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Airbus SE has emerged as the front-runner to win an aircraft order worth as much as $5.5 billion from Jet Airways, a Bloomberg report said on Monday. The development solidifies the European planemaker’s hold in the world’s fastest-growing aviation market. The talks are for A320neo jets and A220 planes, the people said, asking not to be identified because the deliberations are private. Boeing and Embraer SA are also in discussions and no final decision has been taken, the people said. Although at sticker prices any transaction would be north of $5 billion, discounts are common in such large purchases. Jet Airways, once India’s top private airline, got its flying license last month, marking the first time a carrier has been revived under the nation’s new bankruptcy laws. The flying permit validated the airline’s operational readiness, signalling its transforming into a “new avatar with fresh funding, changed ownership, and new management,” according to a statement.
Now, here’s all you need to know about mega GST summit. The GST Council in its two-day meeting starting Tuesday is slated to discuss an array of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the Council, chaired by the Union Finance Minister and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a GoM on high-risk taxpayers under GST to curb evasion. The GST Council would also consider a report of the panel of state ministers on making e-way bill mandatory for intra-state movement of gold/ precious stones worth Rs 2 lakh and above and e-invoicing mandatory for all taxpayers supplying gold/precious stones and having annual aggregate turnover above Rs 20 crore. Besides, an interim report of a group of ministers on rate rationalisation, which is likely to suggest correcting the inverted duty structure and removing some items from exempted list, would also be taken up for consideration.
Moving on to the world of telecom. Broadband India Forum on Monday asserted the policy guidelines for captive private 5G networks must be implemented in letter and spirit of Cabinet decision, and that any delay in implementing direct spectrum allocation will impact enterprises “unfairly”, giving regulatory advantage to certain industry sections. The enterprises should, in all fairness, be allowed their fundamental right to choose with whom they partner to set up their private captive networks, Broadband India Forum (BIF) said in a statement, adding, “this choice should be available to them right from the beginning itself”. Tech companies and telecom operators have clashed on the issue of captive private 5G networks, a lucrative business in fifth-generation services. Telcos have in the past argued that globally wherever 5G has been rolled out, there is hardly any consequent revenue increment seen from the retail segment, and the revenue and efficiency enhancement happens largely from the enterprise segment.
In other news, markets regulator Sebi on Monday said it will auction 23 properties belonging to Utkarsha Plotters and Multi Agro Solutions India Ltd on July 29 to recover money that was illegally raised by the company. The properties include agricultural land parcels, plots and residential spaces across Maharashtra, the Securities and Exchange Board of India (Sebi) said in a notice. Inviting bids for the sale of assets under the recovery proceedings against the firms and their directors — Dipali Mitharam Gurav, Mitharam Chhagan Gurav and Pravin Chhagan Gurav, Sebi said the auction will be conducted online on July 29 from 10.30 am to 5.30 pm. The 23 properties will be auctioned at a reserve price of Rs 4.6 crore. Besides, Adroit Technical Services has been appointed as the e-auction service provider by the regulator. The company had raised funds from the public by launching Collective Investment Scheme without obtaining registration from the regulator.
Now some overseas update. Google was hit with an antitrust complaint on Monday after Danish online job-search rival Jobindex took its grievance to European Union regulators, alleging the Alphabet-owned business had unfairly favoured its own job search service, a Reuters report says. The complaint could reinvigorate EU antitrust chief Margrethe Vestager’s scrutiny of the service, Google for Jobs. The European Commission said it would assess the complaint according to the standard procedures.
Finally, here’s what happened in the stock market today. Dalal Street continued its up-move on Monday and headline indices closed with gains. BSE Sensex gained 433 points to settle at 53,161 points. NSE Nifty 50 index was up 132 points to end the day at 15,832. L&T was the top Sensex gainer followed by HCL Tech, Infosys, and Tech Mahindra. Kotak Mahindra bank dropped 0.45% as the worst Sensex stock
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