Reliance Industries Hits Record High
India’s largest conglomerate has hit a fresh record high in early trade. The company’s subsidiary acquired a stake in Strand Life Sciences for Rs 393 crore. RIL said that it will further invest up to Rs 160 crore in Strand by March 2023. This will translate into 80.3% share capital of RIL in Strand.
This investment done by RIL will help the company to provide affordable world-class healthcare services. It will further help the company to dive deeper into digital health initiatives.
Govt Plans Relief For Telecom Sector
The government is working on a relief package for the telecom sector. Media sources believe that the Finance Ministry is still discussing it.
The telecom sector is burdened with a pile of debt. This has threatened the industry to turn into a duopoly market. With this in mind, the Finance Ministry is working on a relief package for the telecom companies. Some believe that the government may reduce the revenue share license fee or extend the moratorium period for spectrum payments.
Earlier, the telecom operators had requested to reduce the licence fee, the universal service obligation levy and spectrum usage charges.
Govt’s Excise Collection Jumps 48%
The government’s excise collection on petroleum products jumped 48% in the first 4 months of the fiscal year.
The excise duty collections during April-July 2021 surged to over Rs 1 lakh crore, from Rs 67,895 crore in the same period of the previous fiscal. The excise duty is levied on petrol, diesel, aviation turbine fuel and natural gas. With sales picking up and the economy rebounding, the excise collection from petrol and diesel has risen.
Excise duty on petrol hiked last year to recover from the international oil prices declining to a multi-year low.
