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The amended rules will be deemed to come into force from April 1, 2021 The Central Board of Direct Taxes (CBDT) has extended the applicability of Safe Harbour Rules (SHR) to Assessment Year 2021-22 (Fiscal Year 2020-21). Introduced by the CBDT in 2009, safe harbour refers to the circumstances under which income-tax authorities will accept....


Both the 50,000 level and 60,000 mark were breached in 2021 From hitting the 1,000-mark on July 25, 1990 to reaching the 60,000-mark for the first time on Friday, it has been a historic and memorable journey for the benchmark index Sensex. It has taken a little over 31 years for the Sensex to traverse from 1,000 to the famed 60,000 level now.....


Both India and UAE ministers emphasized that CEPA will create new jobs, raise living standards, and provide wider social and economic opportunities in both nations India and United Arab Emirates (UAE) on Wednesday formally launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with an early harvest to be concluded by end December....


SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering (IPO) next week to raise around $1 billion, a source told Reuters on Thursday. The hotel aggregator is looking to list in India's financial capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion( ₹8,000 crore), adding it will consist of a fresh issue of shares and an offer for sale f…


Singtel on Thursday (Sept 23) said it intends to exercise its full rights entitlement for its direct 14 per cent stake in regional associate Bharti Airtel, to buy into the latter's 21,000 crore rupees (S$3.8 billion) rights issue at 535 rupees per share....


Now, fresh money can go into capex, says CEO Takkar Vodafone Idea says investors are showing interest in infusing fresh funds into the cash-strapped company after the government recently announced a relief package for the telecom sector. The operator, which has been struggling to stay afloat due to inadequate funding, will soon approach the company’s board with a fresh proposal to raise money.....


The updated UK government advisory means that Indians fully vaccinated with Covishield will no longer be required to undergo compulsory 10-day self-isolation at home or declared location on entry to England Day after the Indian government warned of “reciprocal measures", the UK government has added Covishield, the India-manufactured Oxford/AstraZeneca Covid vaccine, to an updated international travel advisory.....


Serum Institute of India will invest 50 million pounds ($68.24 million) in Oxford Biomedica, one of the COVID-19 vaccine manufacturers for drug major AstraZeneca Vaccine producer Serum Institute of India will invest 50 million pounds ($68.24 million) in Oxford Biomedica, one of the COVID-19 vaccine manufacturers for drug major AstraZeneca, the British cell therapy firm said on Wednesday......


Zee to own 47 per cent stake in the combined entity; Punit Goenka to be the CEO Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) today announced that they are going to merge their operations. While Subhash Chandra-backed Zee will own 47.07 per cent stake in the merged entity, the balance 52.93 per cent is to be held by SPNI shareholders. According to the term sheet, Zee’s promoter family will hold 4 per cen…


Holding company's 'AAA' rating will make it a formidable player: Bankers India’s largest public sector bank State Bank of India (SBI) will support Tata group’s bid for soon-to-be-privatised Air India by subscribing to Tata Sons debentures or funding the special purpose vehicle (SPV) set up by Tata Sons for the acquisition. Bankers said the credit rating of Tata group’s holding company is “AAA” signifying high safety …


Uncertainty is declining as businesses seek to bolster growth after Covid-19, says the bank's country head for retail assets. HDFC Bank Ltd., India’s largest private lender, plans to double the amount of loans it makes to retail borrowers over the next couple years as consumer demand ramps up from a pandemic-induced slowdown.....


Speaking at JP Morgan India Investor Summit, Adani Group chairman said the $20 bn investment will be in renewable energy generation, component manufacturing, transmission and distribution Unveiling his infrastructure conglomerate's green vision, billionaire Gautam Adani on Tuesday said his group will invest USD 20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheap…


The company added that the consideration for the slump sale shall be discharged by SpiceXpress by the issuance of its shares in favour of SpiceJet Budget airline SpiceJet on Tuesday announced that it has received the approval of the shareholders’ for transferring its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Private Limited on a slump sale basis valued at Rs 2,555.77 crore. The company added that the…


The funding deal, with Singapore’s Farallon Capital, is to be closed over few weeks The Shapoorji Pallonji (SP) Group is close to pledging a part of the shares it holds in Tata Sons with Singapore’s Farallon Capital to raise about ₹8,000 crore. Sources said that the deal is expected to close over the next few weeks. Neither the SP Group nor Farallon Capital offered a comment.....


Co raises ₹52 crore from anchor investors on Monday The initial public offering of Paras Defence and Space Technologies opens today at a price band of ₹165-175 a share. The offer comprises of a fresh issuance of equity shares aggregating up to ₹140.60 crore and an offer for sale of up to 17,24,490 equity shares by selling shareholders worth ₹30.18 crore. Market lot is 85 shares......


The feature enables enterprises to provision additional capacity by themselves on a pay-as-you-go model to meet short-term bandwidth requirements Tata Communications on Monday said it is offering ‘Bandwidth-on-Demand’ (BoD) feature on its Ethernet services with an aim to deliver flexibility, ushering in cost efficiency and improving end-user experience.....


