In Bangladesh, after Prime Minister Sheikh Hasina’s resignation and escape to India, Bangladesh’s President dissolves Parliament. India’s External Affairs Minister Jaishankar announces heightened border security and monitoring of minority situations. In Paris Olympics, wrestler Vinesh Phogat upsets world number one Susaki of Japan, advancing to the semifinals and set to fight her next match shortly. India’s golden boy and javelin champion Neeraj Chopra also qualifies effortlessly for the finals.
CNBC-TV18 newsbreak confirmed: Govt moves amendment to provide relief for real estate under LTCG regime
The government is set to allow taxpayers to avail either a lower rate of 12.5% without indexation or a higher rate of 20% with indexation, if property is acquired prior to July 23, 2024.
The relief is proposed in respect of the taxation of immovable property:
“In the case of transfer of a long-term capital asset, being land or building or both, by an individual or HuF, which is acquired before the 23rd day of July, 2024, the taxpayer can compute his taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two.”
Three Days of Red: Sensex and Nifty continue their downward drift
The equity benchmark indices, BSE Sensex and NSE Nifty, extended their losing streak to a third consecutive day on Tuesday, August 6. Both indices reversed their intra-day gains, weighed down by escalating geopolitical tensions and unfavorable global signals.
The Sensex ended 77 points lower at 78,683, while the Nifty slipped 63 points to close at 23,992, failing to hold the 24,000 mark. The financial sector took a significant hit, with the Nifty Bank index closing 1,000 points off its highs and dropping 344 points to 49,748.
From the Sensex basket, JSW Steel, Tech Mahindra, Hindustan Unilever, Larsen & Toubro, HCL Technologies and Wipro were the major gainers. Mahindra & Mahindra, State Bank of India, Bharti Airtel, Titan Company, UltraTech Cement and Power Grid Corporation of India were the biggest laggards.
Rupee Vs Dollar: INR slides to record closing low against greenback
The Indian rupee slipped to its record closing low against the US dollar on Tuesday, August 6. The rupee fell to 83.95 vs the dollar, below the previous low of 83.84 hit in the session on Monday (August 5). The currency started trading flat at a record low of 83.84 vs the dollar.
The rupee breached the 80 mark against the US dollar for the first time on July 19, 2022, and has since hit a series of lows.
Bangladesh Protests: President dissolves Parliament ahead of interim government formation
President Mohammed Shahabuddin has announced plans to dissolve the parliament and form an interim government promptly, with Nobel laureate Dr. Muhammad Yunus expected to serve as chief adviser. Meanwhile, Prime Minister Sheikh Hasina has secretly fled Bangladesh amid escalating violence.
The C130J Hercules has returned to its base in the protest-stricken country, carrying seven military personnel, but reports confirm that the former Prime Minister was not aboard.
You can keep track of the latest updates on the Bangladesh Protests here
Sarees, fish and Dior suitcases stolen in dramatic raid on Sheikh Hasina’s residence
Dhaka witnessed unprecedented chaos on Monday, August 5, as a mob stormed Ganabhaban, the official residence of Prime Minister Sheikh Hasina. The dramatic escalation in the nation’s political turmoil unfolded with startling intensity, as images and videos of the scene rapidly circulated online.
Among the bizarre discoveries inside the Prime Minister’s residence were personal items including sarees, a Dior suitcase, and an elliptical trainer.
Infosys seeks 10 days to reply to central GST authority’s pre-show cause
Days after Infosys, the country’s second-largest IT outsourcing firm, found itself in tax trouble, the company is facing claims from central GST intelligence authorities. The Directorate General of GST Intelligence (DGGI) has accused Infosys of tax evasion amounting to over ₹32,403 crore for the period from July 2017 to March 2022.
Sources have informed CNBC-TV18 that officials from Infosys met with the DGGI at their Bengaluru office on Monday, August 5, to discuss the matter.
“Infosys has sought 10 days’ time to reply to the pre-show cause notice sent by them on 30th July, claiming tax dues of ₹32,403 crore for the period between July 2017 and March 2022,” sources added.
Ola Electric IPO Final Day: Institutional portion fully subscribed; GMP falls to 3%
Ola Electric Mobility’s initial public offering (IPO) has been subscribed 4.26 times on the third and final day of the bidding process. The issue was fully subscribed by the end of day 2.
