Zoho founder debunks misinformation circulating online; 'pay taxes in India on global income' - here's what he said
Zoho co-founder Sridhar Vembu clarified widespread misinformation, stating all products are developed in India, with global taxes paid there. He confirmed Indian user data is hosted domestically and Zoho operates on self-owned infrastructure, not major cloud providers. Vembu reaffirmed Zoho's "Made in India, Made for the World" vision amid government support for homegrown products.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/Wj1zIdE
India and Bhutan have announced a landmark initiative to establish their first cross-border rail connectivity, linking Bhutan's Gelephu and Samtse to the Indian railway network. This 90-kilometer project, costing Rs 4,033 crore, is fully funded by India under the 'Make in India' initiative. It aims to significantly boost Bhutan's economy and trade, with the MoU formally signed today.
India's health insurance renewals are projected to reach record highs in FY26, driven by popular modular, affordable, and high-cover policies, a Policybazaar report reveals. Increased awareness of lifestyle diseases and consumer-friendly plans, including cumulative bonuses, are making coverage more accessible nationwide. Policyholders aged 30+ and family floater plans show strong renewal trends, indicating growing national health consciousness.
SBI research advocates for a 25 basis points repo rate cut, citing benign inflation and calling it the RBI's best option. However, many experts anticipate the Monetary Policy Committee will maintain a status quo, awaiting global impact and assessing recent GST rationalization, despite some economists foreseeing a cut due to disinflationary pressures.
Gold and silver are poised to extend their rally this week, though late profit-taking could cap gains, analysts predict. Key global economic data, including US non-farm payrolls and Fed speeches, will guide market direction. Gold surged over 3% last week, driven by US signals and global reserve shifts. Silver outshone, climbing 9.3%, with further upside potential.
Dalal Street plunged this week, with over 440 BSE 500 stocks in red, following US President Trump’s H-1B visa fee hike and new medicine tariffs. The BSE 500 dropped 3.3%, led by IT and pharma sector losses. While Coforge and Tech Mahindra saw significant declines, 44 stocks, including Tata Investment Corporation, defied the gloom.
Union Railway Minister Ashwini Vaishnaw announced India's first bullet train, the Surat to Bilimora stretch, will be operational by 2027, highlighting significant progress on tracks and stations. New technologies are being implemented, and the Surat station features passenger comfort, connectivity, and sustainability. The Mumbai-Ahmedabad corridor is also advancing steadily with substantial infrastructure work completed.
Iraq has restarted oil exports from its Kurdistan region, ending a two-year suspension due to legal disputes and pipeline closures. Following agreements between Baghdad and Arbil, SOMO will now manage crude flows through the Iraq-Turkey pipeline. This crucial step, welcomed by the US, aims to recover significant lost revenue.
President Murmu emphasized India's need for self-reliance in rare earth element production to become a developed and secure nation. Speaking at the National Geoscience Awards 2024, she highlighted the importance of homegrown techniques for identifying these crucial minerals, essential for modern technologies like AI and clean energy.
Airbus's board is convening in Delhi for their annual strategy session, highlighting India's growing importance in the aerospace sector. The meeting underscores Airbus's commitment to India, fueled by substantial aircraft orders from IndiGo and Air India. Airbus aims to deepen its collaboration with Indian suppliers and expand its manufacturing presence, aligning with the Make-in-India initiative.
The Union Cabinet has approved a Productivity Linked Bonus (PLB) equivalent to 78 days' wages for railway employees, costing Rs 1,865.68 crore. This decision, benefiting approximately 10.91 lakh non-gazetted employees, acknowledges their performance in a year of record operational numbers for Indian Railways. The maximum payable amount per employee is set at Rs 17,951.
A recent hike in H-1B visa fees, reaching $100,000 for new applicants, may paradoxically benefit laid-off tech workers. This increase could incentivize companies to hire H-1B holders already in the U.S., offering a cost-effective alternative to sponsoring new visas.
Cochin Shipyard Ltd plans a Rs 15,000 crore greenfield shipyard in Tamil Nadu with HD Korea Shipbuilding & Offshore Engineering, potentially creating 10,000 jobs. CSL also intends to utilize its new Kochi dry dock for large vessel construction and establish a Rs 3,700 crore Block Fabrication Facility, boosting shipbuilding capabilities and generating employment.
Pfizer is significantly expanding its presence in the obesity treatment market by acquiring Metsera for $4.9 billion, offering a substantial premium per share. Metsera, while lacking marketed products, boasts several promising clinical programs. This strategic move reflects the surging demand for obesity treatments, currently dominated by Eli Lilly and Novo Nordisk.
