#AdaniGroup vs #Hindenburg

A short seller attack in a week that Adani Enterprises launched a $2.5 billion additional share sale.

$51 billion in market value wiped out across group stocks.

Here's what happened...

It started with India's biggest FPO.
bloomberg.com/news/articles/… The night before the anchor book opened, #hindenburgresearch, a U.S. based activist short seller published a report making wide ranging allegations against #Adani.

bloomberg.com/news/articles/…

#EconomicSurvey2022 #UnionBudget2022

Changing mix of stimulus measures by government. #EconomicSurvey2022 #UnionBudget

Direct and indirect tax revenue trends

A thread on the CCI order in the #Amazon–#Future case.

Why has CCI fined Amazon Rs 202 crore and put its approval of the deal in abeyance?

▪️ Because, on review, it found Amazon made wrong filings
▪️ Amazon "willfully" omitted to share its actual intent behind the deal. In my column I argue that

Amazon may have made filing errors/violations & should pay commensurate fine/refile.

But, it is tough to believe that CCI was unaware that Amazon’s deal with Future Coupons was with an eye on Future Retail.

(My column) bloombergquint.com/business/futur…

#SocialMediaban
I'm puzzled by this frenzy over a potential ban of social media platforms on account of non-compliance with latest Rules.

Significant social media intermediaries (Twitter, Facebook, Instagram etc...) had 3 months to comply with the rules. That period ends today. The rules themselves say nothing about any BAN.

What they say is - if a social media platform doesn't comply with the Rules then it loses protection under Section 79 of the IT Act, 2000.

Please read for yourself 👇

#VaccineStats All You Need To Know

Current domestic vaccine production capacity estimated at 8.5 crore doses.

To rise to 16.7 crore in July with the addition of Sputnik V supply.

As per the centre’s affidavit filed with SC.

Read more at: bloombergquint.com/coronavirus-ou… States were asked to procure vaccines only starting May 1.

To vaccinate 18 to 44-year-olds.

Total domestic production in May-July
33.7 crore doses

Centre order: 17.68 crore

States orders: 16 crore
- to get 2 crore in May

Read more: bloombergquint.com/coronavirus-ou…

Target population of18-44 year olds is approx 60 crore. Total jabs needed =120 crore.

Today India vaccinated in that category a grand total of
5,18,479 people.

At this rate.... Just to be clear - the point is the slow pace. Not whether we need to vaccinate all or 80% or 50% of the target group.

Pick any % and do the math. You want to vaccinate only 50%. Fine. That's 60 crore jabs.

Still we are doing just over 5 lakh a day.

#SupplySupplySupply

26 crore doses = 13 crore people.
Of which 11 crore doses will come over next few months.

Estimated population of 45+ and front line workers etc is 28-30 crore.

https://twitter.com/BloombergQuint/status/1389175517350297601

So far Bharat Biotech has been small % of supply.

By the time I'm out of observation it'll have been over 4 hours to get vaccinated.

Some tips

Carry a small umbrella. If a hospital has supplies there will be long lines. Mostly on the road or in unsheltered compounds. It's hot. I reached before 9 and stood in line till noon. Carry a water bottle. Maybe even a sandwich or some dry fruit if you have senior citizens with you.

Many hospitals are providing wheelchairs for the aged but obviously in limited quantity.

Light clothing, face wipes, hand sanitizer will help you keep your sanity in the sun.

The centre's phase 3 vaccine policy allows participation of states and private sector in procurement and delivery of vaccines.

Will this lead to an acceleration of the vaccination programme?

Or does it pass the buck to states, private entities and citizens?

Quick thread... Former health secretary @sujakrao
says this centre-buys-some- states-buy-some approach will cause more chaos.

It's "preposterous", she says.

bloombergquint.com/coronavirus-ou…

Serum Institute needs Rs 3,000 crore to add vaccine capacity.

There's an easy fix to this if the govt won't help (though why it won't is baffling)

Just allow companies to donate to new vaccine facilities under CSR.

Can be held via separate subsidiary, run on non profit basis? This is what the Top 10 company spends on CSR were in FY20.

Let's assume numbers are smaller for FY21.

Yet, 3,000 crore is not an inconceivable amount.

Give them a special tax deduction for it if needed. A one time thing.

Maharashtra tightens restrictions but with more exceptions than last time.

Public transport will function for all essential services.

Hotels/restaurants/street vendors can function only for home delivery.

All grocery and food stores can stay open from 7am to 8pm. Public transport will function in Maharashtra but with restrictions.

After two years of hearing the case...nearing a verdict...the judge says this court has no jurisdiction.

Priya Ramani must now defend herself all over again against a defamation charge brought by MJ Akbar.

This is how India's judicial system breaks you.

https://twitter.com/barandbench/status/1315904387298983938

Priya recently began writing a weekly column for BQ.

This is her most recent one.

bloombergquint.com/opinion/speaki…

The Rs 97,000 crore twist in #GST Compensation Cess Case

The constitutional amendment states that compensation shall be provided to the States

"...for loss of revenue on account of implementation of the goods and services tax..."

The centre has interpreted this narrowly... The centre estimates Rs 3 lakh crore payable to the states as compensation this fiscal.

Due to low tax revenue collection it expects to face a compensation cess shortfall of Rs 2.35 lakh crore.

As lockdowns lift, many of us will rush to work. Please think before you do.

Some Indians have no option, due to the nature of their work (factory, retail, household help etc) or their financial circumstances (daily wagers). Some of us do have a choice. We are lucky to be able to WFH.

Please consider staying home for as long as you can.

That will reduce crowds in public spaces (elevators to streets).

It will put less burden on public services, like cops, municipal workers and health services.

Azim Premji cautioned states against diluting already lax labor laws..

(Among the few business leaders who speaks his mind)

Read more at: bloombergquint.com/business/billi… .@PayaswiniLLB analyses the broad impact of labour law changes.

bloombergquint.com/law-and-policy…

Supreme Court slams government for not making recoveries pursuant to AGR judgment.

Justice Arun Mishra: How can desk officer say no recovery will happen ? Can a desk officer now stay the order of the Supreme Court? Who is this desk officer ? Let us wind up this Supreme Court Justice Mishra to SG: Your desk officer has the temerity to sit over our order and stay our order?

Is this an outcome of the money power ? If not then what is this?

@arpanc_ reports

#Markets in #2019...in charts.

The year in which big got bigger. The ones on the left...better luck next year. The ones on the right...don't drink and drive tonight.

So companies can now choose which tax bracket they want to be in. 30+% with incentives. Or 22+% without. Or start a new manufacturing company to avail 15% tax rate.

bloombergquint.com/business/finan… First immediate impact is corporate bottomlines (profitability).
Hence earnings re-ratings.
Stock markets celebrate.
Sensex, Nifty up 6% or so

bloombergquint.com/markets/corpor…

Make no mistake. This is a tax. A terrible one at that. Because it's disguised. #CSR

https://twitter.com/nsitharamanoffc/status/1156214500783034368

So after companies have paid tax on their taxable income, they have to pay a tax on the profit too. #CSR

No small amount. 2% every year.

Some thoughts on today's #GST decisions. 1. Glad the Council and Finmin have heeded feedback from consumers and taxpayers. 2. Given the magnitude of changes and suggestion of more to come maybe today marks the real #GST implementation day.