The retail investors portion was subscribed 3.86 times, while the non-institutional investor category at 2.39 times. The allocation for qualified institutional buyers was booked 5.31 times.
Additionally, the portion set aside for employees was booked 11.66 times.
According to the data available on the exchanges, the investors made bids for 198 crore equity shares, compared to the 46.51 crore equity shares offered for the subscription on Tuesday, August 6. The three-day bidding for the issue will conclude today.
Hindalco Industries and Former MoEF Director among three accused in Odisha coal mining corruption case
The Central Bureau of Investigation is probing allegations of violation of green clearance for coal mining in Odisha from 2000 to 2013. The CBI corruption case names Hindalco Industries, then-Director of MoEF, T Chandini among others as accused.
According to CBI, Hindalco Industries has allegedly violated the Environmental Clearance granted for coal mining in Odisha. Hindalco allegedly mined 3.045 million tonnes of excess coal than the permitted capacity. Then MoEF Director, Chandini allegedly misused her position to aid the mining company.
The environment ministry allegedly granted further environmental clearance for doubling the coal mining capacity in the Talabira mine in the state in 2011. The ministry acted in violation of the prohibition imposed in critically polluted areas.
Hamas leader killing sparks new unrest in war-torn Middle East
Tensions in the Middle East heightened again after Hamas political leader, Ismail Haniyeh, was assassinated in Iran. Haniyeh was killed during an airstrike at a military guesthouse in Tehran sparking higher instability in the region.
The incident has prompted strong reactions, with Iran vowing to “punish” Israel, though Israeli officials have not claimed responsibility. In response, at least eight Palestinians were killed in Jenin, West Bank, due to an Israeli attack. South Korea and Japan have issued travel advisories amid the rising tensions. Hezbollah in Lebanon reported launching a series of attack drones against Israeli military targets, though reports indicate that significant retaliation for Haniyeh’s death has yet to occur.
Israeli forces based in Gaza announced that they had killed 45 Palestinian militants over the last 24 hours including one Hamas operative who was involved in smuggling activities. In response, Hamas claimed that its members destroyed two APCs during their ambush operation carried out in Rafah.
CNBC-TV18 is providing live updates from the Israel-Iran conflict here
8-Indian textile stocks surge on anticipated gains from Bangladesh’s political crisis
Shares of Indian textile firms have skyrocketed as they could benefit from the ongoing political crisis in Bangladesh. The stocks of Indian manufacturers including KPR Mill, Arvind Ltd., Gokaldas Exports Ltd., Vardhman Textiles Ltd., and Welspun Living Ltd. have all surged more than 10% in Tuesday’s trade as markets bet on them grabbing a higher market share due to the expected supply chain disruptions in the neighbouring country.
Sandeep Jain, Executive Director of online clothing brand Monte Carlo Fashions said the political crisis in Bangladesh is favorable for the Indian garment industry, as it positions them as the sole alternative for countries currently importing from Bangladesh.
However, since Monte Carlo also exports cotton yarn and cotton fabrics to Bangladesh, there might be some impact on business, he said.
As India’s eighth-largest export partner, Bangladesh is a key player in the global textile and garment sector, with bilateral trade valued at $12.9 billion.
Paris Olympics: Neeraj Chopra and Vinesh Phogat light up the day for India at Paris
India’s javelin hero Neeraj Chopra underlined his claim as the favourite with a single throw on Tuesday, August 6, launching his Olympic title defence with 89.34m in qualification.
He delivered India’s first athletics gold three years ago and looked ready to bring home more hardware with the farthest throw of the day and his best of the season.
Chopra, who is also the the world champion, topped the qualification round that featured as many as 30 throwers from 22 different countries.
Another highlight of the day saw Vinesh Phogat stunning Yui Susaki before securing her spot in the semifinals with a victory over Oksana Livach.
Ace Indian wrestler Vinesh Phogat shocked four-time world champion and reigning gold-medallist Yui Susaki of Japan on points to enter quarter-finals of the 50kg category event in the Olympic Games on Tuesday.
You can watch the video of Vinesh Phogat’s stunning victory over Yui Susaki of Japan here
It was Susaki’s first ever loss in her international career which makes Vinesh’s achievement even more remarkable.
Follow our blog for more such live updates from the Paris Olympics
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