Aktien Gesselshaft), INA and...

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Moneylife Digital Team 10 August 2022
Despite a challenging macro-environment involving geo-political situation in Europe and lock-down in China, Sona BLW Precision Forgings (Sona) managed to clock highest quarterly revenue of Rs589 crore, registering a growth of 18% y-o-y (year-on-year). This is against the backdrop of global...

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Moneylife Digital Team 09 August 2022
The shortage of judicial and technical members threatens to halt regular proceedings at the National Company Law Tribunal (NCLT), possibly derailing a big reform of the Narendra Modi government. The shortage of members is a fact and it seemed to be confirmed by an authentic-looking circular...

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Moneylife Digital Team 09 August 2022
National Stock Exchange of India Ltd (NSE) has asked all its members to re-verify and share documents required for know-your-customer (KYC) for all of their clients who have given Sikkim as correspondence or permanent address. According to the sources, this is being done to keep a tab on the...

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Moneylife Digital Team 09 August 2022
Ujjivan Small Finance Bank (USFB) is a subsidiary of Ujjivan Financial Services (UFS), a Bengaluru-based microfinance company registered as non-banking financial company-micro finance institution (NBFC-MFI) with the Reserve Bank of India (RBI). UFS had been operating in the micro finance...

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Are vehicle-owners being cheated by the non-life insurers by charging more than a just price?   It seems so, if one goes by a question that was raised in the Lok Sabha by the Congress party member from Kerala, Hibi Eden.   And there cannot be smoke without a fire goes the...

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Moneylife Digital Team 09 August 2022
Century Ply (Century) reported gross quarterly revenue of Rs881 crore, down 1.56% quarter-on-quarter (q-o-q) but up 96.21% year-on-year (y-o-y). Operating profit was Rs145 crore—down 9.93% q-o-q but up 139.34% y-o-y and net profit was Rs96 crore up 5.49% q-o-q and 182% y-o-y. Even though raw...

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