Mansi Agarwal
The National Securities Depository Ltd (NSDL) has paid SEBI ₹3.12 crore to settle a case related to alleged violation of depository rules. NSDL was accused of failing to address grievances from participants and beneficial owners within 30 days of receiving the complaint. It was also accused of breaching regulations related to safeguarding investor interests.
Oct 17th, 2024
Mansi Agarwal
India's direct tax collection rose over 182% in the last 10 years to ₹19.6 lakh crore in FY24, from ₹6.95 lakh crore in FY15, as per a government report. Personal income tax collection jumped 294.3% to ₹10.45 lakh crore, while corporate tax collection rose 112.85% to ₹9.11 lakh crore. The direct tax-to-GDP ratio hit record high of 6.64% in FY24.
Oct 17th, 2024
Mansi Agarwal
Adani Enterprises on Thursday announced it has raised around ₹4,200 crore through a qualified institutional placement (QIP). The company allocated over 1.41 crore equity shares through the QIP at an issue price of ₹2,962 per share. Quant Mutual Fund's Quant ELSS Tax Saver Fund was reportedly the largest investor in the QIP, acquiring nearly 47% of the total issue size.
Oct 17th, 2024
Mansi Agarwal
The Department of Consumer Affairs will transport 1,600 tonnes of onions from Maharashtra to Delhi through its first such special train, dubbed 'Kanda Express'. The supply aims to stabilise onion prices in the Delhi-NCR region amid prices hiking up to ₹75 per kg across different cities. Shipments to Lucknow and Varanasi will be scheduled in the next few days.
Oct 17th, 2024
Mansi Agarwal
European Central Bank on Thursday lowered three key interest rates by 25 basis points as inflation in the eurozone is cooling faster than expected. The key deposit rate was reduced to 3.25%. This was the third rate cut by the bank this year, with the first one being in June when the rates were lowered from record highs.
Oct 17th, 2024
Mansi Agarwal
Vishal Mega Mart has filed a draft red herring prospectus (DRHP) with SEBI to raise ₹8,000 crore through an initial public offering (IPO). The issue will consist entirely of an offer-for-sale of shares by promoter Samayat Services LLP, as per the DRHP. Promoters own 98.77% stake in the company, with 96.55% stake belonging to Samayat.
Oct 17th, 2024
Ankush Verma
Sachin Bansal's fintech venture Navi Finserv, Asirvad Micro Finance, Arohan Financial Services, and DMI Finance have been barred by RBI from sanctioning and disbursing loans from October 21. The RBI's action is in response to excessive interest rates and non-compliance with its regulations. The NBFCs were found to have pricing policies that violated RBI guidelines.
Oct 17th, 2024
Mansi Agarwal
Nokia has laid off around 2,000 employees in China and plans to cut another 350 jobs across Europe, Reuters reported. This is part of the company's plans to cut up to 14,000 jobs and save between €800 million-1.2 billion by 2026. Nokia on Thursday reported a 9% rise in third-quarter operating profit but its net sales dipped 8%.
Oct 17th, 2024
Mansi Agarwal
Infosys added 2,456 employees in the September quarter (Q2 FY25) after six consecutive quarters of decline to take its headcount to 3,17,788. Meanwhile, Wipro added 978 employees in the quarter to take its headcount to 2,33,889. Both Infosys and Wipro plan to hire up to 20,000 and 12,000 employees, respectively, in the current fiscal.
Oct 17th, 2024
System User
Bharat Forge Limited shares jumped 0.3% to ₹1,479.4, after entering into agreement to acquire AAM India Manufacturing Corporation Private Limited (AAMIMCPL) for an enterprise value of ₹544.53 crore. With this transaction, the company will acquire the commercial vehicle axle business of AAMIMCPL in Pune and Chennai, as well as the Pune Engineering and Development Center.
Oct 17th, 2024
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