Supreme Court to Hear AGR Dues Case
The Supreme Court of India will hear curative petitions filed by Bharti Airtel, Vodafone Idea, and other telecom companies concerning the adjusted gross revenue (AGR) dues today. The hearing will take place in a closed court at 1:30 p.m., with a three-judge bench led by Chief Justice DY Chandrachud presiding. The telcos are seeking a reconsideration of previous judgments favoring the Department of Telecommunication’s (DoT) order demanding AGR and other dues. They argue that the DoT made significant errors in calculating the AGR dues, resulting in an unfair and arbitrary penalty.
PM Modi to Visit Mumbai and Palghar
Prime Minister Narendra Modi is scheduled to visit Mumbai and Palghar in Maharashtra on August 30. In Mumbai, he will address the Global Fintech Fest (GFF) at the Jio World Convention Centre. The GFF is a joint initiative of the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council. Later, PM Modi will travel to Palghar, where he will inaugurate and lay the foundation stone for various development projects at the CIDCO ground.
Baazar Style Retail IPO Opens for Subscription
The initial public offering (IPO) of Baazar Style Retail opens for subscription today and will continue until September 3. The company aims to raise ₹834.68 crore through this book-built issue, consisting of a fresh issue of 38 lakh shares for ₹148 crore and an offer for sale (OFS) of 1.8 crore shares for ₹686.68 crore. Axis Capital, Intensive Fiscal Services, and JM Financial are the lead managers for the issue, while Link Intime India Private Ltd is the registrar. You can find detailed information about the Baazar Style Retail IPO online.
India’s Q1 GDP Data Expected
India is expected to release the gross domestic product (GDP) data for the April-June quarter (Q1FY24) today. A poll by Mint suggests that India’s Q1 GDP growth may have slowed to 6.85 percent. Recently, the Reserve Bank of India (RBI) released the minutes of the Monetary Policy Committee (MPC) meeting, highlighting potential risks to India’s headline inflation in the coming months. These risks include supply disruptions due to adverse weather conditions, a possible El Niño event, and rising global food prices stemming from geopolitical conflicts.
Other Important News and Events
Stay tuned for further developments in the markets, politics, finance, and general news throughout the day. We will continue to provide updates on these and other significant events as they unfold.
