Top headlines: Vedanta wins arbitration claim; direct tax mop up improves

From Russian vaccine making its way to India to ONGC withdrawal from Sudan oil fields, here are top headlines this morning

Anil Agarwal's Vedanta wins case for $499-million arbitration award claim

Anil Agarwal-led Vedanta got a relief when the Supreme Court on Wednesday rejected the government plea challenging an arbitration award allowing the company to recover $499 million instead of $198 million it (government) had capped for developing the Ravva oil and gas fields. Read More

Gradual revival in economic activity? Decline in direct tax mop up eases

The rate of contraction in direct tax collection has reduced thanks to the payment of the second installment of advance tax, indicating a gradual revival of economic activity in some sectors in the current quarter. Direct tax collections, net of refunds, declined by 22.6 per cent year-on-year (YoY) as of September 15, compared to a 30 per cent contraction till September 2. The decline in gross direct tax collections slowed to 16 per cent from the 21 per cent reported about a fortnight ago. Read More

Russian vaccine on its way to India, pact signed with Dr Reddy's for trials

Russia's vaccine candidate, Sputnik V, which is based on human adenovirus platform, will soon be available in India if the regulator gives its approval. Russian Direct Investment Fund (RDIF), a sovereign wealth fund, has signed a pact with Hyderabad-based Dr Reddy's Laboratories (DRL) for clinical trials and distribution of 100 million doses of Sputnik V in the country. Read More

Tata Projects is the frontrunner in Parliament redevelopment project

Industrial infrastructure firm Tata Projects Ltd is likely to bag the government’s ambitious Parliament redevelopment project with its lowest bid. Sources said the bids were opened on Wednesday to find a close fight between two Mumbai-headquartered firms—Tata Projects at Rs 861.9 crore against L&T’s Rs 865 crore. Read More

RBI battle-ready to meet economy's needs: Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday that the economic recovery would be slow, but the central bank stood “fully prepared and is battle-ready” for whatever measures were needed to prop up growth. Read More

Non-payment of dues forces ONGC to withdraw from Sudan oil fields

India's Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields. ONGC Videsh (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia's Petronas have withdrawn from the block, a top company official said. Read More

Supreme Court to begin hearing SBI's plea against Anil Ambani today

Indian lenders are keenly watching the outcome of a petition filed by State Bank of India (SBI) in the Supreme Court, which invoked the personal guarantees of Anil Ambani. The SC will hear the petition from Thursday. A banker said Ambani has objected to the SBI invoking personal guarantees under the Corporate Debtors Regulations, 2019. Read More

After decade-low in July, Reliance Industries oil import up 58% in August

Oil imports by India’s Reliance Industries, the operator of the world's biggest refining complex, surged in August after over a decade low in July, as the company has resumed normal operation at its export-focused plant after weeks of maintenance shutdown, preliminary data obtained from shipping and industry sources showed. Read More

Ministry move on OTT communication players likely to hit Trai wall

The move by the Ministry of Electronics & IT (MeitY) to push the draft for tightening the guidelines (under the IT Act) for OTT communication players might be affected because it is at variance with the telecom regulator, which says no regulatory interventions are required in respect of the privacy and security of such communication services. Read More