New Delhi

Excise duty on ATF lowered to 11%, aviation stocks soar

After petrol and diesel, the government on Wednesday cut excise duty on jet fuel to 11 per cent to give relief to the aviation industry that has been in recent we­eks hit hard by rising fuel pri­ces and plummeting rupee.

Excise duty on aviation turbine fuel (ATF) has been reduced to 11 per cent from 14 per cent with effect from October 11, a notification issued by the revenue department in the finance ministry said. Jet fuel prices this month hit their highest level since January 2014 as rising international oil prices and plummeting rupee value pushed rates.

Anonymous graft charges will invite no action: Govt

There is no need to take action on anonymous or pseudonymous complaints alleging corruption by government employees, according to a directive issued by the personnel ministry to all Central government departments.

Aye disburses Rs 1,000 cr loans in 8 years

Aye Finance, a leader in MSME lending in the cou-ntry, announced disbursement of Rs 1,000 cr loans to over 80,000 micro enterprises since its inception. The lender has seen a phenomenal five times growth since June last year when it had announced disbursement of Rs 200 cr loans. India’s 51 million MSMEs are facing a staggering credit deficit of Rs 7 lakh crore, as the formal lending channels were unable to determine their credit worthiness bas­ed on the inadequate financial info available with them.

IL&FS mess is deeper, darker; needs Rs 100 crore/month just to stay afloat

The new board of IL&FS has informed the government that the infra financier needs Rs 100 crore a month just to stay afloat. The board at the same time is working on overhauling the company expenses, which includes big cuts in the wage bill and possible layoffs, official sources said.

“For the group to be afloat, we need to fulfil working capital needs as well as the contractual and repayment obligations. Rs 100 crore per month (is required) just to stay afloat, excluding repayment,” the official said.

Reliance was mandatory in Rafale deal: French media

Reports emerged late Wednesday night that picking Reliance Defence was “mandatory” for Dassualt Avaition for the deal of 36 Rafale jets.

Quoting French publication Mediapart, Indian media outlets reported that the Mediapart article said an internal document showed a top Dassault official explaining to its staff that the joint venture was a ‘counterpart,’ ‘imperative and mandatory’ to win the Rafale deal.

Global agency to draw revival plan for IL&FS

Global turnaround management firm Alvarez & Marsal will be the agency that will identify and plug the loopholes in debt-ridden IL&FS and prepare a comprehensive report on the correct picture of the mess that the company is in. In that process, the company will also develop a comprehensive restructuring plan for the troubled NBFC.
According to sources, Alvarez & Marsal is also likely to do due diligence of IL&FS assets which would be put on block and also come out with a correct estimation of the value of its assets.

ORIX MAY RENEW INTEREST IN IL&FS MAJORITY STAKE

Japan’s Orix Corporation, the 23.54 per cent stakeholder in IL&FS, may renew its interest in acquiring majority stake in the debt-ridden infra developer and financier.

Orix was keen on hiking its stake in IL&FS earlier too. It wanted to infuse more funds into the beleaguered firm so that IL&FS could meet its debt obligations. The board, however, was sacked and the government placed its own nominees on board.

Rafale row grows as SC asks for decision-making details

The Supreme Court on Wednesday directed the Centre to provide in a sealed cover the “details of the steps” taken in the decision making process, sans pricing and technical information, which led to the Rafale deal with France.

‘Rani lao’ call changes to ‘Rani hatao’

If pre-poll surveys are taken into account then Rajasthan appears to be the weakest link for the BJP which had swept the state five years ago, much like other Hindi heartland bastions of Madhya Pradesh and Chhattisgarh.

Foreigners get access to commodity derivatives

With an aim to deepen the commodity derivatives market, regulator Sebi on Tuesday allowed trading in the segment by foreign entities with exposure to the Indian physical commodity market.

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