US tariffs have significantly impacted India's exports to the US, causing a 22.2% drop between May and August 2025. While tariffed goods like textiles and seafood suffered, surprisingly, duty-free exports, including smartphones, also declined sharply. Experts suggest investigating the reasons behind this unexpected downturn and implementing export-specific relief measures to support affected industries.
Indian IT companies face rising costs due to a sharp increase in US H-1B visa fees. This could significantly impact their profits. Firms may increase offshoring and local hiring to mitigate the effects. Project timelines could be disrupted. Clients may also bear some of the increased costs. Alternative talent models like remote work may become more common.
Gold rate today: Gold prices soared to record highs in domestic futures trading, reaching Rs 1.11 lakh per 10 grams, mirroring global trends as investors await US inflation data and Federal Reserve statements. Silver futures also surged, driven by investment flows and industrial demand, with analysts forecasting further price increases. A weaker rupee and geopolitical tensions further supported bullion's rise.
Gold prices are expected to remain strong, driven by Asian festive demand, potential monetary easing, and geopolitical tensions. Analysts are closely monitoring upcoming US-India and US-China trade talks, along with key US economic data. Silver is outperforming gold, fueled by industrial demand from sectors like solar panel manufacturing and electric vehicles, potentially reaching new highs.
Last week, most of the top ten companies saw their combined market value increase. State Bank of India and Bharti Airtel were the biggest gainers. Reliance Industries remains the most valued company in India. ICICI Bank, Bajaj Finance, and Hindustan Unilever experienced declines in their market capitalization. Overall, the BSE benchmark showed a positive trend.
India's pharmaceutical market demonstrated robust growth, climbing 8.1% in August, fueled by chronic treatments like cardiac and anti-diabetic drugs. Respiratory and cancer medications also saw strong demand. GLP-1 therapies experienced a remarkable 97% surge, significantly boosting anti-diabetic sales.
The Prime Minister's Office is set to convene a meeting on September 23 to explore regulatory reforms aimed at empowering Indian audit and consultancy firms. Led by Shaktikanta Das, the discussion will address easing restrictions on multidisciplinary collaborations and other bottlenecks hindering domestic firms' growth.
The rationalisation is expected to reduce the prices of a large number of products and services. Crisil observed that moving from four slabs to two could expand the formal tax net and support buoyancy in collections over the medium term.
The Bank of England maintained its key interest rate at 4 per cent, despite UK inflation remaining high at 3.8 per cent in August, nearly double the 2 per cent target. The central bank has been gradually lowering rates since August 2024, with the next potential cut in November. Economists are uncertain due to persistent price pressures and wage growth.
Maruti Suzuki India is set to reduce vehicle prices by up to Rs 1.29 lakh starting September 22, passing on the benefits of a GST rate reduction to customers. This decision follows the government's move to lower GST rates on small cars and SUVs, impacting petrol, CNG, LPG, and diesel vehicles meeting specific engine and length criteria.
Air India Express is set to launch daily non-stop flights between Bengaluru and Bangkok starting October 18, 2025. This new service aims to provide convenient connectivity for travellers from Bengaluru to Thailand, just in time for the festive season. To celebrate the launch, special introductory fares are available, starting at Rs 16,800 for a round trip.
The Securities and Exchange Board of India (Sebi) has leased a luxurious five-bedroom apartment in Mumbai's Prabhadevi for its chairman, Tuhin Kanta Pandey, at a monthly rent of Rs 7 lakh. The three-year lease includes a 3,000 sq. ft. apartment with four car parks and a 5% annual rent escalation, aligning with Sebi's policy for leased accommodations.
State Bank of India has divested approximately 13.18% of its stake in Yes Bank Limited to Sumitomo Mitsui Banking Corporation, a prominent Japanese bank. This transaction marks a significant cross-border investment in India's banking sector. SBI remains a key shareholder with around 10.8% stake, continuing its support since the 2020 restructuring.
Despite US tariffs in 2025, Indian stock markets achieved positive returns, bolstered by strong domestic fundamentals and GST reforms. Bank of Baroda's Sonal Badhan noted that markets have factored in tariff uncertainties. While global markets initially suffered, India, along with Hong Kong, Brazil, and China, showed resilience.
