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