News digest: Sensex rises, relief to power firms, GST benefits, and more

The Allahabad High Court refused on Monday to provide relief for privately-owned stressed power projects from the Reserve Bank of India’s February 12 order

Court refuses interim relief to power firms

The Allahabad High Court refused on Monday to provide relief for privately-owned stressed power projects from the Reserve Bank of India’s (RBI’s) February 12 order. The RBI circular directed lenders to undertake insolvency resolution of defaulting companies within a strict timeline. The central bank had ordered banks to identify stress even when repayments were overdue by only a day. Resolution proceedings must be completed in 180 days, a deadline that ended on Monday.

Sensex posts biggest gain in 3 months

The stock markets got a fresh shot in the arm with the US Federal Reserve reaffirming it will continue to follow a path of gradual tightening. The benchmark Sensex rose 442 points, or 1.2 per cent — most since May 31 — to close at 38,694, a new high. The Nifty index gained 135 points, or 1.2 per cent, to end at 11,692, just 2.6 per cent shy of the 12,000-mark.

Jet Airways posts Rs 13.26 bn Q1 loss due to high fuel prices, low fares

Jet Airways on Monday said it will seek capital infusion and sell the stake in its loyalty programme after reporting a net loss of Rs 13.26 billion in the April-June (Q1) quarter of 2018-19 (FY19). This is the airline’s third-highest quarterly loss.

Firms can’t be selective in passing on rate cut benefits under GST regime

Even as the price of a large cappuccino dropped at a popular multinational food chain after the recent reduction in the goods and services tax (GST) rate, the small or the regular cup continued to cost the same. This was not a solitary case — several companies passed on the GST cut to the consumers of large size food and beverage products while retaining the older price tag for smaller items. In other cases, prices of popular items were reduced, while those of slow-moving items or premium products were left unchanged, depending on the economies of scale.

source:https://www.business-standard.com/article/current-affairs/news-digest-sensex-rises-relief-to-power-firms-gst-benefits-and-more-118082800055_1.html

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