Prime Minister Modi launched several railway projects in Bihar, including new trains and rail lines, via video conferencing. These initiatives aim to enhance regional connectivity, reduce travel time, and promote economic and social integration across the state. The projects include the Vande Bharat Express, Amrit Bharat Express trains, and the inauguration of the Araria–Galgalia rail line.
TikTok users in the US might avoid a ban as the Trump administration and China have reached a preliminary agreement regarding the platform's ownership. The plan involves transitioning TikTok to American ownership, with Oracle Corp. potentially being a buyer. Trump and Xi are scheduled to discuss and potentially finalize the agreement, addressing concerns about data handling and algorithm control.
Andhra Pradesh faces shrimp export order cancellations. Chief Minister N Chandrababu Naidu says US tariffs caused Rs 25,000 crore loss to the aquaculture sector. He requests Nirmala Sitharaman, Piyush Goyal, and Rajiv Ranjan Singh for support. Naidu wants relaxed GST rules and a corpus fund. He also seeks infrastructure improvements and campaigns to boost domestic seafood consumption in India.
ITR filing FY 2024-25: The Income Tax Department extended the ITR filing deadline or due date for AY 2025-26 to September 15, 2025. Filing after this date incurs penalties. The article provides a step-by-step guide for filing ITR-1 (Sahaj) through the income tax e-filing website.
The International Finance Corporation (IFC) is set to gain substantial returns from Tata Capital's upcoming $2 billion IPO by offloading a portion of its shares acquired in 2011 through Tata Cleantech. IFC's initial investment of Rs 179 crore is now valued at approximately Rs 2,458 crore, potentially increasing further post-IPO.
Last week witnessed a significant surge in the combined market valuation of eight of the top ten domestic firms, climbing by Rs 1,69,506.83 crore, mirroring the positive momentum at Dalal Street. Bajaj Finance emerged as the frontrunner, while Infosys, TCS and Reliance Industries also saw substantial gains in market capitalization.
India's self-reliance push is yielding results as companies in automobiles, electronics, and FMCG sectors significantly reduce import dependence. Supported by PLI schemes and import restrictions, firms like Maruti Suzuki and Dixon Technologies have notably decreased foreign exchange outflows.
In August, a Crisil report indicated that the U.S.'s 50% tariff hike on Indian imports tightened domestic financial conditions, significantly impacting equity markets. Foreign portfolio investors continued net outflows, particularly in equities, while the rupee weakened against the dollar. Despite these pressures, expectations of GST revisions and potential credit rating upgrades limited market declines.
ITR filing FY 2024-2025: Don't miss the September 15, 2025, deadline for filing your Income Tax Returns (ITR) for Assessment Year 2025-26. Late filing incurs penalties up to ₹5,000 and interest under Sections 234A, 234B, and 234C if there are pending tax liabilities.
Despite Western pressure and potential sanctions, India and China's demand for Russian crude oil remains strong, according to Vortexa. Russian crude maintains a significant, price-competitive presence in these markets.
The Mines Ministry announced that revised GST rates will positively impact the housing industry and small-scale enterprises. Key items like marble, granite, lime bricks, and handicrafts are set to become cheaper due to the GST overhaul. Many mining-related products will now attract a 5% tax instead of the earlier 12%, benefiting the mining and mineral industry.
Amidst ongoing India-US trade discussions, a US delegation comprising defence officials and Boeing representatives is expected to visit India next week. They will discuss a $4 billion deal for six P-8I naval patrol aircraft, a deal that had previously stalled.
US Ambassador Matthew Whitaker claimed Russia's Ukraine operations are funded by oil sales to India, China, and Brazil, urging sanctions. India faces new tariffs amid accusations of benefiting from discounted Russian oil, which MEA has called unjustified. Despite tensions, Trump anticipates talks with Modi, signaling continued US-India dialogue on trade.
The CCEA has approved the construction of a 4-lane greenfield access-controlled Mokama–Munger section of the Buxar–Bhagalpur high-speed corridor in Bihar, costing Rs 4,447.38 crore. This 82.4 km project, built on Hybrid Annuity Mode, will reduce travel time to 1.5 hours and boost industrial activity in eastern Bihar, generating significant employment opportunities.
Gold rate today: Gold prices experienced a downturn, falling below Rs 1.09 lakh per 10 grams in domestic futures trading after reaching record highs. Profit-taking and weaker international markets contributed to the decline.
The government has granted packaged goods manufacturers permission to print revised MRPs on unsold stock following the new GST rules, allowing them to use existing packaging until December. This decision addresses industry concerns about potential waste of packaging material worth over Rs 2,000 crore.
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