Govt’s tax troubles; flu season for indices; SBI Cards off to a good start


Although the government is optimistic about its tax revenue target, wider opinion points to the contrary. Sensex and Nifty had a bad day after two new coronavirus patients – one in New Delhi and another in Telanaga – aired epidemic fears. SBI Cards IPO was subscribed 39% on its first day. Read for more top stories from the world of business and economy:

1. Modi govt confident of achieving tax target, but numbers belie that confidence

Despite a sharp downward revision from Rs 24.61 lakh crore to Rs 21.63 lakh crore, analysts believe government will be hard-pressed to meet its gross tax collection target for the current fiscal.

2. Sensex loses 1,298 points from day’s high after 2 new coronavirus cases surface in India

Both indices opened higher on Monday, snapping six-session losing streak as domestic investors turned bullish on account of a sharp recovery overseas.

3. SBI Cards IPO subscribed 39% on day 1

SBI Cards IPO received 3.91 crore bids in comparison to the issue size of 10.02 crore shares. A total of 2.73 crore bids were received at a cut off price of Rs 755 per share.

4. Vistara planning to enter bidding race for Air India, says Chairman Bhaskar Bhat

“Which company would not be interested in evaluating a sovereign airline of the country,” said Vistara Chairman Bhaskar Bhat on being asked whether his airline was interested in Air India.

5. RBI Governor Shaktikanta Das pulls up govt banks for poor credit growth

RBI Governor Shaktikanta Das enquired as to why bank credit growth was not picking up, asking bankers to get out of branches and develop connect with enterprises to push credit.

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