India will jump to the fourth position by 2030 with a 3.9% share, according to the report titled 'Global Trade Outlook' India is poised to become the world's third-largest importer by 2050 with a 5.9% share of global imports, following China and the United States (US), according to a new report by the UK'S Department of International Trade.....


Welspun India will spend ₹657 crore to boost towel manufacturing capacity at its Anjar plant by 20% to 102,000 tons a year Welspun India Ltd., which says it makes every fifth towel sold in the US, will spend ₹6.57 billion ($89.4 million) to boost manufacturing capacity to meet overseas demand, the company said.....


Financial bid winner for sale of the State-owned airlines to be declared in three weeks; sources say it may take longer With Tata Sons and Spicejet CEO, Ajay Singh, bidding for the State-owned Air India, it remains to be seen who has a better chance to acquire the Maharaja.....


Shapoorji Pallonji group entity to be demerged, listed Global private equity investor Advent International has signed a definitive agreement with Shapoorji Pallonji Group to acquire a majority stake in Eureka Forbes Ltd (EEL) at an enterprise value of ₹4,400 crore.....


The gloves, with a base price of Rs 80 lakh, received a bid of Rs 1.92 crore. Chopra’s javelin, which had a base price of Rs 1 crore, received a bid of Rs 1.5 crore. Olympic bronze medalist Lovlina Borgohain’s boxing gloves and gold medalist Neeraj Chopra’s javelin are among the items that have received the highest bids at an e-auction of gifts and mementos received by the Prime Minister.....


Around 6.7 million passengers took to the skies in August, compared to 5.01 million in July, according to latest data from the Directorate General of Civil Aviation Scheduled airlines in India will be able to sell seats up to 85% of their pre-covid capacity on domestic flights, up from 72.5%, the Ministry of Civil Aviation (MoCA) said in a circular on Saturday....


Flipkart Wholesale Senior Vice-President and Head Adarsh Menon said access to affordable and transparent credit is one challenge the company aims to solve Flipkart Wholesale, the digital B2B marketplace of Flipkart Group, has partnered with SME lending platform Davinta to offer credit facility to retailers associated with it. Flipkart Wholesale Senior Vice-President and Head Adarsh Menon said access to affordable and transparent credit is one cha…


The 14-year-old’s idea of replacing plastic bags in nurseries with a biodegradable pot will be scaled up by the start-up incubator What started as a small experiment by a 14-year-old girl has caught the attention of T Works, an electronic hardware start-up incubator, resulting in the development of a machine that can churn out 500.....


However, Cabinet Secretary Rajiv Gauba sounds caution on Covid “India administers 80 crore vaccine doses,” Health Minister Mansukh Mandaviya tweeted on Saturday, a day after the country clocked its highest 24-hour vaccination tally of 2.5 crore jabs......


The IPL fever is back, though with a difference. The pandemic pruned the tournament in early May and the rest of it will start in the United Arab Emirates (UAE) on Monday.    Cricket always engenders excitement in India and even the worst cynics would concede that the team's victory in England in the longer format helped in sustaining interest. The broadcasters and advertisers would certainly hope that is the truth.....


The CCI probe has accused Google of enforcing one-sided contracts on devices and app makers so that its own apps and products maintain primacy in consumer usage and come pre-installed on devices The investigation arm of the Competition Commission of India (CCI) has found Google guilty of using anti-competitive, unfair and restrictive trade practices in the mobile operating system and related markets.....


Bollywood actor Sonu Sood has evaded taxes of over ₹ 20 crore, the income tax department said in a statement on Saturday, after visiting his Mumbai premises for three days in a row for a search.  “During the course of search at the premises of the actor &his associates, incriminating evidence pertaining to tax evasion found. The main modus operandi followed by the actor had been to route his unaccounted income in form…


PE firms use debt in addition to equity capital to make large acquisitions, reducing their overall cost of capital and improving their potential returns while also allowing them to make larger acquisitions. Private equity (PE) firms in India are making larger bets with borrowed money, stoking demand for acquisition financing amid low-interest rates and a world awash with cash.....


India may resume exports of Covishield vaccines by the year-end, said Adar Poonawalla, chief executive of Serum Institute of India (SII), the world’s largest supplier of vaccines. The government banned covid vaccine exports in April amid the country’s devastating second wave. Covishield is a version of the covid vaccine co-developed by Oxford University and AstraZeneca Plc.....


Advantage India as clean chit can make it preferred investment destination A World Bank internal audit report did not find any irregularities in the data used by India in the ‘Ease of Doing Business’ index, but found that China used its clout to pressure the top management into reversing its dip in ranking, according....


Extension of timelines to March 31, 2022, has been provided on representations from various stakeholders due to pandemics. The Central Board of Direct Taxes ( CBDT) has extended the time limit for intimating Aadhaar number to the income tax department to link PAN with Aadhaar from September 30,...


