The government plans to dig deep into the earnings and reserves of the state-owned firms to mobilise funds to bridge the expected resource gap arising in this financial year.
Companies and Markets
Companies & Markets
ICICI Prudential AMC and its chief Nimesh Shah on Thursday settled a Sebi probe into alleged violation of mutual fund norms over their investments in IPO of the fund house’s group firm ICICI Securities. The fund house has paid Rs 89.96 lakh, while Shah remitted Rs 6.8 lakh towards settlement fees, the Sebi said in an order.
Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
The market continued upward journey for the fourth consecutive day on the back of strong global cues to end the November expiry with the gain of 1.2 per cent at 10,859 level, highest close since October 1. In the November series, Nifty gained by 7 per cent, highest series gain since March 2016.
A strong rupee, which is now trading at a three- month high, Sharp Fall in crude price and further fall in Bond price boost sentiment in the market.
The Multi Commodity Exchange of India (MCX) may soon initiate yet another forensic audit to find out if the price feeds access given to Indira Gandhi Institute of Development Research (IGIDR) led to misuse.
The Central Board of Direct Taxes (CBDT) has issued a fresh directive on ‘limited scrutiny’ assessment cases, allowing tax officials to widen the scope of such probes if they receive “credible” information of tax evasion by assessees.
The top direct tax policy-making body, however, made it clear that such enquiry will be specific to allegations of tax theft flagged to the taxmen by any other probe agency. This will ensure that the assessing officer does not undertake a “fishing or roving” exercise resulting in harassment of the taxpayer.
After relentless selling over the most part of the year, foreign funds have turned net buyers in November when trend reversal has been witnessed with FPIs investing in India to the tune of $718 million, indicative of positive FPI flows in the Indian economy.
Indian tech giant Tata Consultancy Services has been given a clean chit by a jury in California, which dismissed charges of racism against the company by its former employees. Four former employees of TCS had claimed they were sidelined and fired because they weren’t of South Asian origin, and that the tech major discriminated against non-American workers. A federal jury in Oakland, California, on Wednesday sided with TCS against the four former employees.
Just a few days ago, auto sector veteran Rahul Bajaj had expressed his displeasure on new laws being introduced by Sebi and the corporate affairs ministry in the wake of fleeing defaulters.
The second big merger of state lenders by the Narendra Modi government will be completed this financial year and the merged bank will start operations from the new fiscal.
Sources said the share swap ratio for the merger of Dena Bank and Vijaya Bank with the larger bank Bank of Baroda will be decided next month and the merged entity will kick off operations from April 1, 2019.
The merger, proposed by the government last September, will create India’s third largest bank with a total business of more than Rs 14.82 lakh crore.
The September quarter saw a fall in consolidated adjusted gross revenue (AGR) of telecom operators. Though the decline was only by 1 per cent quarter-on-quarter, it was a steep 15.8 per cent year-on-year for the industry owing to seasonality and down-trading.
Of the total AGR of Rs 31,870 crore, national long distance (NLD) revenue stood at Rs 7,290 crore, down 10 per cent QoQ and up 3 per cent YoY.