Inflows in the mutual fund industry through systematic investment plans or SIPs reached over Rs 1.24 lakh crore in the financial year 2021-22, a jump of 30 per cent from the preceding fiscal, suggesting growing popularity of the route among retail investors to generate long term wealth. In comparison, an inflow of Rs 96,080 crore [...]
Sun Pharma on Wednesday said it is planning to launch a medication to reduce low-density lipoprotein (LDL) cholesterol. The Mumbai-based drug major said one of its wholly-owned subsidiaries plans to launch a first-in-class oral drug, Bempedoic Acid, in India for reducing LDL cholesterol. The company will launch the drug under the brand name Brillo. The [...]
Crisis-hit Sri Lanka on Wednesday revealed that it does not have foreign exchange to pay for a vessel of petrol anchored in its waters for nearly two months as it appealed to citizens "not to wait in line" for fuel. However, the country has received sufficient stocks of diesel, the government said. Since March 28, [...]
Sugar manufacturer EID Parry (India) Ltd reported a standalone profit after tax for the quarter ending March 31, 2022 at Rs 225.12 crore, the company said on Wednesday. The standalone profit after tax was at Rs 168.60 crore during the corresponding quarter in the previous year. For the year ending March 31, 2022, standalone profit [...]
Rakesh Jhunjhunwala's portfolio stock, Wockhardt Limited, moved 14.22% today. The stock ended at the closing price of Rs 244.65 on Tuesday and surged to Rs 279.45 today by 3:30 PM, moving Rs 34.80 i.e. +14.22% in a day. The stock made the day's high of Rs 288.40. According to March’22 filings, Rakesh Jhunjhunwala holds a 2.10% [...]
Infrastructure firm Tata Projects Ltd on Wednesday announced the appointment of Vinayak Pai as its CEO and managing director designate. Pai has been recently inducted into the company's board as executive director. Before joining Tata Projects, Pai was the group president at Worley, based out of Hague, the Netherlands, the company said in a statement. [...]
The finance ministry will clarify doubts on the applicability of new TDS provision regarding benefits or perquisites received in a business or profession, a senior tax official said on Wednesday. Joint Secretary in the finance ministry Kamlesh C Varshney said that such benefits and perquisites are income and were always taxable whether received in cash [...]
Foods & Inns Limited, one of the largest pioneers of food processing industry in India has announced robust financial numbers in FY22. HIGHLIGHTS OF STANDALONE BUSINESS Standalone Financials FY22 vs FY21 (Y-o-Y basis) 1. The Revenue from Operations of the Group has increased to INR 616.49 Crores from INR 356.57 Crores in FY'21. The Revenue [...]
The advent of 5G and new services that it would usher, will spawn fresh job opportunities in the market, requiring suitable skilling of manpower in new technologies, Telecom Secretary K Rajaraman said on Wednesday. Rajaraman, who was speaking at an event of Telecom Sector Skill Council (TSSC), said that from BharatNet to space communications, and [...]
The Union Cabinet on Wednesday approved advancing the target of blending 20 per cent ethanol in petrol by 5 years to 2025-26 as well as allowing more feedstocks for the production of biofuels in a bid to cut reliance on imported oil for meeting the country's energy needs. The Cabinet, headed by Prime Minister Narendra [...]
Salaries of senior executives in India are likely to increase by 8.9 per cent in 2022, highest in five years, amid a recovery in business sentiments post pandemic, according to leading global professional services firm Aon plc. The Aon's 11th annual Executive Rewards Survey in India, which analysed data across 475 companies from more than [...]
Here’s what top analysts from brokerages recommend Angel One: Neutral “In terms of valuations, the stock will trade at post issue P/E multiples of 15.3xFY2021 EPS (at the upper end of the issue price band), which is in line with other players like Chambal fertilizer and Deepak fertilizer though they may not be strictly comparable. [...]
Many people believe that technology is neutral or unbiased, but the reality is more complex, especially in an immersive environment. If the proponents of the metaverse have their way we’ll one day be lining up for healthcare or a mortgage in a virtual world run by virtual decision makers. Design of the artificial intelligence systems [...]
As taxpayers face technical glitches on the GST portal, the government on Tuesday extended the due date for April tax payment till May 24 and has directed Infosys for early resolution of the problem. “The due date for filing FORM GSTR-3B for the month of April 2022 has been extended till 24th May 2022,” the [...]
Luxury and premium watch retail player Ethos on Tuesday said it has raised around Rs 142 crore from anchor investors ahead of its initial share sale, which opens for subscription on Wednesday. The company has decided to allocate 16,13,725 equity shares to anchor investors at Rs 878 apiece, aggregating the transaction size to Rs 141.68 [...]
The Federation of Hotel & Restaurant Associations of India has suggested various measures and sought the government's intervention for the revival and growth of the hospitality industry. The recommendations include making tourism a priority sector, according infrastructure status to hospitality industry, ensure better credit facilities, subsidies and incentives, rationalisation of GST, continuation of EPCG scheme, [...]
Telecom operator Bharti Airtel on Tuesday announced the appointment of former cabinet secretary P K Sinha, and former PwC India head Shyamal Mukherjee as independent directors on its board. The appointments are subject to approval by shareholders at Airtel's upcoming Annual General Meeting, the company said in a regulatory filing. PK Sinha served as the [...]
Motilal Oswal Financial Services on Tuesday announced buyback of its 14.55 lakh equity shares at a price of Rs 1,100 per unit for an aggregate amount not exceeding Rs 160 crore. The buyback represents 0.98 per cent of the total paid-up equity share capital of the company as on March 31, 2022, Motilal Oswal Financial [...]
Steel Authority of India Ltd has supplied 4,300 tonnes of special steel for India’s indigenous navy warships INS ‘Udaygiri’ and INS ‘Surat’, an official said. The entire quantity of steel has been supplied from SAIL’s Bokaro, Bhilai and Rourkela Steel Plants, he said. “This is in continuation to SAIL’s sustained efforts to contribute substantially in [...]
Vedanta Aluminium on Tuesday said that it has entered into long-term pact with the National Highways Authority of India to construct greener roads with fly-ash in Odisha. Fly-ash is a by-product of thermal power generation using coal. "The company has... entered a long-term partnership with the National Highways Authority of India (NHAI) for building greener [...]
