The business wrap: First trading day of the year ends on a low, and six other top stories
In other headlines: Jan Dhan Yojana deposits rose to Rs 87,000 after 45 days of demonetisation, and Opposition parties communicated before the GST Council meet.
A look at the headlines in the sector right now:
- 2017’s first trading day ends in decline following a drop in banking stocks: Lending rate cuts by public banks and low-cost housing schemes announced by Prime Minister Narendra Modi hurt sentiments.
- Total deposits in Jan Dhan Yojana accounts rise to Rs 87,000 crore 45 days after demonetisation: The Income Tax Department said it was investigating areas and bank branches where the largest sums of money had been deposited under the scheme.
- Ahead of GST Council meet, Opposition parties in touch over state powers, compensation formula: Several states have demanded full control over the movement of goods and services as well as businesses with an annual turnover of Rs 1.5 crore and less.
- Patanjali biggest disruptive force in India’s FMCG sector in 2016, finds Assocham-TechSci report: The Baba Ramdev-promoted company saw an annual growth of 146%, with a turnover of $769 million for the 2016 financial year, according to the study.
- Service charge at restaurants is voluntary, clarifies Centre: The government directed states to advise hotels and restaurants to display the notification at their premises.
- Samsung will reveal the results of the Galaxy Note7 investigation this month, says report: The South Korean manufacturer had said it would probe all possible causes that led to its product catching fire.
- Infosys replaces general counsel with ‘mutual agreement’: The firm’s Deputy General Counsel Gopi Krishnan will replace David Kennedy till a new candidate is hired.