Moody's said the change in the AGR definition to exclude non-telecom revenue will ultimately boost sectorwide EBITDA The telecom sector reforms package announced by the government will sustain telcos' businesses, is credit positive for operators, including Airtel and Jio, and provides support for 3+1 players structure, Moody's Investors Service said on Friday.....


Most of the investments are expected to happen in the next two-three years; and after that, local production for components for AC and LED light is expected to start Around 52 companies have applied for availing production-linked incentives (PLIs) for white goods makers, proposing an investment of around Rs 6,000 crore in the manufacturing of components for air conditioners and LED lights....


Speaking at a press conference today, they said the synergistic future oriented deal will help growth of both companies The strategic alliance between two leading Indian biotech companies, Biocon Biologics Limited and Serum Institute of India (SII), will take India's vaccine and biologics development capabilities to the next level and work towards building a large scale businesses having global impact, said Kiran Mazumdar-Shaw, Chairman, Biocon G…


Prime Minister Narendra Modi’s administration, which is seeking to ensure food security in the world’s second-most populous nation, has signed preliminary agreements with Amazon, Microsoft, Jio, ITC to share farm statistics Amazon.com Inc., Microsoft Corp. and Cisco Systems Inc. are among technology giants lining up to harness data from India’s farmers in an ambitious government-led productivity drive aimed at transfor…


Shares of Larsen & Toubro Infotech Ltd (LTI) on Friday joined the elite ₹1 trillion market capitalization after its shares jumped more than 60% so far this year. Intraday, the stock hit a record high of ₹5,751 on the BSE and gained as much as 2%. At 11am, the scrip was trading at ₹5,731, up 1.6% from its previous close with mcap was at ₹1.01 trillion.....


Zomato, a Gurugram-based food delivery platform, will discontinue its grocery delivery services from today, that is, September 17. This is the second time, Zomato would be scrapping its online grocery delivery service after launching it in April, last year. Zomato started the pilot for its 45-minute grocery delivery service in a few cities, starting from Delhi-NCR, in July this year......


Picks 80 per cent in EGO through its Singapore arm, remaining 20 per cent to be held by the founders of the Swiss company TVS Motor Company today announced the acquisition of Switzerland-based electric bicycle company EGO Movement in an ₹132-crore (CHF 16.6 million) all-cash deal. The company picked 80 per cent in EGO through its Singapore arm and the remaining 20 per cent will be held by the founders of the Swiss company......


Sitharaman sets out the plan for NARCL; says govt guarantee, valid for 5 years, gives credibility to its Security Receipts The ₹30,600-crore back-stop the Centre proposes to extend as guarantees to the Security Receipts to be issued by National Asset Reconstruction Company Ltd (NARCL), or the so called bad bank, will be valid for five years, Finance Minister Nirmala....


Jobs platform Apna has become the latest to join the growing list of Indian unicorns as it raised $100 million as part of its Series C round led by existing investor Tiger Global Management. The round, which values Apna at $1.1 billion, comes three months after the startup raised $70 million in its Series B fundraise, co-led by Insight Partners and Tiger Global.....


The project is expected to generate a top line of around ₹9,000 crore over the next 7-8 years, further strengthening the cash flow and the balance sheet of the company Sunteck Realty Limited, a property developer in Mumbai, plans to develop a 50-acre land parcel at Shahad (Kalyan). The company would develop an aspirational luxury integrated residential township in this location, under the asset light JDA model with Amar Dye Chem Ltd, it a…


5-year plan to fetch investments of ₹42,500 crore and incremental output of ₹2.3-lakh crore The Union Cabinet today approved a PLI (Production Linked Incentive) scheme for the auto sector to promote advanced technologies, including clean energy, with incentives of ₹26,058 crore to be provided over five years....


The new investor framework can be a useful tool to distinguish investors The Securities and Exchange Board of India (Sebi) recently ushered in a new investor category—the accredited investor. Put simply, an accredited investor is one who qualifies on pre-specified criteria such as income and net worth; essentially a wealthy individual who is presumed to be well informed and hence granted access to investment opportunities that are beyond ot…


Mobile Premier League (MPL) was born in the fall of 2018 and within three months hit 600,000 daily active users Mobile Premier League became India’s second gaming unicorn, raising funds at a $2.3 billion valuation after the pandemic drove entertainment-starved consumers toward mobile playings. Its motto to attract enthusiasts: earn money and get famous by playing mobile games....


This is among 54 proposals expected to be taken up at the GST Council’s Friday meeting   The GST Council, scheduled to meet on Friday, is likely to consider making e-commerce operators (ECOs) in food delivery such as Swiggy and Zomato liable to pay the Goods and Services Tax on restaurant services supplied through them. This is one of the 54 proposals for rate and rules revision expected to be taken up at the Lucknow meeting....


The MSCI India index beat the MSCI World gauge of developed nations by more than six percentage points last month, the biggest gap since 2018 Indian stocks are throwing up rare signals pointing to the possibility of further gains after a powerful rally. The MSCI India index beat the MSCI World gauge of developed nations by more than six percentage points last month, the biggest gap since 2018. The average return from the India gauge 12 months …