IT services major Infosys is under the GST authorities' scanner for an alleged evasion of taxes worth Rs 32,000 cr, as per internal documents. The Directorate General of GST Intelligence states that as the company creates overseas branches to service clients as part of its agreement with the clients, those branches and the company are each treated as ‘distinct persons’ under the IGST Act.
The Indian Air Force, with only 30 fighter squadrons versus the authorized 42, will see delays in receiving Tejas Mark-1A jets, now expected by September. Hindustan Aeronautics will fall short of its delivery target for 2024-25. Another contract for 97 more jets is being finalized while Tejas Mark-2 development progresses.
As a part of the scheme, TML will demerge its commercial vehicle undertaking involving the CV business including all the assets, liabilities and employees relating to the business and all its related investments into TMLCV. Further, the existing passenger vehicle business in TMPV, will be merged into TML, the existing listed entity.
The NSE Nifty index closed 59.75 points up at 25010.9
India's power consumption in July increased by 3.5% to 145.40 Billion Units from the previous year, as cooling demands eased due to rainfall. The peak power demand on a single day also rose to 226.63GW from 208.95GW last July, though it remained below the 250.20GW record set in May 2024.
The 22-year-old athlete, fresh from his podium finish, expressed his immediate need, "Please give me something to eat." This candid request was met with a delightful spread of Indian snacks, including pani puri, bhel, and dosa, served to the entire contingent at the athletes' special lounge in India House.
The Disaster Management (Amendment) Bill, 2024, introduced in Lok Sabha, aimed to strengthen disaster management authorities. The bill proposed statutory status for certain pre-Act organizations, creation of Urban Disaster Management Authorities, and State Disaster Response Forces. This bill sought to improve clarity and coordination among national and state stakeholders in disaster management.
Domestic two-wheeler sales grew 8 per cent to 2,54,250 units in July over 2,35,230 units in the year-ago period. TVS Motor Co said its motorcycle sales in July registered a growth of 5 per cent at 1,61,074 units as compared to 1,53,942 units in the same month last year. Scooter sales grew 15 per cent to 1,39,995 units in July 2024 from 1,21,941 units in July 2023.
India's biggest private lender, HDFC Bank Ltd., posted a 16.5% increase in its market capitalization to 12.811 trillion rupees. Barring IndusInd Bank Ltd., the market capitalization of all private sector banks among the 20 largest banks in the country improved from the previous quarter.
You would have heard this budget wherein the finance minister talked about SIDBI's role, their branches to be expanded, and they have to play a leading role in providing credit to MSME and when you partner with such an institution, then you feel very proud.
Indian shooter Swapnil Kusale kept his composure to stage a remarkable comeback and help the country claim its first ever Olympic bronze in the 50m rifle
Max Healthcare Institute on Thursday said its profit after tax rose marginally to Rs 295 crore for the first quarter ended June 30, 2024. The healthcare firm had reported a profit after tax of Rs 291 crore in the April-June quarter of last fiscal.
The Bank of England (BoE) has cut interest rates for the first time in four years, following a close 5-4 vote by its policymakers. The central bank reduced borrowing costs by a quarter-point to 5.0%, with Governor Andrew Bailey leading the decision. He emphasized the BoE's cautious approach to future monetary policy adjustments.
Mohammed Deif Assasinated: The Israeli military confirmed the killing of Hamas' military wing leader, Mohammed Deif, in an airstrike. Deif was crucial in the Oct. 7 attack on Israel, leading to the ongoing Gaza conflict. This continues Israel's history of targeting key Hamas figures like Yahya Ayyash, Khaled Meshaal, and Sheikh Ahmed Yassin.
The NSE Nifty index closed 59.75 points up at 25010.9
By June 2024, growth in bank credit to NBFCs had fallen to 8.5% from 16% in May. Credit card and gold jewellery loans, however, saw substantial growth. Commercial real estate and personal loans, particularly home loans, also grew significantly, influenced by the HDFC-HDFC Bank merger.
Tata Motors reported its quarterly results, indicating a projected slow improvement in global demand and a gradual rise in domestic demand driven by infrastructure investments and seasonal factors. The automaker saw an 11% decline in total sales in July year-on-year, with domestic sales also down by 11% from the previous year.
Delhi's Patiala House Court has rejected the anticipatory bail plea of Puja Khedkar, a trainee IAS officer accused of fraudulently passing the UPSC exam. The UPSC has canceled her provisional candidature and barred her from future exams. Khedkar, who allegedly exceeded the number of permitted attempts by falsifying her identity, failed to respond to a show-cause notice from the UPSC.
Moody's views the Reserve Bank of India's draft guidelines on enhancing banks' liquidity management as credit positive, despite a projected 15 percentage point drop in banks' liquidity coverage ratios (LCR). The new guidelines, which require banks to allocate an additional 5% reduction in the stability of retail deposits with internet and mobile banking access, are expected to improve banks' resilience against unexpected deposit outflows.
ITC reported a slight increase in its standalone net profit for the quarter ending June 30, 2024, reaching Rs 4,917.45 crore, up from Rs 4,902.74 crore a year earlier. However, this figure was below analysts' expectations of Rs 5,122 crore.
Debt-ridden state telecom firm MTNL has requested ₹1,151.65 crore for interest payments on sovereign guarantee bonds for the current fiscal year, Parliament was informed on Thursday. Minister of State for Communications Pemmasani Chandra Sekhar explained that the government has previously allocated funds for MTNL and BSNL's revival, including ₹69,000 crore in 2019 and ₹1.64 lakh crore in 2022 for various measures.
The 30-share BSE Sensex closed up 126.21 points at 81867.55
