The decision leaves the deposit rate at 3.75%, where it has stood after a single rate at the previous meeting on June 6. "Domestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year," the bank said in a statement accompanying the decision.
Income tax rebate u/s 87A: No tax rebate is being given if you have sold mutual fund or shares and earned short term capital gains. This issue is happening when ITR utity is being used for filing the tax return. All Gujarat Federation of Tax Consultants and Income Tax Bar Association and Bombay Chartered Accountants' Society (BCAS) have sent a representation to the FM.
The Supreme Court dismissed Sun Pharma's plea against a demand notice of Rs 4.65 crore by NPPA for overcharging for the drug Roscilox, upholding the Delhi High Court's decision. Sun Pharma challenged the demand for overcharged amount under DPCO, with the court finding no merit in the appeal. It noted Sun Pharma's direct purchase from the manufacturer and overlapping identities with Oscar Laboratories Pvt. Ltd.
The Reserve Bank of India (RBI) reported that the second quarter of 2024-25 has seen a surge in economic activity, with a positive outlook for agriculture and a revival of rural spending. The RBI also noted that global trade in goods and services is gaining momentum. However, consumer price inflation increased in June 2024, halting the overall disinflation.
At least two casualties and up to seven injuries were officially confirmed by the Indian Railways till 5:30 PM. The accident had occurred at 2:37 PM.
At least two casualties and up to seven injuries were officially confirmed by the Indian Railways till 5:30 PM. The accident had occurred at 2:37 PM.
Edtech firm Byju's has moved the National Company Law Appellate Tribunal against the recent order of NCLT. The company is seeking an urgent hearing on the matter. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with the Board of Control for Cricket in India.
Royal Enfield has unveiled its new Guerrilla 450, priced at Rs 2.39 lakh. This latest model features a powerful engine, modern design, and advanced technology. With this launch, Royal Enfield aims to capture the adventure bike segment, offering riders a blend of performance and style.
Venture capital firm Promaft Partners has raised its first fund of Rs 1,000 crore, with a greenshoe option of Rs 200 crore. Promaft has been launched by Alibaba Group’s former investment head Raghav Bahl and former 9Unicorns partner Soham Avlani.
According to Nagaraj Shetti of HDFC Securities, the Nifty index is approaching a significant resistance level at 24,960, calculated using a Fibonacci extension based on key market points from March to October 2023. This suggests that we may see increased volatility or consolidation around the 24,950-25,000 range in the near future.
Out of its 21 equity mutual fund schemes, three held over ₹500 crore in cash in their portfolios as of June. Quant Flexi Cap Fund led the way with the highest cash allocation, reducing its holdings from ₹1,411 crore in May to ₹867.93 crore in June. Despite this significant decrease, the fund's total equity AUM remained substantial at approximately ₹6,017.25 crore.
Total employees at Infosys for the period ending June stood at 315,332 as compared to 317,240 in the March quarter. The employee count declined by 20,962 from a year ago. Infosys said its first-quarter net profit declined 20.1% sequentially, despite seeing a revenue gain of 3.7% quarter on quarter.
Leading global tyre makers, including Bridgestone, Michelin, and Goodyear, are investing over Rs 1,100 crore in India following DPIIT's temporary permission to import specific tyres, in exchange for commitments to invest in local manufacturing. The DPIIT's successful initiatives in sectors like toys and tyres have prompted other ministries to consider similar measures, such as changes in custom duty rates and Quality Control Orders, to boost domestic manufacturing capacity.
"With a robust project pipeline and strong balance sheet, we are confident of tapping the huge growth and are well-positioned to continue this upward trajectory and deliver enhanced value to all our stakeholders," Global CEO Amit Jain said.
Delhi Police's uniform modernization is near completion, featuring six-pocket cargos and seasonal attire. Initiated in 2022, the designs by the National Institute of Fashion Technology include accessories and updated tunics for flag hoisting and parade. Feedback from personnel highlights current issues, with new uniforms considered for commandos and office workers, overseen by an eight-member group.
Two Belgian Malinois K9s, Vast and Denby, are part of ten K9 teams from various CAPFs assigned to provide security at the Paris Olympics. The dogs and their handlers will be in Paris from August 1 to August 11, working under French supervision. This marks the first overseas deployment of an Indian K9 unit from CAPFs.
Tata AIG General Insurance has partnered with Mahindra Finance to distribute non-life insurance products across Mahindra Finance's extensive customer base of over 10 million. This collaboration aims to enhance accessibility to general insurance solutions including motor, health, and personal accident coverages, reinforcing financial services in rural and semi-urban India.
The company’s revenue from operations reached ₹4,698 crore in the June quarter. However, this was accompanied by a 170 basis point contraction in margins to 12.4%, primarily due to a shift in the business mix towards lower-margin segments, resulting in an EBITDA of ₹583 crore.
Lenskart, an omnichannel eyewear retailer, raised $20 million from founders and investors. Peyush Bansal led the funding round with an investment of Rs 70.70 crore, followed by Neha Bansal with Rs 70.39 crore. Last year, Lenskart had raised a total of $600 million from Abu Dhabi Investment Authority and ChrysCapital.
Budget 2024: India’s fiscal plans are coming under more scrutiny than before after its bonds were included in key global indexes last month. Credit rating companies are considering upgrading India’s debt if the fiscal metrics improve.
The real estate market in India is seeing a rise in non-agricultural land investments, particularly in Karjat. Kalpataru Aria stands out as a top choice for investors looking to build holiday homes with its strategic location and nature-themed amenities. Consider exploring the investment potential in this thriving location.
Since its inception in 2016, India's Insolvency and Bankruptcy Code has shifted from debtor to creditor control, yielding positive outcomes. Anticipated amendments include introducing a Creditor-Led Resolution Process, mandatory admission on record of defaults, widened scope for avoidance transactions, 'group insolvency,' and nullifying key judicial precedents. These changes aim to streamline and enhance the efficiency of insolvency proceedings, crucial for economic recovery and investor confidence.
Tata Motors is launching the Curvv SUV coupé tomorrow. Teasers showed design elements. Priced above Nexon EV, it has a 400-500 km range, dual-motor AWD, 12.3-inch infotainment, six airbags, and a 360-degree camera. Following the Tiago EV, Punch EV, and Tigor EV, ICE models will later enhance Tata's lineup.
Bangalore's Namma Metro, managed by BMRCL, plans to launch the Yellow Line by year-end, a shift from earlier plans for fewer trains at longer intervals. The Rs 5,745-crore project spans 19.15 km with 16 stations, including the towering Jayadeva Hospital interchange hub. Trial operations with a Chinese prototype began in June, aiming for full service by December pending sufficient trains from CRRC Nanjing Puzhen Co Ltd and Titagarh Rail Systems Ltd.
