Bombay HC extends Naresh Goyal's interim bail in ED case by two months
The Bombay High Court extended Jet Airways founder Naresh Goyal's interim bail by two months for medical treatment. Goyal, who was arrested in September 2023 for alleged money laundering, is undergoing cancer treatment and suffering from depression. This is the second extension of his bail, originally granted in May 2023.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/uqos1Dl
Ambuja Cements Ltd, part of the Adani Group, reported a consolidated net profit of Rs 789.63 crore for the June 2024 quarter, down from Rs 1,135.46 crore in the same period last year. The company’s revenue totaled Rs 8,311.48 crore, including results from acquisitions Sanghi and ACCPL, making direct comparisons difficult.
India's recent budget decision to increase customs duty on laboratory chemicals from 10% to 150% has impacted research centres and labs, significantly straining their financial resources. Academic institutes have seen a surge in costs, prompting calls for exemption from the new tax to avoid jeopardizing the country's research environment.
Biopharma firm Biological E Limited obtained World Health Organisation pre-qualification for its Novel Oral Polio Vaccine type 2. This designation is the 10th WHO pre-qualification for the Hyderabad firm. The nOPV2 vaccine, which showed promising results in clinical trials, significantly decreases the risk of cVDPV2 outbreaks and is targeted at countries affected by such outbreaks, BE stated.
ITR filing FY 2023-24: The correct ITR form for assessment year 2024-25 depends on the level of your income and a host of other factors. Do remember that from financial year 2023-24, the new income tax regime is the default income tax regime.
A SpiceJet flight heading to Delhi with 160 passengers made a precautionary landing at Bagdogra airport due to a technical issue. The pilot returned the aircraft safely within fifteen minutes of takeoff. All passengers were safely disembarked, and an alternate aircraft was arranged. The original aircraft will undergo a complete safety check before flying again.
Dr Reddy’s Laboratories announced that the EMA’s committee recommended its Rituximab biosimilar Ituxredi for the European market. The decision will be reviewed by the European Commission for final approval. A separate application will be made to the UK MHRA. Earlier, the company received the EU GMP certificate for its manufacturing facility in Hyderabad.
In the Union Budget 2024, Finance Minister Nirmala Sitharaman introduced two initiatives: extending NPS 14% employer contribution benefits to the private sector and announcing NPS Vatsalya.
Ola Electric announced its IPO, set for August 2-6, with a price band of Rs 72-76. The IPO includes a fresh issue worth Rs 5,500 crore and an offer for sale of 8,49,41,997 shares. The funds will be used for expanding battery production, repaying loans, and R&D. Ola aims to enhance its Gigafactory capacity and invest in growth initiatives.
Income Tax Return Filing FY 2023-24: The important thing to note is that late or belated filing of ITR means a penalty applies even if the belated ITR shows zero tax payable. Additionally, penal interest on the pending tax payable must be paid when filing a belated ITR.
The government monitored top 20 insolvency cases under Insolvency & Bankruptcy Code (IBC) due to slow action taken by banks. Following the intervention, movements in Jaiprakash Associates and Amtek Auto were observed. Bankers were found discussing loan settlements despite ongoing IBC issues. Finance Minister Nirmala Sitharaman reviewed multiple cases to expedite the process and improve debt recovery mechanisms.
UltraTech Cement has agreed to acquire a 32.72% stake in India Cements for Rs 3,954 crore. This move, raising UltraTech's total stake to over 55%, aims to boost its market presence in southern India. The acquisition supports UltraTech’s broader strategy of dominating the Indian cement market. Completion is pending regulatory approvals and is expected within six months.
The Reserve Bank of India has fined Visa Worldwide, Ola Financial Services, and Manappuram Finance for failing to comply with regulatory requirements. Penalties included Rs 2.4 crore for Visa, Rs 41.5 lakh for Manappuram Finance, and Rs 87.55 lakh for Ola Financial Services. The breaches involved non-compliance with Know Your Customer (KYC) norms and other regulatory provisions.
India's foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week ending on July 19, according to the Reserve Bank of India (RBI) on Friday. This rise follows an earlier jump of $9.699 billion, bringing the reserves to an all-time high of $666.854 billion for the week concluding on July 12.
IndiGo saw a profit of Rs 2,729 crore in Q1 FY 2024-25, despite a 12% decline from the previous year. Revenue increased by 17% to Rs 19,571 crore. CEO announced new initiatives for customer engagement. IndiGo's cash balance was Rs 36,100.6 crore, with total debt of Rs 52,526.4 crore.
SK Hynix announced a $6.8 billion investment for its first chip plant in Yongin, South Korea. The plant will bolster AI semiconductor demand and contribute to SK Hynix’s growth. The site will also feature a research facility for testing domestic chip materials and equipment. The investment supports the company's long-term growth strategy planned since 2019.
ITR Filing FY 2023-24: Commonly cited issues by income taxpayers include login failures, unresponsive pages, timeouts, problems with pre-filled data, and difficulties in uploading large files.
From October 1, individuals domiciled in India will need a clearance certificate under the Black Money Act before leaving the country. This outlines a tightened regulation to ensure all tax liabilities are clear.
Latest NPS benefits under new tax regime after Budget 2024: If your basic salary is Rs 1 lakh, your employer can contribute Rs 10,000 (10% of basic pay) to the NPS on your behalf, which is exempt from tax. This deduction will be increased to Rs 14,000.
Income Tax Expectations Budget 2024: What can you expect from the Modi 3.0 government’s Budget 2024? What are the top expectations from an income tax perspective and what do the experts recommend? We take a look:
Railway Budget 2024 expectations: There is a strong anticipation of a significant increase in budgetary allocation to ensure the realization of ambitious goals for expanding and modernizing the railway network.
Economic Survey 2023-24 ahead of Union Budget 2024: The Economic Survey is a document prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the guidance of the chief economic adviser.
Railway Budget 2024 expectations: What should the Railway Budget 2024 focus on? Will new trains like Vande Bharat, Vande Bharat sleeper, Vande Metro, Amrit Bharat get a fillip? What will be the allocation for enhancing safety on the railway network, especially in the light of recent accidents that have led to casualties? We ask railway experts:
Infosys Q1 FY 25 results: The company reported a consolidated Profit After Tax (PAT) of Rs 6,368 crore for the quarter that ended on June 30, 2024.
Boost for the Indian Navy! The leading contenders for the contract for stealth frigates, classified as Project 17B, are the government-owned shipyards Mazagon Dockyards Limited (MDL) and Garden Reach Shipbuilders and Engineers (GRSE).
Sun Pharmaceutical Industries Ltd, the sixth-largest generic pharmaceutical manufacturer in the world, had questioned NPPA's demand notice of 2005 for payment of Rs 4.6 crore "to recover the higher price charged in relation to Roscilox, a brand of a Cloxacillin-based drug formulation, than that fixed by the govt under Drugs (Price Control) Order (DPCO)".
Indian banks like SBI, Bank of Baroda are offered special 7.25%-7.3% interest rates on 399-444 day deposits to attract savers. Senior citizens get 50 basis points extra.
Social Plugin