Business

Coronavirus infections in the United States continued to surge over the weekend as Florida reported a record increase of more than 15,000 new cases in 24 hours on Sunday.

Companies included in the new debt index already owe almost 40% more than they did in 2014, and growth in debt has comfortably outstripped growth in profits.

In an order, the Central Board of Direct Taxes (CBDT) extended the time given to the tax officers to process such returns, which were not picked up for scrutiny, from earlier date of December 31, 2019.

The steep contraction in output and ensuing fall in revenues along with a sizable discretionary support have led to a surge in the government debt and deficits, said Vitor Gaspar, Director of the IMF's Fiscal Affairs Department.

The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore.

Around 60% of the losses are likely to be in Asia-Pacific S&P said on Thursday, although the highest relative increases - at more than double on average compared with 2019 - will occur in North America and Western Europe.

Forex traders said steady crude oil prices and foreign fund inflows supported the rupee, while factors like strong dollar, muted domestic equities and rising COVID-19 cases dragged the local unit down.

The combined capital expenditure (capex) target of these 23 Central Public Sector Enterprises (CPSEs) for the year 2020-21 is Rs 1,65,510 crore.

In an exclusive interview with Network18, the veteran banker said that if interests rates were maintained at 6 per cent, the Non Performing Assets (NPAs) would double in six years.

Kamath said numbers of international agencies like IMF and S&P need to be seen with a caveat, as they are based on mathematical models and it is very difficult to predict what happens next.

According to data released by the CMIE on Wednesday, the country's unemployment rate fell to 11 per cent in June from 23.5 per cent in May..

Deepak Parekh lauded the RBI for shouldering a huge burden to maintain financial stability and also stressed the need for a realignment of ready reckoner rates as well.

Overall, net claims of non-residents on India declined by $57.6 billion during the year, the Reserve Bank of India said.

Any shortfall in the procurement would be subject to GST to be paid by developers at the rate of 18 per cent on supplies used as inputs or input services and 28 per cent for cement.

Asian Paints was the top loser in the Sensex pack, shedding over 3 per cent, followed by Infosys, HCL Tech, M&M, ONGC, NTPC, IndusInd Bank and TCS.

The COVID-19 pandemic and the subsequent lockdown to curb its spread has created unprecedented challenges for the economy and also the financial sector.