QBiz: Rupee Hits 11-Month High Against USD; SEBI Probes IndiGo

1. Rupee Hits 11-Month High Against US Dollar

The Indian rupee, along with other Asian currencies, strengthened against US dollar on Thursday, 11 July, after US Federal Reserve Chair Jerome Powell reinforced prospects of an interest rate cut later this month.

The rupee opened at 68.31 a dollar and touched a high of 68.30 – a level last seen on 2 August 2018. At 9.15 am, the currency was traded at 68.33 a dollar, up 0.36 percent from its previous close of 68.57.

(Source: Livemint)

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2. SEBI Seeks to Find out If IndiGo Misled Investors

The markets regulator is probing whether the management of InterGlobe Aviation Ltd misled shareholders by downplaying the true extent of differences between the co-founders of India’s largest airline, two people with direct knowledge of the matter said.

The Securities and Exchange Board of India (Sebi) is examining whether the management deliberately misled shareholders or it was unaware of the true extent of the differences between co-founders Rakesh Gangwal and Rahul Bhatia, one of the two people cited above said on condition of anonymity.

(Source: Livemint)

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3. Telecom Operators Likely to Get 16 Years to Pay for 5G Spectrum

The Union government is examining the feasibility of allowing telecom operators an easier staggered payment route for the upcoming 5G spectrum auction in view of the financial stress in the sector.

Preliminary discussions suggest the Centre is looking at bringing down the upfront payment amount to as low as 5 to 10 percent of the value of the spectrum a telco buys at the auction.

The Department of Telecommunications (DoT) is considering this payment method after the Telecom Regulatory Authority of India (Trai) stuck to its recommended reserve price of Rs 492 crore per MHz for the 5G spectrum.

(Source: Business Standard)

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4. Last-Minute Ad Rates Down Over 50% as India Bow out of World Cup

Last-minute advertisers may not have to worry about paying a premium for a television spot during the ongoing Cricket World Cup. TV ad rates for these spots are down over 50 percent after India lost to New Zealand in the first semi-final on Wednesday, 10 July.

According to media planners and buyers negotiating on behalf of their clients, the asking price for around a 10 percent inventory available for the final, valued at Rs 100-150 crore, is Rs 10-15 lakh per 10 seconds, lower than the Rs 30-35 lakh per 10 seconds Star was quoting last week.

(Source: Business Standard)

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5. Homes Least Affordable in Four Years: RBI

Housing affordability in India has worsened over the past four years with Mumbai retaining the top slot as the least affordable city for home buyers, according to Reserve Bank of India (RBI) data released on Thursday, 11 July.

The RBI’s quarterly Residential Asset Price Monitoring Survey showed the house price-to-income ratio in India increased in the last four years from 56.1 in the 2015 March quarter to 61.5 in the corresponding period of 2019.

However, despite being the costliest city in India for home buyers, Mumbai’s affordability improved to 74.4 in the March quarter from 76.9 in the December quarter.

(Source: Livemint)

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6. Decision on Huawei’s Participation in 5G Trials Based on Security and Economic Interests, Says Govt

The government will take a call on whether to allow participation of Chinese telecom giant Huawei in the 5G trials based on the country’s economic and security interests, the Ministry of External Affairs (MEA) said Thursday, 11 July.

MEA spokesperson Raveesh Kumar said there are several companies that have shown interest in the trial for 5G services. He said that a committee set up to look into the matter has received inputs from different ministries and departments, and various stakeholders.

(Source: PTI)

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7. Steady Decline in Number of GST Return Filers in Last Four Months

Total number of entities filing GST returns has seen steady declined in the last four months for which data is available. Between February and May this year, the number of entities filing GST return has declined by almost 8 lakh, which is nearly 10 percent of the total GST return filed in the country.

According to latest official information, the number of entities that are required to file GSTR-3B form is around 1.03 crore while the number of entities that have filed return in May this year is little over 75 lakh. It means nearly one fourth of the businesses that are required to file return under the GST law have not done that.

(Source: Financial Express)

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8. TCS Launches Free Digital Learning Course to Build Career Skills

TCS iON, a unit of IT major Tata Consultancy Services, Wednesday, 10 July, said it has partnered with All India Council for Technical Education (AICTE) to provide students with a digital learning course to equip them with career skills.

TCS iON has curated a free, 20 hour-career skills course that will cover topics like corporate etiquette, effective email writing, impactful presentations and IT awareness that will be available to students throughout the duration of their degree course.

The course, which will be available for students of more than 10,000 AICTE approved institutions, can be accessed on TCS iON Digital Learning Hub through any device.

(Source: PTI)

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9. Cash-Strapped DHFL Gets 7 Days to Finalise and Present a Resolution Plan

In a meeting on Thursday, 11 July, lenders to the troubled housing finance company (HFC) Dewan Housing Finance Corporation (DHFL) agreed to allow the firm to finalise and present a resolution plan to the consortium within seven working days, said people in the know.

After the signing of the inter-credit agreement during the second round of meeting –involving banks and holders of non-convertible debentures (NCDs) – it was proposed that the HFC and banks be given more time to draw up a comprehensive plan agreeable to all lenders, including NCD holders.

(Source: Business Standard)

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