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An official said the government may have to rethink the valuation of Life Insurance Corporation of India (LIC) for its initial public offering (IPO) if the listing is delayed beyond May. If the offer is delayed beyond May 12, as allowed by the Securities and Exchange Board of India, the present embedded value of LIC, […]
Zydus Lifesciences Ltd announced that it has received a prior approval supplement nod from the US Food and Drug Administration to market its generic version of Mycophenolate Mofetil for injection, which is used in combination with other drugs to prevent organ rejection in patients receiving renal, hepatic, or cardiac transplants. According to a regulatory filing, […]
The Indian Government is working on categorizing cryptocurrency under the Goods and Services Tax (GST) law so that the tax can be charged on the entire value of transactions. Currently, 18% GST is charged only on services provided by crypto exchanges. GST officers believe that cryptos are similar to gambling and lottery, which currently have […]
An Income Tax raid on Maharashtra-based unicorn start-up ‘infra.market’ recently found an undisclosed income of more than Rs 224 crores, officials said on Sunday. The 23 premises of the firm in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh, and Madhya Pradesh are raided since March 9. As per CBDT data, the group, founded by Souvik Sengupta […]
Japanese auto giant Suzuki Motor Corporation will invest around ¥150 Billion (about Rs 10,445 crore) by 2026, for local manufacturing of Battery Electric Vehicles (BEV) and BEV batteries in Gujarat. A Memorandum of Understanding (MoU) to this effect was signed with the Gujarat government on Saturday. “The MoU was signed at the India-Japan Economic Forum […]
India’s Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter Saudi Aramco. The group, led by chairman and founder Gautam Adani, has held initial talks on potential joint investment opportunities and cooperation with Saudi Aramco and the country’s Public Investment Fund (PIF), […]
Tata Motors looks set to take over Ford India’s passenger vehicle manufacturing plant in Sanand, 40 km from Ahmedabad. Both the companies have submitted a consented proposal to transfer Ford’s passenger vehicle manufacturing plant ownership to Tata Motors. A High-Power committee (HPC) will give a nod to the proposal. The government of Gujarat formed an […]
In a bid to crack down on fraudulent ways of tax evasion, the state GST department has undertaken an intensive operation to comb out the defaulters. The modus operandi most preferred seems to be setting up firms in the names of real people from the financially challenged sector. Then, take over the enterprise and retain […]
Whoever said that pizza makes for a simple meal, think again. As per the Haryana Appellate Authority for Advance Ruling (AAAR), “a pizza topping is not a pizza and hence should be classified differently and levied a higher 18 percent goods and services tax (GST).” Classification of products has been a complex issue under GST. […]
A statement released by Reliance Industries on Monday read, “Reliance New Energy Ltd., a wholly-owned subsidiary of Reliance Industries Ltd., said it had signed definitive agreements to acquire the assets of Lithium Werks BV for a total transaction value of $61 million, including funding for future growth substantially.” Lithium Werks BV was founded in 2017 […]
India’s retail inflation rose to 6.7% in February mainly due to an uptick in food prices, according to data released today by the Ministry of Statistics & Programme Implementation (MoSPI) The retail inflation is mastered by the Consumer Price Index (CPI). The rise in the CPI-based retail inflation was backed by the rise in the […]
Bhupendra Patel, CM of Gujarat, attended the closing ceremony of the 16th edition of the GIHED Property Show on Sunday evening. The three-day show ended with an overwhelming response from developers and investors, drawing at least 80,000 visitors. As many as 250 projects were featured at the show. During their discussions with the chief minister, […]
Billionaire Gautam Adani’s APSEZ on Tuesday signed an agreement with Indian PSU- Indian Oil Corporation(IOC). According to the agreement IOC will build infrastructure for new crude oil tanks at Mundra. This will help IOC augment its crude oil volume. Adani’s APSEZ will handle and blend 10 mmtpa crude oil for IOC. Important to note here […]
Sensex on Monday sheds around 2.74 percent and ends the day at 52,842.75, down around 1491 points. Nifty, on the other hand, ends below 16,000 points. Since the start of the month, nifty has declined by over 5 percent. Volatility in the market is visible after Russian President Vladimir Putin ordered the invasion of Ukraine […]
The GST Council is likely to push for raising the lowest tax slab to 8 per cent from 5 per cent currently keeping the revenue for the states in mind and reducing their dependence on the Centre for compensation. A panel of state finance ministers is about to submit its report by this month in […]
On Sunday, the Central Bureau of Investigation (CBI) arrested former MD and CEO of National Stock Exchange (NSE) Chitra Ramkrishna in a co-location scam in the exchange. Her arrest comes after the Special CBI Court in Delhi rejected her anticipatory bail on Saturday. Before her arrest, she was quizzed for three days, and the CBI […]
Adani properties has expressed interest in bankrupt Housing Development Infrastructure Ltd (HDIL). According to the reports around eight companies have shown interest in the distressed company out of which Adani properties has emerged as a favorite to acquire HDIL. Housing Development Infrastructure Ltd’s corporate insolvency and resolution process started after the National Company Law Tribunal […]
Billionaire Gautam Adani led group announced their investment in Colombo West International Container Terminal on September 30, 2021. Speaking exclusively to Vibes of India, Dr Valsan Vethody, Consul General of Sri Lanka in Mumbai, termed Gujarat Headquartered Adani Group’s investment in Sri Lankan port a win-win situation for Sri Lanka and India. Dr Valsan Vethody, […]
Reliance Industries Limited’s subsidiary Reliance Strategic Business Ventures Limited and US-based manufacturing firm Sanmina Corporation have entered an agreement to create a manufacturing joint-venture to make electronics in the country. In a press statement Thursday, RIL said the move backs the government’s “Make in India” initiative. Trade analysts are optimistic that the move will create […]
The Confederation of Indian Industry (CII), Gujarat held its annual meeting on Wednesday. The theme of the meeting was ‘Rising Gujarat: State Agenda for India at 2047.’ In the annual meeting, Anand Desai, Managing Director of Anupam Rasayan India Ltd was appointed as the Chairman of CII, Gujarat. He took over from Vinod Agrawal of […]
