Finshorts
Infosys has received a Rs 32,403 crore GST notice from Karnataka authorities for services from its overseas branches spanning July 2017 to March 2022. The IT firm contends that GST does not apply to these expenses, citing a recent Central Board of Indirect Taxes and Customs circular that exempts such services. The Directorate General of … Read more
The Indian government has reduced the windfall tax on domestically produced crude oil from Rs 7,000 to Rs 4,600 per tonne, effective August 1. This tax, imposed in July 2022, aims to capture excess profits made by oil companies during periods of high prices. While the tax on diesel, petrol, and jet fuel remains unchanged … Read more
India’s dairy sector is poised for robust growth this year, driven by soaring consumer demand and increased milk supply due to a favorable monsoon. Crisil Ratings forecasts revenue growth of 13-14% with value-added products leading the charge. While higher milk production will boost business, it will also inflate working capital needs. Despite rising debt from … Read more
SEBI has clarified that there are no plans to make the T+0 trading system mandatory. Media reports misinterpreted comments about the ASBA (Application Supported by Blocked Amount) facility as a push for T+0. Sebi is considering making ASBA mandatory for brokers, but investors will still choose if they use it. ASBA, which blocks funds until … Read more
Commerce and Industry Minister Piyush Goyal on Wednesday expressed optimism that India’s goal of becoming a $55 trillion economy by 2047 is achievable through self-sufficiency, technological advancements, a stronger currency, and improved economic fundamentals. He highlighted the government’s initiatives, including a shift from oil to electric vehicles and enhancing manufacturing quality. Goyal emphasized that reducing … Read more
Mahindra & Mahindra is ramping up production to meet strong demand for its popular Thar SUV. The company plans to increase the monthly production capacity for the five-door Thar by 4,000 units. Overall, Mahindra aims for a total monthly production capacity of 64,000 units by the end of the current fiscal year, including models like … Read more
India Ratings & Research (Ind-Ra) has revised India’s GDP growth forecast for FY25 to 7.5%, up from 7.1%, driven by improved consumption demand. The growth momentum is supported by government capital expenditure, corporate deleveraging, and a new private corporate capex cycle, along with measures from the union budget to boost rural spending, MSME credit, and … Read more
Waaree Renewable Technologies Ltd (WRTL) has reported a significant jump in profits for the June quarter of FY25. The company’s consolidated profit after tax (PAT) surged to Rs 28.16 crore, representing a three-fold increase from the same period last year. Total revenue also witnessed substantial growth, rising to Rs 236.35 crore from Rs 128.94 crore … Read more
FirstCry’s parent company, Brainbees Solutions, is set to go public with an IPO starting August 6. The three-day offer aims to raise Rs 1,666 crore through a fresh issue. Additionally, existing shareholders, including Softbank and Mahindra & Mahindra, will sell shares worth crores. Softbank, the largest shareholder with a 25.55% stake, and M&M with a … Read more
Sebi barred real estate firm Omaxe, chairman Rohtas Goel, managing director Mohit Goel, and three others from the securities market for two years for financial irregularities. They misrepresented financial statements from 2018-2021, manipulating the company’s stock price. Additionally, a ₹47 lakh fine was levied on 16 entities. The barred individuals are also prohibited from holding … Read more