Here is a collection of the most important stories this evening:
GST collections in May cross Rs 1.57 lakh crore, up 12% YoY
At Rs 1.57 lakh crore, the GST collected in May is lower than April’s record Rs 1.87 lakh crore. However, the government has collected monthly GST revenues of more than Rs 1.4 lakh crore for 14 months in a row now. Read more here.
Coal India OFS: Institutions lap up shares with bids worth Rs 6,500 cr; govt to exercise green shoe option
The government had offered over 8.31 crore shares to institutional investors on Thursday under the offer-for-sale (OFS), but received bids for 28.76 crore shares or 3.46 times. At the indicative price of Rs 226.12 a share, the bids of institutional buyers are worth Rs 6,500 crore. Read more here.
Delhi HC directs SpiceJet to pay Rs 380 crore to Kalanithi Maran
The order dated May 29, which Moneycontrol has access to, stated that SpiceJet is yet to pay Rs 75 crore to Kalanithi Maran, as per the directions of the Supreme Court dated February 13, 2023. The Supreme Court had directed the low-cost airline to make the payment within three months, but it failed to comply with the same. The apex court had also said: "If SpiceJet defaults, the award shall become executable in its entirety." Read more here.
FAME II subsidy impact: Ola, Ather increase prices, others E2W players expected to follow
The FAME-II subsidy scheme for which the government had earmarked Rs 10,000 crore for three years was introduced on April 1, 2019. The subsidised amount is now revised to Rs 10,000 per kWh (from Rs 15,000) with a maximum cap of 15 per cent (from 20 per cent) of the ex-factory price, as per the latest notification. Read more here.
Aditya Birla Capital to issue shares worth Rs 1,250 crore to promoters
"The funds raised are planned to be used for augmenting the capital base, improving the solvency margin and leverage ratio, meeting the growth and funding requirements and making investments in one or more subsidiaries/associates/joint ventures of the company engaged in certain businesses and technology, IT infrastructure and digital offering platforms," AB Capital said in a statement. Read more here.
ULIPs back in focus after debt mutual funds taxation; But do they make sense?
Moneycontrol's analysis of 5-year rolling returns from ULIPs reveals impressive performance by these funds. Despite the recent attention on debt-oriented ULIPs following the removal of capital gains tax for debt mutual funds, it is still ideal to separate insurance and investment. Here are the top performing ULIP debt funds. Read more here.
FPI utilization of investment limit in corporate bonds lowest in 10 years, shows data
This compares with utilization of 19.94 percent in the previous year, data shows. Since March 29, 2019, the utilization limit by FPIs has been falling constantly. In the past 10 years, the limit reached a peak of 75.95 percent in the year ended March 31, 2017. Read more here.
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