BQuick On Oct. 1: Top 10 Stories In Under 10 Minutes
Top news, must-read stories and columns—all served up in less than 10 minutes.
This is a roundup of the day’s top stories in brief.
1. GST Collections At Six-Month High
The government’s goods and services tax collection rose to the highest in six months as the nation continued to ease lockdown restrictions to revive an economy that’s headed for the first full-year contraction in four decades.
GST collections for August, collected in September, stood at Rs 95,480 crore, according to a statement from the Ministry of Finance.
That was 10% higher than July and 4% more than the year-ago period.
August’s collections include the tax paid by small businesses with turnover of up to Rs 5 crore for May, June and July as the due date was extended till Sept. 15, Sept. 25 and Sept. 29, respectively.
2. Manufacturing PMI At Highest In Over Eight Years
A gauge of activity across India’s manufacturing sector jumped to highest level in over eight years in September as manufacturers saw a sharp pick-up in new orders.
The IHS Markit India Manufacturing Purchasing Managers’ Index rose to 56.8 in September 2020, from 52 in August.
This is second straight month of expansion and the highest reading since January 2012.
It is also the third quickest surge in the survey’s history. A reading over 50 indicates economic expansion.
Despite strong growth of order book volumes, Indian goods producers signaled another reduction in payroll numbers.
3. Ambani Gets Another Investment From Mubadala
After a fundraising spree for its telecom arm, Reliance Industries Ltd. has added to the roster of marquee backers piling into its retail venture with a Rs 6,247.5 crore investment by Abu Dhabi’s Mubadala Investment Co.
Mubadala's investment will translate to about 1.4% stake in Reliance Retail Ventures Ltd. on a fully diluted basis.
The investment values Mukesh Ambani's retail venture at a pre-money equity value of Rs 4.28 lakh crore.
Mubadala, had earlier this year, also invested $1.2 billion in Jio Platforms Ltd.
4. Sensex Surges; Oil Drops Below $40
Indian equity markets ended the truncated week on a strong note.
The S&P BSE Sensex ended 1.65%, or 629 points, higher at 38,697
The NSE Nifty 50 index ended above the mark of 11,400 mark.
Broader markets underperformed the benchmarks.
Follow the day’s trading action here.