Finance Ministry issues guidelines to implement interest waiver on loans

Last week, the Supreme Court had asked Central Government to issue guidelines on implementing the waiver of interest on interest. Today, The Finance Ministry has issued operational guidelines on how to implement the interest waiver scheme on loans up to Rs 2 crore. The scheme can be availed by the borrowers in specified loan accounts for a period from March 1 to August 31, 2020. The waiver will also be applicable to those who had not utilized the RBI moratorium plan, and had continued with the repayment of loans.

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Covid-19 vaccine to be available in India by June 2021: Biocon MD

Biocon Limited’s Chairperson and Managing Director, Kiran Mazumdar-Shaw, has stated that the vaccine for Covid-19 will be available in India by June 2021. The MD said that the clinical trials for the vaccine may be completed within the next 2-3 months. She further stated that the delivery of the vaccine to all Indians will be challenging.

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Income Tax Return filing deadline extended till December 31

The last date for Income Tax Return (ITR) filing by individual taxpayers of the previous financial year (FY ’19-’20), has been extended till 31 December 2020. For those taxpayers whose accounts are yet to be audited, the deadline has been extended to January 31, 2021. The government has also extended the due date for filing GST Annual Return and Reconciliation Statement for FY19 (’18-’19) to 31 December 2020.

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Polycab India reports 14% YoY increase in net profit

Polycab India Limited on Saturday reported a 14.32% year-on-year (YoY) increase in consolidated net profit to Rs 221.6 crore, for the quarter ended September (Q2). The company’s revenue saw a fall of 6% YoY to Rs 2,113.68 crore during the same period. However, Polycab India has registered a 116.43% increase in revenue during Q2, as compared to the revenue during the previous quarter (Q1).

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Vedanta Ltd declares interim dividend of Rs 9.5 per share

The Board of Directors of Vedanta Limited on Saturday declared an interim dividend of Rs 9.5 per share. The record date for the dividend was set for October 31, 2020. The company has stated that the dividend payout will amount to Rs 3,500 crore. The voluntary delisting of Vedanta Ltd. from the stock exchanges had failed on 10th October.

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Tata Motors gets order for 6,413 vehicles from Andhra Pradesh Government 

Tata Motors has announced that it has secured an order of 6,413 vehicles from Andhra Pradesh State Civil Supplies Corporation. The Tata Gold Ace mini trucks will be used as mobile-dispensing units for the doorstep delivery of essential commodities in Andhra Pradesh. Tata Motors has also crossed the 40 lakh cumulative production milestone of its passenger vehicles.

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IL&FS misses debt resolution target by Rs 7,300 crore in September quarter

The Infrastructure Leasing and Financial Services (IL&FS) Group on Saturday said it has been able to address debt of only Rs 1,460 crore, during the July-September period (Q2). Due to the impact of Covid-19, the company has missed its target of addressing debt of Rs 8,800 crore. The group has stated that the shortfall of Rs 7,300 crore will be addressed in the third and fourth quarters of the current financial year.

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Persistent Systems Q2 Results: 18.5% YoY increase in net profit

Persistent Systems Limited has reported an 18.5% year-on-year (YoY) increase in net profit at Rs 101.99 crore, for the quarter ended September (Q2). The company’s revenue from sales saw an increase of 13.92% at Rs 1,007.75 crore, during the same period. The operating profit was up by 54.68% at Rs 122.43 crore.

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Nestle India reports 1.37% YoY fall in net profit

Nestle India reported a 1.37% year-on-year (YoY) fall in net profit at Rs 587.09 crore, for Q3 CY21 (same as Q2 FY21 in India). The revenue of the company increased by 10% YoY to Rs 3,541.70 crore, during the same period. Nestle India has declared an interim dividend of Rs 135 per share. The company has also announced plans to invest Rs 2,600 crore over the next 3-4 years, in order to improve its manufacturing capacity in India.

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JK Cement inaugurates grey cement grinding unit in Gujarat

JK Cement on Saturday inaugurated its new grey cement grinding unit at Balasinor in Gujarat. The new unit has a manufacturing capacity of 0.7 Million Tonnes Per Annum (MTPA). The plant has been constructed over an area of 8 hectares, at a total cost of Rs 200 crore.

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